NAVIGATION

Bank Prefunding

Before obtaining finance for your development project, you will need to obtain a bank prefunding report. Section 94 is a provider of bank prefunding reports, and once you receive our report you will be able to apply for finance approval to commence your project.

We understand that time is money, and our team have the experience and knowledge needed to complete thorough bank prefunding reports within a short timeframe. We have experience working with Westpac, CBA, RAMS, Bank of Melbourne, NAB and all other major lenders so you can rest assured that we’ve got you covered.

Bank Prefunding Report

Comprehensive Knowledge of Bank Requirements for Bank Prefunding Reports

Section 94 staff have carried out hundreds of reports for clients seeking funding from the big four Australian banks, as well as other major lenders. As a registered quantity surveyor with the Australian Institute of Quantity Surveyors (AIQS), we act in accordance with all AIQS requirements and ensure that every report is completed to a high standard, and our turnaround time is just 3-5 days.

What is involved in completing a bank prefunding report?

Bank prefunding reports are normally carried out on behalf of home owners seeking finance approval for a construction project. The report is required by banks so that they can understand the cost of development, likelihood of positive return on investment, and your ability to repay the loan.

Completing the report will involve a registered quantity surveyor from Section 94 conducting background checks on your chosen builder and comparing the project cost to benchmarked data from similar projects. This will assist in figuring out whether the cost of the project is at market rate, and the bank will use this information when arranging your loan.

Most banks request the following information before approving a loan:

Presentation of a fixed price building contract

Quantity surveyors report outlining projected construction costs

In the case of large developments, you may be required to provide evidence of pre-sales

After approval, your finance provider may also request regular updates on the progress of your build such as progress draw down reports, cash flow statement and revised financial projections and any new sales that have taken place.

Comprehensive Reports, Professional Advice

Section 94 provide thorough reports which take the following elements into consideration:

  • The size of your site
  • Zoning
  • Concept Drawings
  • Track record of your chosen builder/property manager
  • Material and Labour Costs
  • Project Feasibility
  • Project Timelines
  • Net Result

With banks tightening their lending criteria, it is important that you choose a reputable quantity surveyor. Our report will highlight your development in a positive light by clearly demonstrating the value of the work and ability to meet design criteria and timelines. This gives your lender confidence and security, meaning you’ll have the best possible chance of receiving finance approval and getting started on your development sooner rather than later.

There have also been cases where builders have failed to pay their suppliers or contractors. Lenders are unlikely to approve your loan if there are any doubts surrounding the credibility of your chosen builder, as this could result in costly compensation claims. Don’t risk it – engage our services and know where you stand.

Contact us today

 

Our team are standing by ready to assist. If you need a registered QS report in order to obtain finance approval, please contact us today. We look forward to working with you.