There are many important Third Parties that we consult with when determining whether a project is viable.
While our team at GPS is full of very experienced and capable people, there are some tasks that we always default to the professionals for. Over time we have built a team of external Third-Party providers who we trust to advise us and reduce both our, and your risk, in investing in these projects. They make up a specific panel of professionals that we choose from for each project.
In the coming months we will be doing an overview of these important Third-Party professionals. The first professional that we need to highlight is the Quantity Surveyor or ‘QS’ for short.
The QS plays an integral role in the loan assessment due diligence process by reviewing the approvals in place for the project, the conditions of the building contract, the builders experience, the sufficiency of the contract sum and other budgets included in the Borrowers feasibility.
The QS is also engaged on an ongoing basis throughout construction, to undertake Progress Assessment site visits and report (generally monthly) to assess the “cost to complete” the works, check all approvals are in place for the stage of the works, and check that the Builder remains licensed and appropriately insured.
To be a qualified QS the individual has to have completed a Bachelor of Urban Development (Quantity Surveying and Cost Engineering) at University. They are then required to be members of the Australian Institute of Quantity Surveyors (AIQS) and to have relevant residential construction experience in the South-East Queensland market.
QS’s play a critical role in making sure that we have all the information we need to not only make an accurate lending decision, but to also assess projects as they go and to fix any issues as they arise. This should give you peace of mind that impartial, qualified professionals are keeping an eye on our projects and therefore your investment.