DPT Monitoring Surveyors has unveiled Rapid Reports, a streamlined alternative to standard due diligence and monitoring designed to accelerate drawdown times on smaller refurbishment and redevelopment projects.

The new service delivers full site reporting within 24 hours of inspection, available through either virtual or in-person visits.

It is aimed at projects up to £500,000, where lenders have already agreed the loan amount and the developer’s track record mitigates the need for a full initial due diligence report.

REDUCE TIME AND COST

Rapid Reports are designed to meet each lender’s specific requirements while reducing both time and cost compared with standard monitoring processes.

Once lending approval is granted, DPT will continue to monitor progress in line with lender conditions throughout the project.

The service forms part of DPT’s wider focus on speeding up project assessment and drawdown processes in a lending market where smaller-scale developments often face delays due to the length of traditional survey and reporting cycles.

BALANCING SPEED WITH RIGOUR

Tim Coulston (main picture, inset), managing director of DPT Monitoring Surveyors, said the new system is designed to balance speed with rigour.

And he added: “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.”