ARK Technical Services provides products and services designed to minimize typical risks associated with construction loans by providing comprehensive due diligence and monitoring. The services provided by ARK-TS will vary with the needs and unique conditions of each loan/project and account for impact on the lender, borrower and its contractor.

 

Budget Reviews (Residential and Commercial)

ARK Technical Services will evaluate the residential and commercial construction budget by reviewing plans and documents made available by the lender/client and developer. A Construction Cost Analysis Report (CCA) is then generated to summarize the findings. The CCA Report consisting of a Plan and Document Review and a Construction Budget Evaluation is a single and comprehensive review of an assembled “package” of Construction Documents and provides comments regarding:

1. Completeness of the documents, which includes obvious conflicts, deficiencies, errors, omissions, or objectionable features discovered.
2. General compliance of the documents with local governing codes and general compliance to standard Architectural, Engineering and Construction practices.
3. Suitability of the building materials and systems relative to the project type and locale.
4. Adequacy of the hard cost budget based on costs per square foot referenced with R.S. Means Square Foot Costs Guide, Richardson Cost Guide, internal databases for similar projects and opinions regarding GMP prices, alternates and allowances.

Our plan reviews, document reviews and budget reviews are developed in conformity with professional engineering practices and applicable Uniform Building Code (UBC) standards.

 

Property Condition Assessments

Property Condition Assessments are typically performed on existing facilities or completed construction projects. A Property Condition Report (PCR) is then generated to summarize the findings. The PCR is considered the standard scope of work for determining the physical condition of building components. Its purpose is to evaluate a project’s immediate and over the term needs. It is designed to provide a prudent review of the components of a structure for the purpose of loan acquisition or refinance. The typical scope of a Property Condition Report includes the following:

1. A pedestrian and visual field reconnaissance survey of the subject property
2. Determine the physical condition of building components
3. Determine a project’s immediate and over the term needs
4. Perform a replacement reserve analysis over the term for building components
5. Verify building code and zoning compliance

6. Verify completion of required or recommended corrective work

 

A Property Condition Report will summarize these observations and provide conclusions in conformance with the scope and limitations of the ASTM E 2018 guidelines, Standard Guide for Property Condition Assessments Process.

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