Whatever Your Construction Project, We Can Help
July 16, 2019
As a leader in construction consulting, we offer a comprehensive range of services for our clients. Broken down, these services focus on three categories: Due Diligence, Construction and Specialty Services. Together, these services comprise the exhaustive approach we take to ensure we are doing everything possible for our clients from the conception, continuation and completion of their projects.
Why? It’s simple. When we do our best work, all parties, from our clients to private lending institutions, benefit. We’re in an industry that benefits from cooperative, uncompromising consultants that go the extra mile to make sure things are completed correctly — and on time.
Unfamiliar with our services (or need brushing up)? No worries. We’ve outlined them all below.
Newbanks’s Due Diligence Services
Within the umbrella of our due diligence services, we have three unique offerings:
- Document and Cost Review
- Property Condition Assessments
- Cost to Complete Analysis
These services identify and manage construction risk for lenders throughout their underwriting of construction loans. These services account for a property’s physical condition, construction agreements, schedules, design, environmental assessments and more.
Document and Cost Review
During the Document and Cost Review process, Newbanks reviews:
- Project drawings and specifications
- Surveys
- Environmental assessments
- Geotechnical reports
- Third-party consulting agreements
- And more
Newbanks will review both the hard and soft cost budgets. All construction and development contingencies are reviewed for appropriateness.
Property Condition Assessments
A Property Condition Assessment (PCA) identifies risks associated with the physical condition of the property. Before the Newbanks team performs an onsite review, a Property Condition Questionnaire is sent to the property’s management team in addition to a document checklist requesting plans for the building(s) and site.
While onsite, Newbanks will conduct interviews with onsite personnel and observe all commons areas, roofs, mechanical areas and percentage of all units for:
- Condition
- General code compliance
- Defects
- Useful life
Additionally, an Americans with Disabilities Act (ADA) compliance review is conducted and contact is made to the local building, fire and zoning departments to identify any outstanding violations.
The Newbanks team will generate a PCA outlining the condition of all systems. This report includes a list, description and values for all immediate repairs, a Capital Reserve Analysis and an estimate of Insurable Replacement Costs and a recommended list of items for review prior to executing on the investment.
Cost to Complete Analysis
A high-quality Cost to Complete Analysis requires reconnaissance. During this analysis, the Newbanks team conducts informational meetings and interviews with the sponsor team to understand the history of the construction project and to see what’s needed to get the project to substantial completion.
Newbanks will review the current construction plans and specifications and comment on the appropriateness of the documents. The review includes:
- Current construction contracts
- Change orders (and potential change order logs)
- Latest contractor requisitions
- Unconditional or partial lien waivers
Construction Services
Newbanks offers construction-related services, including:
These services determine construction progress and compliance with plans, specifications and applicable building codes. For these services, Newbanks will perform periodic site observations, verify that requests for periodic disbursements of construction funds are reasonably accurate and provide statements to the overall quality of work.
We also perform an in-depth monitoring service tailored to the needs and concerns of the project lender, ensuring that a project is being completed as expected and without concern. Newbanks helps keep your project on track.
Our Specialty Services
Because our industry is complex, and oftentimes construction projects are nuanced, we offer a host of specialty services that tackle these issues for our clients. These specialty services include:
- Workouts
- Loan Modifications
- Private Equity Representation
- Permits and Certification of Occupancy NYC
- Other Specialty Services
Newbanks will visit your project, meet with personnel and review available documentation to ascertain the remaining work and associated cost to bring to project to completion.
We provide professional private equity representation for limited partnerships and institutions with equity platforms nationwide. For our NYC clients and partners, our New York office specializes in consultation and permit-expediting services within the New York metro area, providing a roadmap for navigating the complex web of the NYC permitting process.
Uncompromised Service, Unparalleled Guidance
No matter what service you choose, you can be assured you’re making the right choice with Newbanks. We have over six decades of experience and offices nationwide, meaning that whatever you need, we can make it happen.
We encourage you to read more about our services and determine if we’re a good fit for your construction consulting project. We can’t wait to work with you.
