DPT Monitoring Surveyors launches Rapid Reports to improve drawdown times

DPT Monitoring Surveyors has launched Rapid Reports, a speedier alternative to standard due diligence and monitoring for refurbishment and light redevelopment projects up to £500,000. 

The new service operates through either virtual or in-person visits, both of which have a service level agreement (SLA) to prepare and submit the report in under 24 hours following the inspection.

DPT says Rapid Reports are faster and cheaper than standard due diligence and monitoring and can be carried out following every lender's requirements.

It is primarily applicable where the lender has decided the loan amount and the developer's track-record mitigates the requirement for a full initial report.

Following the decision to lend, DPT Monitoring Surveyors will monitor the project in-line with lenders’ conditions.

DPT Monitoring Surveyors specialise in project monitoring across England, Scotland and Wales on behalf of property lenders, ensuring funds are used correctly, projects are progressing as planned and the provider's financial interests are protected.

The business provides asset management, initial reports, progress reports, monitoring reports, desktop auditing, tailored reports and report auditing for new developments and refurbishment projects across residential, semi-commercial, commercial, student accommodation and HMOs.

Tim Coulston, 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 £500,000 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.”