Working with our loan monitoring team, the Cost Consultant will review and verify all project-related documentation and contracts, prepare and track all budgets, commitments and costs incurred, and forecast an independent cost-to-complete for the project.
The Cost Consultant will be responsible for acting as the independent interface between lenders and developers.
The Cost Consultant will also track the projected revenues, development approvals, compliance documentation, construction contracts and committed revenue, and provide in‐depth monthly reporting on the project until completion and repayment of the mortgage.
Visit construction sites on a monthly basis to review the contractor and subcontractor progress claims
Deliver pre-development services to establish feasibility of the project and identify any risks
Provide review of development schedule, such as overall progress of the project and anticipated completion dates to the lender
Establish and track project budget, along with cost to date and cost to complete
Develop cash flow projections and summaries
Confirm borrower’s equity contributions
Prepare and submit preliminary report to the lender before any loan advances are issued to the borrower
Review construction contracts and other forms of commitments to minimize any risks of completion of the project
Provide approvals on insured deposit advances and keeping the insurance lender up to date and provide access to the funds
Process payment certification under construction contracts in compliance with the Provincial Lien Act
Negotiate change orders with contractors in accordance to the terms of the agreed contract
Perform reviews of all material financial project documentation implications
Bachelor’s Degree and/or College Diploma in Construction Management, Quantity Surveying, Civil/Structural Engineering, Building Science or in a related field
3 + years of related experience in loan monitoring and project monitoring
Strong understanding of RICS Project Monitoring guidelines and standards RICS/PQS certification is an asset
Superior communication and time management skills, along with the ability to manage multiple projects at any given time
Intermediate level of understanding of construction estimates, development schedules
In-depth knowledge of the construction industry - development, contracting & consultant services
Working knowledge of the Provincial lien act and CIQS standard method of measurement – elemental/trade
Strong understanding of standard contract conditions – CCDC LEED is an asset