DPT Monitoring Surveyors has launched Rapid Reports, providing a quicker alternative to standard due diligence and monitoring for refurbishment and light redevelopment projects up to £500,000.
The service is available through either virtual or in-person visits, with a service level agreement to prepare and submit reports in under 24 hours after inspection.
Rapid Reports are designed to be faster and cheaper, meeting all lender requirements.
The service is aimed at projects where the lender has already decided the loan amount and considers the developer’s track record sufficient to skip a full initial report.
After the decision to lend, DPT Monitoring Surveyors will carry out ongoing monitoring in line with the lender’s conditions.
Tim Coulston (pictured), managing director of DPT Monitoring Surveyors, said: “Historically lenders have required an Initial Due Diligence Report based on a site visit before deciding to lend, but under £500k there is a determination from many to get the funds released as quickly as possible.
“This is where Rapid Reports come in, using our extensive market experience and AI we are able to prepare a report covering all major factors in just 24 hours following the inspection, which ultimately allows the loan progression decision to be made with all the same information to hand.
“Coupled with the virtual visit option, Rapid Reports are the equivalent of AVMs for the project monitoring market.”
