We provide an objective view in case of construction projects that call for banking institutions for funding. We analyse the project technically and financially in order to determine the potential risks and their impact on the project and, consequently, on the loan granted.
We address to funding institutions, grand funders and public private partnerships, tenants or purchasers, banks or other development finance company.
We carefully monitor all aspects of development that could impact the funders ability to recover their capital. We help banks to make informed lending decisions by assessing risks and suggesting a strategy for mitigation. The duration of the funding commitment tends to place a particular emphasis on the construction stage and immediate postconstruction period of the development cycle.
What Brisk Group can do for you:
- Evaluates the risks of the project
- Analyses the necessary investment for project development
- Monitor the development of the project by regular on-site inspection and provide approved reports in this respect
- Works with all parties involved in the process: keeping in touch with bank specialists, lawyers or assessors, at each stage of the project
- Monitor the compliance with all applicable legal requirements for accessing credits
- Offers objective recommendations for reducing identified risks
- Act as an independent, impartial partner in the process of monitoring the development.
Key stages in a project development monitoring commission
With the overriding focus of ensuring that risks are identified, mitigated and managed, our Development Monitoring Service will run through five distinct phases.
- Initial Development ‘Health Check’, if required by the Bank before a loan facility is agreed.
- Overview review, if required by the Bank to review and set up of the project before the first tranche of the loan facility (usually land loan) is drawn by the Borrower.
- Preparation of an Initial Report (Due Diligence), which is usually a conditions precedent to the first construction drawdown under the loan facility.
- Progress Monitoring during the construction phase of the project, including the preparation of periodic progress reports and financial drawdown recommendations.
- Completion Report, if required by the Bank after the project has been concluded. Our team has a wealth of experience in the Development Monitoring sector, working on a wide variety of schemes in terms of value, complexity and size on behalf of Banks and Funders. Projects monitored range from Euro 500,000 to Euro100M+.
Monitoring development for the first hotel of Moxy by Marriott International brand
Brisk Group has been appointed as Project Monitor due to the development process of the third hotel under the Marriott brand developed by Apex Alliance, one of the most dynamic players in the hotel industry.
One of the three hotels affiliated with Marriot brand will be Moxy, a new concept for the romanian horeca industry. Located in the heart of Bucharest, Moxy by Marriott will provide 119 guest rooms, meeting rooms, bar,&lounge and fitness areas and consists of a functional conversion of the building from Doamnei 17-19 Street, from a ’60s office building into a brand hotel. The opening date is estimated for Q4 of 2019.
The monitoring of development standards for the first Courtyard by Marriott Hotel in Romania
One of the world’s largest hotel operators opens Courtyard Floreasca, the first hotel built in Bucharest under this brand, the 4-star mark of the Marriott International Group. The hotel will have 18 floors, 250 rooms and several conference rooms.
Mainly destined for business travelers, Courtyard Floreasca is designed according to the high standards of the Marriott Group. As the same high standards also characterize the financial backer, both sides rely on our team as an independent and objective partner for the monitoring of the project’s development.
Reporting and permanent communication due to development monitoring service offered for Luxuria Domenii Residence – the first green certification in the Bucharest residential sector
The developer and the financial backer rely on our experience and processes to have an independent and objective partner in terms of several key elements for profitability: risk assessment and recommendations for reducing them, analysis of the required investment, monitoring of the project development by inspections and reporting.
Luxuria Domenii Residence means a 2.25 ha project, a total of 9 buildings with 628 apartments and 763 parking spaces, but also the first residential complex in Bucharest under BREEAM certification, from the outset designed to be classified as energy class A and in the “green buildings” category.
The experience of the developer, the location, and the standards to qualify for BREEAM certification make this project have an investment super-potential right from the start.