VAS Audit has introduced Project Monitoring, a review service which is designed to allow residential, commercial and development finance lenders to audit project monitoring reports prior to releasing funds.

It offers an independent review of both initial and interim monitoring reports on the lenders’ security to further reduce lending risks throughout the loan cycle.

The service has been designed to review land and buildings from a simple new build property to a conversion all the way through to a multi-phase site, and VAS Audit says it can be fine-tuned to meet the demands of any short-term or term lender as well as brokers.

VAS Audit’s Project Monitoring review service was created on the back of demand from existing lender clients, many of whom already use VAS Panel Project Monitoring which was launched in May 2020.

Daniel Owen-Parr (pictured), managing director of VAS Audit, said: “Whilst the service has been in demand for a while, we held off launching our Project Monitoring review service until we were certain we had the best people and systems in the business to meet all lender and broker requirements.

“Our aim is to create a better understanding of Project Monitoring reports and to highlight any weakness or areas of concern. By proving ourselves and the true value of this service we will become a trusted partner to the commercial property and development finance sectors.”

Stephen Todd, chief commercial officer and co-founder of VAS Group, added: “We are seeing more and more lenders offering development finance products, and this will only grow further.

“This service will provide an essential second pair of experienced eyes to review both the report and the figures it is based on, providing accurate, quick and cost-effective advice to help reduce risk for our clients.”