Wednesday October 16 - Wednesday, November 6, 2024
1:00 PM - 3:00 PM EDT
This eight hour virtual course is for commercial lenders who are relatively new to the world of Construction Loan Monitoring. It is offered in four 2 hour modules: October 16 - 1 to 3 pm, October 23 - 1 to 3 pm, October 30 - 1 to 3 pm, and November 6 - 1 to 3 pm. All time Eastern Time.
It is designed to cover the basics and to prepare Commercial Real Estate lenders to successfully navigate the intricacies of Construction Loans and the Loan Monitoring service offered by Professional Quantity Surveyors. The program will provide instruction to Commercial Lenders on how to work with their Professional Quantity Surveyors in better assessing the risk of their construction project(s) and the related construction loan(s).
$528.51 / participant includes:
- Participation in Virtual Course
- Run in four 2-hour sessions, between 1 and 3 pm Eastern time
- 2 hours each on Wednesdays (Oct 16, 23, 30, Nov 6)
Presented in collaboration with RICS and CIQS
Topics Covered
- Terms of Engagement of the Cost Consultant/QS - Explanation on basic industry terms of engagement (guidelines by RICS/CIQS & CACQS). Discuss how to find a balance between level of review the project can afford and the level of certainty/review a lender requires.
- Uses and Sources of Funds - Explanation of the various Uses (high level rules of thumb on construction components and soft development cost components) and Sources (timing and requirements for injection of the capital slack), what happens when there's a cost overrun? What role does the deposit surety company, and its products play in the overall financing scheme of the building, and what are recent trends in that space.
- Budget, Commitment and Cost Reporting and Sales/Leasing Reporting - Discuss best practice approaches to Borrower's budget, commitment and cost reporting and Sales/Leasing reports and how these allow for better analysis by you and your QS.
- Payment Certification - Discuss basic principles in Payment Certification and how these allow for better analysis by you and your QS.
- Schedule - Explanation on basic principles in construction schedules, critical paths, assessing schedule delays. Disccuss best practice approaches to Borrower's schedule update reporting and how these allow for better analysis by you and your QS.
- Approvals - Explanation on basic principles in environmental, development and permit approvals by Authority having Jurisdiction, assessing risks at each level of approval, insurance typically required. Differences and timing of Wrap up Insurance vs. Builders Risk (Course of Construction).
- Contracts and Change Orders - Explanation of basic principles of various industry contracts, and how risk is mitigated. Discuss how to better assess contract change order risks for various contracts at different stages such as design and construction.
Faculty
Donny Afonso, PQS, MRICS, Partner, Pelican Woodcliff
Donny is a Principal with Pelican Woodcliff Inc, a consultancy specializing in cost planning, project monitoring and cost control for private and public sector clients. Donny has over 20 years of experience in providing construction cost and schedule advice and has acted as Lender's Project Monitor on numerous projects. Donny has been a Board Director with the Canadian Association of Consulting Quantity Surveyors (CACQS) since 2014 and is currently the Secretary of the Board.
Ken King, PQS, MRICS, AscT, Manager, Hanscomb Limited
For the past 41 years, Ken has been intimately involved with the construction and public infrastructure development in BC and Alberta. Professionally trained and qualified as a Quantity Surveyor, Ken also has two diplomas in Urban Land Economics from the University of British Columbia (UBC), one in Appraisal and one in Real Estate Management. With this background, Ken has lectured at Vancouver Community College, Langara College, Douglas College, the University of Alberta and UBC. He has also presented programs featuring motgage underwriting skills, consulting skills, public speaking and management techniques to such institutions as Canada Mortgage and Housing Corporation, Business Development Bank of Canada, Verterans Affairs Canada and the Certified General Accountants of British Columbia to name a few.
Angela Lai, PQS, FRICS, Managing Partner, Core Two
Angela Lai is a Partner with Core Two, a property and construction cost consultancy locally based in Vancouver, BC. Angela has over 18 years' experience in the construction and development industry spanning South Africa, the UK and Canada. Angela's experience is diverse having worked as a cost manager, loan monitor and a management consultant. She is the current past President of CIQS-BC, past Director for the CIQS National Board and Vice Chair of RICS-BC. In addition, Angela also teaches at BCIT, Passive House Canada and is the instructor for the newly launched RICS QS in Americas Foundation course.
Kevin Magill, PQS, MRICS
Kevin is the Vice-president of the CACQS/ACCEC and the founder of Aspen CPM, a construction project management consulting firm based in Edmonton, Alberta. Kevin grew up in South Africa where he completed his training in architecture and began his career before moving to Ireland where he completed post graduate studies in Project Management and Construction Law at Trinity College Dublin. A passionate champion of off-site and modular construction, Kevin also works with the Research Chair in Industrialization of Building Construction at University of Alberta as an independent research consultant. Kevin is a Professional Quantity Surveyor (PQS) and a member of Royal Institution of Chartered Surveyors (RICS), and is a Qualified Arbitrator registered with the Alternative Dispute Resolution (ADR) Institute of Canada.
