What is an independent draw review?

A draw review is an independent assessment of the contractor's work and invoices before lender funds are released. We verify progress, confirm quantities, and check that costs claimed match completed work.

How does cost-to-complete reporting work?

Cost-to-complete reporting compares committed and forecasted costs to the original budget. It shows whether available funds are sufficient to finish the project and highlights any shortfalls.

How often do you report to lenders?

Reporting frequency is tailored to the loan and project risk. Typical cadence is monthly or aligned with draw submissions. Interim or milestone reports are available for higher-risk projects.

How is independence maintained?

We operate independently of the borrower and contractor. Our reporting is factual and evidence-based. We disclose any perceived conflicts and maintain a clear chain of documentation.

Who prepares the reports?

Reports are prepared and reviewed by experienced quantity surveyors and project monitors led by Graham Smith, PQS, and delivered under the Godiva Consulting brand.

Lender Monitoring & Construction Risk Review

Project monitoring for construction lenders

Independent, evidence-based project monitoring and draw control for lenders, credit teams and capital partners. Our reporting helps protect loan security, reduce funding exposure and support practical remediation where required.

Led by Graham Smith, PQS, Godiva Consulting provides independent quantity surveying, cost planning, development advisory and project monitoring services across Metro Vancouver. With more than 30 years of industry experience, Graham works directly with lenders, developers and investors on construction risk and project delivery matters.

We specialise in independent verification, cost forecasting and risk identification so credit teams can release funds with confidence and manage exposures proactively.

Request a Project Monitoring Review See Monitoring Scope

Protecting capital through independent monitoring

Godiva Consulting provides lender-focused project monitoring services tailored to banks, credit unions, alternative and private lenders, and equity partners. Our work helps credit teams assess construction risk and funding exposure.

Typical monitoring scope

Draw reviews

Site inspection, measured verification, invoice reconciliation and recommendations for release or holdback.

Cost-to-complete reporting

Reconciliation of committed costs, contingencies and forecasts to evaluate budget sufficiency to complete the project.

Progress monitoring

Schedule verification, milestone tracking and contractor performance observations to identify delays and programme impacts.

Change order review

Assessment of variations for scope, commercial reasonableness and schedule impact.

Risk identification

Focused identification of risks to cost, time and lender security with recommended mitigations.

Independent reporting

Concise, evidence-based reports prepared for credit teams with photographs, measured quantities and financial commentary.

Why lenders engage independent project monitors

Lenders engage independent monitors to obtain impartial verification of progress, protect security, and shorten decision timelines on draw releases. Monitoring reduces surprise exposure and supports informed lending decisions.

Typical projects monitored

Multifamily residential
Mixed-use developments
Townhouses
Rental housing
Commercial projects

We cover schemes from small townhouse clusters to major multi-unit residential and mixed-use developments. (Reference links to local feasibility case studies are available across the site.)

When lenders should engage a project monitor

At loan origination or before first advance to establish a baseline.
Where contracts, budgets or procurement are incomplete or uncertain.
When borrower or contractor track record is limited.
When significant change orders or cost pressure emerge.
When independent evidence is required to support draw administration or workout decisions.

What a lender monitoring report typically includes

Executive summary: status, headline risks and recommended actions.
Progress verification: site observations, percentage complete and photos.
Financial review: draw reconciliation, invoice checks and cost-to-complete.
Change orders: summary of variations and impacts.
Risk register: identified risks and mitigation advice.
Recommendation: release, holdback or remedial steps with rationale.
Appendices: supporting documents and evidence.

Typical reporting process

Agree scope and frequency with the lender and credit team.
Initial site validation and budget reconciliation.
Regular draw reviews and progress inspections timed to draw submissions.
Cost-to-complete updates at agreed milestones or on material changes.
Change order assessments and reforecasting of completion costs.
Final completion verification and release recommendations.

Frequently asked questions

Who are typical clients for this service?

Banks, credit unions, alternative and private lenders, and equity partners who require independent assurance on construction progress and budget health.

How do you maintain objectivity?

We act only for the lender on monitored projects and do not accept roles that create a conflict of interest with borrowers or contractors. Our findings are evidence-based and fully documented.

What does a standard draw package include?

Inspection photographs, measured quantities, invoice checks, retained amounts, identified defects and a recommendation to release funds or retain for remedial work.

Can you work with lender loan administration systems?

Yes. We provide PDF reports and structured data exports suitable for upload to third-party loan platforms; integration options are agreed during onboarding.

How are fees typically structured?

Fees are usually task-based or a combination of a monthly monitoring retainer plus per-draw fees. We provide a transparent fee schedule during engagement.

Independent monitoring that informs decisions

To discuss a monitoring mandate, view a sample lender report or arrange an introductory call, contact Graham Smith, PQS — Quantity surveyor and lead project monitor at Godiva Consulting.

Request a sample report