DPT Monitoring Surveyors has reported a rise of more than 50% in lender use of its Light Touch Visit + Reports service over the past year.
The service is aimed primarily at refurbishment and light development projects up to £500,000, where lenders are comfortable with the borrower and the proposed scheme.
It provides an initial in-person visit and light due diligence report to assess project viability. If the lender proceeds, DPT then carries out light-touch monitoring visits and reports at each drawdown stage.
The firm said the product is designed to be faster and cheaper than standard due diligence and monitoring, while still allowing each project to be assessed against the lender’s specific conditions.
Tim Coulston (pictured), managing director of DPT Monitoring Surveyors, said: “Many projects simply lend themselves to a lighter touch, particularly when there’s also a resolve to get the funds released at the earliest opportunity to customers those lenders have worked with before.
“I believe it’s for these reasons why the use of our Light Touch Visit + Reports product has surged over the past year, particularly with smaller refurbishment projects – and I don’t expect this trend to end soon.
“Lenders have rightly raised the level of entry to ensure there’s less risk attached to those projects they accept – and this product fits perfectly with their current requirements and expectations.”
