Detailed component condition and replacement cost of the most advanced mechanical, plumbing, heating, electrical and structural systems.
Online password protected access to the most advanced reserve study reports in the industry. Developer, Board Member and Property Manager addition and removal provided directly through provisioned access. View, share, provision and collaborate with industry stakeholders and managers in an instant.
Customized funding plans are uniquely crafted to ensure accurate capital funding needs planning
Our unique Lender Analysis section provides a detailed structural and mechanical condition analysis tailored to lender mortgage review guidelines. Reporting on special assessments, capital balances and financial management ensures that lending decisions can be made accurately and quickly.
CONDO AND CO-OP PROPERTIES
At Strategic Inspections, our primary focus is providing expert guidance to the board member and property manager. Our engineers are experts at evaluating structural and mechanical components and systems, but our additional value lies in creating compliant financial planning tools to ensure lending compliance and owner acceptance.
The Strategic Inspections Reserve Study report ensures easy access for analysis by board and management by providing the most comprehensive online platform with provisioned viewing access. Our report is state of the art.
The individualized guidance to mangers and board members allows our clients to help craft component funding plans, analyze property problems and develop appropriate plans for repair projects in the near future and beyond. We’re experts at crafting compliant and acceptable funding plans to ensure lending compliance and mortgage financing availability for unit owners and purchasers.
Strategic Inspections has provided thousands of reserve studies nationally since it launched in 2008.
Clear, Concise and Accurate
Comprehensive Financial Assessment
Planning for Capital Disbursement
Keys to Establishing Accurate Capital Reserves
Structural, Mechanical and Financially Focused
Innovative and Groundbreaking Reserve Reports
Clear and detailed condition and financial reporting for the lending professional. Provided for established and new construction condo properties and cooperative buildings.
Strategic Inspections Corporate Offices
Strategic Inspections provides a customized “Lender View” section in every reserve study report that answers all the questions regarding mechanical and structural condition, special assessments, and deferred maintenance that are asked on condo questionnaires. Our report is routinely utilized to limit board member, developer, and property manager liability.
Our unique reserve funding plan utilizes all amassed reserve capital and determines yearly reserve requirements by taking component cost, condition and replacement into account when determining these reserve contributions.
A reserve study provides an inventory, remaining useful life, condition assessment and cost for every common area component in the property.
If a reserve study prescribes a reserve funding amount of less than 10% of a condo/co-op operating budget then it can be utilized in lieu of the 10% line-item requirement. There are unique lending guidelines for each lending agency.
• Fannie Mae requires that a reserve study prescribing less than 10% can only be accepted if the condo/co-op applies for a global PERS approval.
• Freddie Mac and FHA allow reserve studies to be reviewed and accepted by lenders directly.
• Portfolio lenders often accept reserve studies on both new and established condo/co-op properties.
• New condo properties can utilize a reserve study for portfolio, FHA and Freddie Mac mortgage lending compliance.
Yes. Reserve studies are routinely performed on co-op properties by Strategic Inspections. We understand the nuances of cooperative legal structures, underlying mortgages and lines of credit and include a summary of each in our reserve study report.
All common area components are inspected and included in a reserve study report. These include, but are not limited to, all mechanical components, roof, exterior, hallways, elevators, lobbies, and windows.
Reserve Studies are utilized extensively in new construction condominium properties. The Strategic Inspections team is expertly experienced in providing reserve studies from construction plans and helping developers create the appropriate budget reserve contribution utilizing all component warranties and most recent manufacturers useful life tables.
We welcome, and encourage, input from condo/co-op board members. Our team is available pre-inspection to discuss any problem areas, plans for component updates and funding issues. Post inspection the Strategic Inspections team delivers a draft reserve study report and schedules a funding plan call so that board members are completely aware of the future capital needs, but more importantly, planning the appropriate capital contributions to meet those needs.
We’re the experts in condo/co-op properties that include commercial or rental space. Our “Split” Reserve Study product is utilized to determine component costs for the condominium only, general common elements and commercial only elements to ensure that the appropriate capital is being drawn from the right organization.
Yes. And similar to a development which has not yet been built, since the development’s components will be brand new, it can also help save the developer tens or hundreds of thousands of dollars over the first few years of sales when the developer is responsible for the common charges of unsold units by reducing the 10% reserve fund line-item requirement for purchasers’ unit financing, and will assist the development when it seeks such financing approval from the FHA, Fannie Mae, Freddie Mac, and portfolio lenders.
The Strategic Inspections reserve study report can be accessed online through a condo/co-op password protected portal. The Strategic Inspections reserve study report is powered by HomeRun IQ, the most highly advanced software system available for reserve study reporting.