Independent quantity surveyors report for new build - bank requirement

Discussion in 'Development' started by drfuzzy, 1st Jul, 2018.

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  1. drfuzzy

    drfuzzy Well-Known Member

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    Hi all! First time developer here...

    I'm nearing the end of a 2 unit high end build in Victoria and need the bank to help.

    I've paid all costs so far with cash including about $1.6m of the $2m construction cost but have landed $400k short. I have plenty of equity including another $1m equity in the land.

    I didn't get a QS report upfront. My banker now tells me I will need one for lending and says I should expect to pay up to $20,000 for it!

    Questions:
    1) What is an appropriate price for a QS report for 2 townhouses at lock-up stage with 3 stages left to go?
    2) Who do you recommend?
    3) Is there a way of avoiding the QS report? Banking with one of the big 4.
     
    drfuzzy, 1st Jul, 2018
    #1
    Perthguy likes this.
  2. Hamish Blair

    Hamish Blair Well-Known Member

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    Find another bank!
     
    Hamish Blair, 1st Jul, 2018
    #2
  3. drfuzzy

    drfuzzy Well-Known Member

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    Not possible.
     
    drfuzzy, 2nd Jul, 2018
    #3
  4. Depreciator

    Depreciator Well-Known Member

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    It's not going to cost that much.
    What city are we talking about?
     
    Depreciator, 2nd Jul, 2018
    #4
  5. drfuzzy

    drfuzzy Well-Known Member

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    Hi Depreciator,
    We are talking about inner suburbs Melbourne
     
    drfuzzy, 2nd Jul, 2018
    #5
  6. Depreciator

    Depreciator Well-Known Member

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    That's easy. We had somebody needing a similar thing last week except his build hadn't started yet. I put him in touch with one of our QSs down there and they are sorting it out between the two of them. Send me an email and I will put you in touch with that QS:
    [email protected]
     
    Depreciator, 3rd Jul, 2018
    #6
    Scott No Mates and Perthguy like this.
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