Construction Progress Valuation and Drawdown Monitoring
Independent technical evidence for investor and lender drawdown decisions
Turning verified construction data into decision support
Cash expenditure alone does not demonstrate that an equivalent amount of permanent, acceptable work has been completed on site. Advance payments, stored materials, partially completed work, defects, variations and programme delays may create a gap between financial expenditure and physical progress.
Vercon reviews project documents and inspects the construction site to establish the verified physical and financial status of the project. The resulting report provides a technical basis for an investor’s or financial institution’s drawdown decision. The final lending and financial decision remains with the relevant institution.
Review process
Document review
Approved design, permits, contracts, budgets, bills of quantities, programme, payment records, variations and previous reports.
Site inspection
Observation and recording of completed work, quality status, incomplete work and key site constraints.
Quantity verification
Comparison of claimed quantities with approved design, contract items and measured site progress.
Physical progress
Weighted assessment of completed and acceptable work against the full project scope.
Remaining cost and risk
Assessment of remaining quantities, committed cost, variations, completion cost, programme and technical risk.
Technical report
Verified progress, incurred and remaining cost, deviations, non-conformities, actions and technical opinion.
Four decision outputs
Verified physical progress
The percentage of completed work supported by site and quantity evidence.
Incurred and remaining cost
Current cost position and the estimated amount required to complete the project.
Risks and deviations
Programme, cost, quality, procurement, contract and technical issues affecting completion.
Technical opinion
Clear findings and conditions relevant to the proposed drawdown.
Typical applications
The service may be used for staged construction loan drawdowns, investor board reporting, fund monitoring, joint venture reporting, troubled project reviews and contractor replacement assessments.
Scope limitations
The service is a technical professional review based on the documents and site access made available. It does not constitute a legal opinion, financial audit, real estate valuation or loan approval. Data limitations, assumptions and qualifications are stated in the report.