Property Condition AssessmentsMerritt’s Property Condition Assessments (PCA’s) & Physical Needs Assessments (PNA’s) are utilized by many top lending institutions in the tri-state area. Our PCA/PNA reports provide a thorough assessment of key components affecting the overall value of the property, such as:
Our report format can be designed to meet the requirements of rating agencies, such as Fannie Mae & Freddie Mac, to include capital reserve schedules anticipating future upgrades to a property.
In addition to providing timeframes and cost estimates for immediate repairs, our staff will also make recommendations regarding work that is required to preserve and protect the facility for the future.
To ensure proper budgeting and phase planning on a project, lending institutions retain Merritt Engineering for Plan & Cost Reviews. We review budgets and pertinent documents submitted by the borrower including plans and specifications, permits, hard and soft cost budgets, and timelines to determine if the project appears feasible for the cost and time frame provided.
In addition, we provide periodic site visits to verify completion of work and approve contractors request for payment. Each site visit report is accompanied by photos, AIA G702 and G703 documents, request for payment application and signed partial waver of lien from the contractors and sub-contractors.