Glossary definition
Project Monitor
A professional appointed by the lender to oversee the progress of a development project and verify that construction milestones have been achieved before drawdowns are released. The project monitor, often a chartered surveyor or quantity surveyor, conducts regular site inspections and provides reports to the lender confirming works are on programme and within budget.
Definition
A professional appointed by the lender to oversee the progress of a development project and verify that construction milestones have been achieved before drawdowns are released. The project monitor, often a chartered surveyor or quantity surveyor, conducts regular site inspections and provides reports to the lender confirming works are on programme and within budget. Project monitoring fees are typically charged to the borrower at £500 to £1,500 per visit.
See also
Closely related terms.
Monitoring Surveyor
An independent surveyor appointed by the lender to inspect the development site at regular intervals and verify that construction work has been completed to the required standard before each drawdown is released.
Drawdown
The staged release of loan funds during a development project, triggered by the completion of pre-agreed construction milestones.
Quantity Surveyor
A construction cost professional who prepares detailed cost plans, manages budgets, and provides independent cost verification on development projects.
Retention
A percentage of each construction drawdown held back by the lender as a safeguard against cost overruns or incomplete works, typically 5% to 10% of each drawdown amount.
Further reading
Guides that touch this term.
Guide
Can I Get Development Finance With No Track Record?
An eligibility guide for developers without a completed scheme. We explain which lenders will consider you, exactly what they check, and the lower leverage and higher pricing to expect.
5 min read readReadGuide
Development Finance Application Checklist: Documents You Need
A comprehensive checklist covering every document lenders require for a development finance application, from development appraisals to contractor tenders and planning evidence.
11 min read readReadGuide
Hidden Arrangement Fees in Development Finance: What Lenders Don't Tell You
Arrangement fees in development finance are rarely as straightforward as a single percentage. This guide exposes the hidden layers of fees that lenders charge and shows you how to negotiate effectively.
8 min read readRead
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