Document and Cost Review
For over 50 years Newbanks has been helping identify and manage construction risk for lenders throughout their underwriting of construction loans. During the Document and Cost Review process, Newbanks will review and comment on the suitability of project drawings and specifications, surveys, environmental assessment and geotechnical reports, design and third-party consulting agreements, construction agreements and construction schedules. Budget risk is identified by conducting a comparable cost analysis, utilizing Newbanks’ extensive construction cost database. Comments are made on the completeness and legitimacy of both the hard and soft costs budgets. All construction and development contingencies are reviewed for appropriateness.
Newbanks’ Document and Cost Review Report can also include a Construction Risk section. This section outlines the Risks and the Mitigants for the risks. Items of analysis include zoning, infrastructure, building envelope, contractor, budget, schedule, design documentation, and permit risks.
What is Reviewed?
- Plans and Specifications
- Development and Construction Budgets
- Construction Contracts
- Subcontractor Agreements
- Milestone and Construction Schedules
- ALTA/ACSM Surveys
- Environmental Studies – Phase I, Phase II, ACM Reports
- Geotechnical Reports
- Wetlands Studies
- Architectural Agreements
- Other Design Professional Agreements
- Utility Service Letters
- Entitlements and Zoning Reports
- Construction Testing and Inspections Agreement
- Other Third Party Reports