Draw reviews
Site inspection, measured verification, invoice reconciliation and recommendations for release or holdback.
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 quantity surveying and construction industry experience, Graham brings a practical understanding of project cost, delivery risk and the information requirements of lenders and credit teams.
We specialise in independent verification, cost forecasting and risk identification to support informed funding decisions and proactive management of project exposure.
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.
Independence, Experience & Confidentiality
Godiva Consulting draws on Graham Smith's broader professional experience in quantity surveying, construction cost control, progress valuation, project monitoring, and development advisory across residential, mixed-use, institutional, commercial, redevelopment, and specialist construction assignments.
For lender monitoring mandates, the role is undertaken independently and with clear attention to conflicts of interest, evidence, documentation, and the lender's reporting requirements.
Project monitoring assignments commonly involve confidential construction, financing, procurement, and commercial information. Godiva Consulting therefore does not identify individual lender or monitoring assignments publicly. Relevant experience can be discussed directly with prospective clients where appropriate and subject to confidentiality obligations.
Typical monitoring scope
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.
Related services and further reading
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 doc[...]
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 Consulti[...]
Request a sample report