LCS Rolls Out a Combined Environmental and Property Inspection Report

Dan Kaley, Division President of LCS Construction Monitoring Division has announced the roll out of a brand new product at LCS, Inc.

The new product will be known as the EPIC Report (Environmental, and Property Condition Report) and is available immediately through LCS.

The report will include one of two Environmental Site Assessment reports prepared by LCS along with a Property Inspection and Condition Report for a lender. The environmental reports include either an ASTM 1528-06 Transaction Screen report or the LCS EAQuick Loan Check PLUS Report.

The Property Inspection and Condition Report will include a survey of the facility including an overview of major building systems, exterior, interior and landscaping surveys as well as an analysis of the physical condition of the facilities. The report willhas developed a new Construction Monitoring Service Package for small balance or Business Banking Construction Loans.

A recurring theme of the marketing survey indicated that Lenders wanted to provide protection to their Borrowers (as well as the Bank) on Construction Loans but felt that currently available monitoring services and fees were too costly for construction loans below $3 million in value.

LCS determined that several Lenders would prefer an initial expert Plan Specification and Cost Analyses prior to closing the loan coupled with draw inspections on an as needed basis. The current status quo of monthly draw inspections was viewed as too costly on most small balance loans. Virtually every Lender was more concerned with the initial review and cost feasibility of the project, (as every lender wants to make sure that there are sufficient funds and schedule to complete the proposed construction project), and most lenders preferred the flexibility of having third party draw inspections when needed, not on a mandated schedule. The opportunity to put more control of the funding process back into the Lenders hands was welcomed by all.

The Small Business Construction Loan Program at LCS includes the following services:

• Detailed plan and specification review within 7 business days
• Detailed Cost Analysis and Recommendations
  
• Summary Report
  
• Up to 5 Draw Inspections and Progress Reports during the Construction Process
  
• Fixed Fees
  
• 3 to 5 Day Turnaround time for reports

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