Before obtaining finance for your development project, you will need to obtain a bank prefunding report. Section 94 is a provider of bank prefunding reports, and once you receive our report you will be able to apply for finance approval to commence your project.

We understand that time is money, and our team have the experience and knowledge needed to complete thorough bank prefunding reports within a short timeframe. We have experience working with Westpac, CBA, RAMS, Bank of Melbourne, NAB and all other major lenders so you can rest assured that we’ve got you covered.

Comprehensive Knowledge of Bank Requirements for
Bank Prefunding Reports

Section 94 staff have carried out hundreds of reports for clients seeking funding from the big four Australian banks, as well as other major lenders. As registered quantity surveyors with the Australian Institute of Quantity Surveyors (AIQS), we act in accordance with all AIQS requirements and ensure that every report is completed to a high standard, and our turnaround time is just 3-5 days.

 

What is involved in completing a bank prefunding report?

Bank prefunding reports are normally carried out on behalf of homeowners seeking finance approval for a construction project. The report is required by banks so that they can understand the cost of development, likelihood of positive return on investment, and your ability to repay the loan.

Completing the report will involve a registered quantity surveyor from Section 94 conducting background checks on your chosen builder and comparing the project cost to benchmarked data from similar projects. This will assist in figuring out whether the cost of the project is at market rate — the bank will also use this information when arranging your loan.

How can we help?
Prepare information requested from most banks

Presentation of a fixed price building contract

Quantity surveyors report outlining projected construction costs

In the case of large developments, you may be required to provide evidence of pre-sales

After approval, your finance provider may also request regular updates on the progress of your build such as progress drawdown reports, cash flow statements and revised financial projections, and any new sales that have taken place.

Comprehensive reports
Professional advice

With banks tightening their lending criteria, it is important that you choose a reputable quantity surveyor. Our report will highlight your development in a positive light by clearly demonstrating the value of the work and ability to meet design criteria and timelines. This gives your lender confidence and security, meaning you’ll have the best possible chance of receiving finance approval and getting started on your development sooner rather than later.

There have also been cases where builders have failed to pay their suppliers or contractors. Lenders are unlikely to approve your loan if there are any doubts surrounding the credibility of your chosen builder, as this could result in costly compensation claims. Don’t risk it — engage our services and know where you stand.

 

Section 94 provide thorough reports which take the following elements into consideration:

The size of your site

Zoning

Concept drawings

Track record of your chosen builder/property manager

Material and labour costs

Project feasibility

Project timelines

Net result

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At section 94, we understand that you are eager to get started on your development. Whether you are an architect or owner-builder we will assist you in achieving this goal.