Independent Bank QS Reports

When a residential development is funded by a bank or lender, an independent Quantity Surveyor may be appointed to review the construction costs and monitor the progress of the project. Our Bank QS report gives the lender a clear, independent view of whether the project is properly budgeted and fundable before construction money is released.

We work with borrowers, developers, builders and lenders. Because we do not build, develop or sell, our assessment stays independent, which is exactly what a lender needs and what a borrower benefits from when the report is accepted first time.

Who this is for

• Borrowers applying for construction funding
• Developers and builders preparing a funding application
• Lenders and their credit teams who need independent cost assurance
• Mortgage brokers coordinating a construction loan

What is included

Construction budget review

We test the overall budget for completeness: construction, professional fees, consents, contingency, finance and other project costs.

Fixed-price contract review

We read the building contract and check that the price, scope, inclusions, exclusions, provisional sums and payment terms line up with the budget.

Costs incurred and cost to complete

We establish what has been spent, what remains, and whether the remaining budget is realistic for the work left to do.

Progress against the amount claimed

For projects already underway, we compare the value of work completed on site with the amount being claimed.

Variations and other project costs

Approved variations and additional costs are reviewed and reflected in the cost-to-complete position.

Funding sufficiency

We confirm whether enough funding remains to finish the development and flag any shortfall early, while there is still time to fix it.

Documents we will ask for

• Building consent drawings and specification
• Fixed-price building contract (or builder's priced quote)
• Project budget or feasibility summary
• Resource and building consent documents
• Contractor's programme
• Invoices and payment records to date (if underway)
• Approved variations
• Lender details and any lender QS brief

Not sure what you have? Send what is available and we will confirm exactly what is needed.

How it works

1. Send your enquiry. Tell us about the project and the lender. We confirm a fixed fee before any work starts.
2. Document list within 2 days. We send a tailored list of the documents we need within 2 days of your request.
3. Assessment. We review the budget, contract and costs, and raise queries early so there are no surprises at the end.
4. Report issued. Your report is completed as soon as possible and issued in the format your lender requires.

Related services

• QS Certification Reports for Progressive Drawdowns: During construction, our drawdown reports give the lender an independent assessment of the work completed before further funds are released.
• QS Verification Reports: An independent second look at your budget, builder's price and costs. Ideal when a lender wants verification, or when you want to be sure the numbers stack up.
• QS Reports for Developments: Cost reporting for multi-unit and larger residential developments, from funding approval through to the final drawdown.