Construction Services

Our goal is to identify physical and financial construction risk that could lead to collateral impairment.

From planning through completion of the collateral, we provide stringent quality control products and services to make sure the project is completed as appraised and as your borrower has envisioned.

Plan, Specification and Cost Review (PSCR)

This service will determine if the hard cost budget is adequate and reflects the work shown on the project plans and if your project can be completed according to schedule and scope. Contract and permitting issues will be clearly identified. This review is conducted by construction specialists and professional engineers.

Product features:

  • Review of construction drawings, hard cost estimates, contracts, permits, budgets, surveys and schedules
  • Comparison of hard cost estimates to various databases for entire construction project
  • Identifying issues which could negatively impact project budget or schedule
  • Provide risk-mitigating recommendations, including assessment of project contingencies

Construction Monitoring

This service includes periodic inspections based on schedule and lender requirements to provide physical confirmation of progress and appropriateness of funding. Service features:

  • Monitoring conducted by experienced construction professionals
  • Verification of contractor payment requests
  • Review of lien waivers and change orders if requested by client
  • Schedule tracking as needed

Property Condition Assessment (PCA)

This report provides a physical inspection of building and site systems and components along with projections for repair or replacement costs associated with any deficiencies identified during our investigation. It is completed in accordance with latest ASTM or client standards and can be tailored to meet client or project-specific needs. 

Report features:

  • Inspection and evaluation conducted by experienced construction professionals
  • Descriptions of current structure and systems as well as a cost reserve analysis and photographic documentation

Property Inspection Report (PIR)

This report is often used in lieu of the more expansive PCA engineering study. It provides an evaluation of current conditions and recommendations for immediate repairs or improvements. Report features:

  • Limited scope site inspection as compared to ASTM Property Condition Assessment
  • Overview of property condition and expected repair and maintenance with photographic documentation of identified issues

Peer Review Services

LCS provides peer reviews of Property Condition Reports, Plan, Spec and Cost Reviews and Draw Inspection Reports.  Reports are reviewed to determine adherence to ASTM and/or industry standards and accuracy of the findings and recommendations.  Recommendations to the Lender are provided where deficiencies are identified in the subject report.

Construction Owner’s Representative

Construction projects are incredibly complex and include a variety of participants.  This can ultimately lead to schedule delays and budget overruns if not properly managed.  Let LCS act as an extension of the project owner from project inception to completion.  The service includes(but is not limited too):

  • A/E design team procurement
  • A/E RFP/RFQ process
  • Design input and assistance
  • Constructor sourcing and selection
  • Municipal interaction
  • Coordination of Owner/Design Team/Constructor during preconstruction and construction
  • Assist with project turnover and closeout

Construction Resources

View select articles from our subject matter experts.

Continue Reading
PSCR Report
Continue Reading
Continue Reading