Bank FundingThinking beyond the square
Hampton Jones is on the list of approved and preferred consultant for several finance providers for the production of bank funding reports.
We are capable of producing a comprehensive report that assesses the feasibility, viability, and timeframe of a project, while also highlighting its associated costs and risks.
Our expertise in quantifying construction risk allows us to provide accurate forecasts for project budgets. Additionally, we are capable of preparing financial reports detailing construction costs for funding applications, feasibility studies, and other financial assessments.
As a multi-disciplinary building and cost consultant, we have a vast range of experience.
Contracting Parties
- Main Contractor - Assess proposed contractor’s capability to carry out project, including past experience, market reputation, claims history, financial standing, key personnel, sub-contractor selection, and form of contracts.
- Consultants - Evaluate proposed design/project delivery team’s capability, resourcing, experience, PI provisions, key personnel, and claims history.
- Third Parties’ Interest - Advise on third-party development interests, including contracts, risk, payment sign-off procedure, third-party works, program, budget and contract contingencies to enable integration/separation of work.
- Conflicts of Interest - Advise on potential conflicts of interest among parties involved in development
Contract
- Contractual Matters - Assess proposed contract, including onerous conditions, payment terms, insurances, damages clause, programme, warranties/guarantees. Evaluate consultants’ agreements for scope of service, insurances, limitations, and certifications. Assess potential effect of nominated subcontractors on programme/budget.
- Project Insurances - Review project insurances for adequacy and ensure Funder’s interest is noted on all policies.
- Programme - Evaluate project timeline, float, risks, potential for delays, impact on costs, and contractual adjustments (e.g. lease or purchase contracts).
Budget Payments
- Budget - Conduct a thorough budget review, ensuring adequate coverage of all items and contingencies for risk. Consider site-specific risks and potential costs of project overruns. Review all items, including preliminaries, margin, contingencies, provisional sums, fees, consents, and cost of time.
- Payment Verification - Audit and verify payments align with Funding Agreement to facilitate borrower’s release of funds from Funder.
- In-Depth Reporting - Customizable in-depth reports available to meet ASB Bank’s specific preferences or needs.
Development Monitoring
- Robust Development Monitoring goes beyond typical feasibility reviews and draw-down verifications, monitoring a project from inception through completion. The Development Monitor serves as the client’s expert eyes and ears to protect the interests of third parties, including funders, insurers, tenants, and purchasers, ensuring contractual safeguards and mitigating risks. The Development Monitor assesses involved parties and agreements for technical suitability and reviews drawings, specifications, budgets, contracts, and procurement methods for potential risks. Prudent lenders require ongoing development monitoring and drawdown certification to manage risk, and funders require confirmation of meeting loan conditions or completion in accordance with agreements.
Progress Drawdowns
- Certification - Review and certify progress payment applied for by contractor based on works completed, works to complete, projected final account, retentions, and off-site materials value (if applicable).
- Budget - Review completed budget, assess potential risks or changes, and reassess provisional sums and contingencies to ensure adequate funds are in place for future risks.
- Contracts - Advise on changes to contractual agreements, claims or potential claims that may arise, and any defects, delays or notice to fix provisions.
- Quality - Comment on quality concerns on site, changes to scope of works/specifications and their effects on the development, and ensure necessary sign-offs, producer statements, and inspections are completed.
- Separable Portions/Third Party Works - Advise on progress and verify practical completion of any separable portions and ensure adequate sign-offs and insurance provisions are in place for third party works.
- Programme - Review works to assess if still on schedule, identify critical path items, and comment on extension of time claims and their effects on contracts.
Post Completion
- Completion Certification - Obtain certification that works have been completed to required standards. Obtain final consent documentation and sign-offs.
- Post-contract - Obtain warranties, guarantees, producer statements, consent documentation, maintenance information, insurances, etc. and provide a comprehensive Project Completion Package for the Funder.
