Property risk and valuation specialist Validate has launched a Progress Reports service aimed at lenders funding refurbishment and light development projects.
The offering is designed to give lenders independent oversight of construction progress on schemes where appointing a full Independent Project Monitor would be disproportionate or unnecessary.
Progress Reports provide structured updates on projects before staged funds are released, assessing build progress against the agreed programme, works completed relative to funds drawn, cost control and potential risks to completion.
STAGED DRAWDOWNS
The service is aimed particularly at lenders active in the bridging and development finance markets, where staged drawdowns are common and visibility over works on site is critical to managing risk.
Validate says the service also simplifies the monitoring process by acting as a single point of contact for lenders. Its internal team coordinates site visits and reporting, removing the need to appoint multiple external providers.
Reports are aligned to funding milestones and include project updates, financial snapshots, confirmation of key inspections, details of approved changes and recommendations designed to keep schemes on track.
The firm has also introduced guaranteed fees and turnaround times to provide lenders with cost certainty and operational efficiency.
INDEPENDENT OVERSIGHT
Daniel Owen-Parr (main picture), managing director at Validate, says: “This service has been built directly around what lenders told us they needed. Many of our clients were funding refurbishment and light development projects and wanted a level of independent progress oversight that sat between desktop checks and a full Independent Project Monitor.
“Rather than pushing lenders towards additional providers or higher-cost solutions that weren’t always proportionate, we designed Progress Reports to deliver the reassurance they need – quickly, consistently, and at a sensible cost. It’s a practical response to a very real gap in the market.”
The service is available immediately for lenders funding refurbishment and development projects across the UK.
