DPT Monitoring Surveyors has introduced a new service designed to accelerate the release of development finance for smaller refurbishment and light redevelopment projects.

The new ‘Rapid Reports’ option provides a faster, lower-cost alternative to traditional due diligence and monitoring processes for projects valued at up to £500,000. Reports are completed within 24 hours of inspection, whether carried out virtually or on site.

According to the firm, Rapid Reports meet all lender requirements while offering greater flexibility where a borrower’s track record or the size of the loan means a full initial report may not be necessary. Once lending decisions have been made, DPT Monitoring Surveyors will continue to monitor each project 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 £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.”

He added: “Coupled with the virtual visit option, Rapid Reports are the equivalent of AVMs for the project monitoring market.”

DPT Monitoring Surveyors operates across England, Scotland and Wales, providing project monitoring services on behalf of property lenders to ensure funds are used correctly and projects progress as planned.

The company’s wider services include asset management, progress and monitoring reports, desktop auditing and tailored assessments for developments ranging from residential and semi-commercial schemes to commercial, student accommodation and HMO projects.