Building Condition Reports

Why a Building Condition Report

When financial institutions, or banks, provide commercial mortages to clients for commercial, industrial or multi-family financing, they take on the risk of a loan or commercial morgtage default. If a loan is defaulted, the bank usually takes ownership of the property. If a property is in poor condition, the bank may have to spend money on the capital expenditures (cap-ex) to ensure the property is sellable, or at least leasable. 

 

Banks require PCA or Property/ Building Condition Assessment reports to determine their risk, and to get a clear understanding of a property, and its building(s) and components. Both the client and the bank get a comprehensive look at the property from a financial perspective with these reports so that they can determine the financial risk in financing, or purchase of the property.

What CMG Engineering Provides

CMG Engineering Services Corp provides ASTM e2018-24 standard property condition assessment or building condition reports for clients so that they can provide the financial institution with financial information on the near future capital expenditures on the building and property. The standard (revised in 2024) indicates any issues with the property and buildings on it, and any major repairs or costs required.

 

CMG normally provides the building condition reports in 5 business days, and faster turn around times, and rush service is available.

 

CMG can also provide the client with Phase I and II ESA or environmental site assessment reports and complete the ESA site visit while we conduct the PCA site visit saving the client money, and with less impact on the residents and tenants of the property. Turnaround times for ESA reports are normally faster.

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Locations

 

Toronto Office (by appointment):

11th Floor, 20 Bay ST

Toronto ON M5J 2N8

 

Vancouver Office (by appointment):

UNIT 250 997 Seymour St

Vancouver BC V6B 3M1

 

Edmonton Office (by appointment):

11042 85 AV NW

EDMONTON AB T6G 0W6

 

Calgary Office (by appointment):

5940 Macleod Trail SW UNIT 500

Calgary, Alberta T2H 2G4