Physical Needs Assessment/Cost over Term (PNOT)

A Physical Needs Assessment/Costs Over the Term scope performed by Building Consultants, Inc. (BCI) includes the following:

Investigation of the facility including:

• A site visit to the site and building(s), making arrangements with the borrower or property manager for access to secure common areas and a representative sample of the total units; we assume a representative sample can be achieved by visiting 10% of the total units however if significant additional units must be observed additional charges may be required
• At the time of the site visit interview tenants, property manager, maintenance personnel and/or contractors to determine history of the project, maintenance schedules, recently provided repairs, proposed work
• Take photographs of the project including:
  • Overall project views
  • Typical site elements such as parking lots, tot lots, exposed utility elements, drainage issues if any
  • Major building elevations
  • Views of the roof(s) with details of significant features
  • Detail pictures of major building exterior elements such as entrances, windows, utility entrances
  • Overall views of major common areas
  • Overall view of typical dwelling unit rooms
  • Typical pictures of plumbing fixtures, appliances, equipment
  • Typical pictures of HVAC equipment, elements
  • Typical pictures of electrical service panels, switchgear, emergency safety equipment
  • Pictures of deficiencies noted in the body of the report
  • Major atypical elements if any
• Investigate the property for significant deficiencies in the major systems which are identified as either Emergency or Immediate Physical Needs in the written report
  • Site (drainage, paved areas, utilities, amenities)
  • Architectural (structural, building envelope, base building and/or common area interior finishes)
  • Interior/Dwelling units (layout, finishes, equipment, mechanical/electrical)
  • Mechanical (elevators, plumbing, HVAC, fire suppression sprinkler) and electrical (service, power, lighting, security, emergency)
• Provide an initial verbal report to the client summarizing the overall impressions of the facility within 24 hours of the site visit
• Reviewing the existing systems with industry standard or the Fannie Mae Expected Useful Life Tables, indicating the point during the term when the repair/replacement would be required, incorporating an inflation rate and determining the costs over the specified term for the major repair and replacement items.

Provide an initial verbal report to you summarizing the overall impressions of the facility within 24 hours of the site visit and provide a written report.