BTY participated in defining new standards for due diligence required for construction projects in Canada following a lengthy collaboration with Canada’s top lenders, professional organizations and industry experts across the country.
Issued jointly by the RICS and the CIQS, the new guidance note on “Project Monitoring for real estate lending in Canada” will inform how our industry professionals “mitigate financial risks, protecting the interests of lenders by providing them with reliable, independently verified project information, an objective examination of the key risk parameters and status updates on the project throughout the development process.”
Following several roundtable discussions with major Canadian Financial Institutions, BTY and other industry firms consolidated recommendations for construction monitoring to enable lenders and borrowers to benefit from streamlined reporting practices.
BTY’s Director of Ontario and Eastern Canada, Darren Cash, participated in a panel discussion during the RICS launch event on June 23, 2016. “We are proud to have taken part in providing the lending industry with a reliable standard in due diligence reporting. BTY’s Project Monitoring services are designed to provide both lenders and developers the confidence to deliver projects through best practices in risk and cost management. This document will extend the value of this service further across all Canadian markets.”
BTY’s Partner Alistair Dearie strongly supported engaging the industry professional organizations to help elevate and standardize the quality of Project Monitoring services. “We strongly believe that our clients benefit the most when they can rely on independent advice and a thorough examination of project risks. This is why we actively supported the case for this groundbreaking document because for too long project monitors have provided their service without a uniform market standard to guide the quality of their service delivery.”
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