Banks and Financial Institutions
Residential and Agricultural Cost Valuation Tool for Banks & Financial Institutions
Professionals responsible for approving loans and lines of credit have a duty to their organization and customers. They are tasked with providing the most accurate and reliable cost estimates possible when approving funding for construction projects. The Douglas Residential and Agricultural Cost Guides are essential tools that deliver trustworthy evaluations for replacement costs of existing structures, as well as estimated costs for new additions and complete new construction projects.
The Douglas Cost Guide resources can be accessed in a user-friendly online platform or physical manual. Financial leaders recognize the Douglas Cost Guides as dependable baselines that stakeholders across sectors agree upon. The online and hard-copy cost guides have earned a gold standard reputation based on meticulous due diligence, ongoing analysis, and more than 30 years of practical cost estimation experience.
How Does The Douglas Cost Guide Benefit Banks & Financial Institutions?
Professionals working in the banking and financial sector require a reliable cost estimation guide to ensure construction projects are completed on budget. When developers, contractors, or property owners apply for funding, it’s crucial that all stakeholders are working from an accurate baseline for residential and agricultural projects.
It’s not uncommon for developers, contractors, and property owners to apply for funding based on subjective project estimates. Property owners commonly calculate costs based on square footage. Relatively inexperienced builders overlook some of the salient cost estimates of specialized agricultural structures and niche design elements of residential architecture. When construction projects exceed the funding supplied by loans and lines of credit, financial shortfalls put completion in jeopardy. The Douglas Residential and Agricultural Cost Guides provide mutually agreeable and accurate cost estimates that greatly improve financial success.
Banks & Financial Institutions
The Douglas Cost Guides provide an easy to use valuation tool to estimate the Replacement Cost New of a wide array of Agricultural Structures and/or Single Family Residences to compare with a builder’s quote. When a potential borrower comes into the branch requiring financing, there are no surprises when the project is completed, with no shortfall of available funds to fully complete the project, whether that be a barn or a house. Adequate insurance coverage is required by a lender when providing financing so that there is no shortfall in case of a loss.
The Douglas Cost Guide provides accurate estimates for Replacement Cost New and the Actual Cash Value of a wide array of Agricultural Structures and/or Single Family Residences for the settlement of an insurance claim in the case of a partial or full loss. The valuation tool is used in conjunction with contractor’s quotes and other sources to lead to a quick settlement of the claim for all parties involved to get back to the position the client was in before the loss occurred.
Insurance Industry & Brokers
Insurance companies and brokers, including agents, underwriters, loss prevention inspectors benefit from a seamless property valuation tool to estimate the Replacement Cost of Agricultural Structures and Single Family Residences for the recommendation of adequate insurance coverage. It is devastating to both the insurance company and the insured, as well as the insurance agent, when coverage is below the replacement cost and below the threshold when co-insurance is a factor. Adequate insurance coverage is typically required by a lender when providing financing so there is no shortfall in case of a loss.
The accounting industry relies on The Douglas Cost Guide valuation tool with regards to budgeting for their client for construction projects, for assisting with the settlement of a dispute with the government (Canada Revenue Agency), and for other general accounting functions.
Frequently Asked Questions
- How will using the Douglas Guides benefit my lending services?
Both the Agricultural and Residential Cost Guides are up-to-date resources that will help you accurately calculate replacement costs for existing structures, construction costs or new additions for new construction projects. One of the common setbacks to construction lending stems from financial shortfalls. By getting it right, your company won’t have to approve unexpected funds or worry about bankruptcy.
- How accurate are the estimates in my region?
Because Karl Douglas brings more than three decades of experience to construction estimates across Canada, the resources account for local and regional cost differences. The guides are updated to reflect localized labour, materials, permitting, and other costs that impact bottom lines.
- Are programmes user-friendly?
Both the online platform and hard-copy volume have been created with a wide range of professional and layperson users in mind. The Douglas Cost Guide accounts for different levels of industry knowledge and has been designed in such a way that everyday homeowners can arrive at dependable estimates.
- How detail-oriented are programmes for banks and lenders?
The Douglas Cost Guides approach cost estimations in a holistic fashion. Users can input all of the pertinent information about a specific project and arrive at a consistent estimate. Leveraging Karl Douglas’ experience, numerous details are included and accessible.
- How often is the DCG data updated?
In an effort to deliver the most current and accurate data possible, the guides are updated on an ongoing basis using relevant information.
- How much does it cost to subscribe?
There are a variety of subscription opportunities/ options available for banking and financial sector companies. Industry professionals typically enjoy an excellent return on investment. Please review our subscription pages for more information.
The Douglas Cost Guide Helps Banks & Financial Institutions Improve Successful Outcomes
For lending professionals to enjoy sustained success, it’s critical to approve loans and lines of credit based upon accurate cost analysis. The Douglas system provides a detailed resource that accounts for shifting costs and inherent architectural differences. By utilizing the Douglas Residential and Agricultural Cost Guides, lenders and borrowers enjoy an improved opportunity to complete construction projects within the framework of an accurate budget.