What is an Engineering Report?
An engineering report is an assessment of a property’s physical conditions and risks by an engineer and other specialists that could affect the property’s value. This report might contain issues or flaws found in the property. Like architectural reports, engineering reports are typically only required for HUD multifamily loans that finance new construction or substantial rehabilitation, such as the HUD 221(d)(4) loan, or the HUD 232 loan for senior healthcare properties.
Engineering Report Definition
An engineering report is an assessment of a property’s physical conditions and risks by an engineer and other specialists that could affect the property’s value. This report might contain issues or flaws found in the property. Like architectural reports, engineering reports are typically only required for HUD multifamily loans that finance new construction or substantial rehabilitation, such as the HUD 221(d)(4) loan, or the HUD 232 loan for senior healthcare properties.
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Related Questions
What is an engineering report?
An engineering report is an assessment of a property’s physical conditions and risks by an engineer and other specialists that could affect the property’s value. This report might contain issues or flaws found in the property. Like architectural reports, engineering reports are typically only required for HUD multifamily loans that finance new construction or substantial rehabilitation, such as the HUD 221(d)(4) loan, or the HUD 232 loan for senior healthcare properties.
Engineering Reports and the HUD 221(d)(4) Loan Program: An engineering report is one of the required third-party reports for HUD 221(d)(4) loans. To create an engineering report, an engineer and other specialists assess a property’s physical conditions and risks that may affect the property’s soundness and value. The report may include issues or flaws associated with the property.
To learn more about HUD multifamily construction loans like the HUD 221(d)(4) loan, fill out the form below and a HUD lending expert will get in touch.
What information is included in an engineering report?
An engineering report is an assessment of a property’s physical conditions and risks by an engineer and other specialists that could affect the property’s value. This report might contain issues or flaws found in the property. It is typically required for HUD multifamily loans that finance new construction or substantial rehabilitation, such as the HUD 221(d)(4) loan or the HUD 232 loan for senior healthcare properties. To create an engineering report, an engineer and other specialists assess a property’s physical conditions and risks that may affect the property’s soundness and value. The report may include issues or flaws associated with the property.
What are the benefits of an engineering report?
An engineering report is beneficial for HUD multifamily loans that finance new construction or substantial rehabilitation, such as the HUD 221(d)(4) loan or the HUD 232 loan for senior healthcare properties. It provides an assessment of a property’s physical conditions and risks by an engineer and other specialists that could affect the property’s value. This report might contain issues or flaws found in the property, which can help identify potential risks and help ensure the property is sound and valuable.
To learn more about HUD multifamily construction loans like the HUD 221(d)(4) loan, fill out the form here and a HUD lending expert will get in touch.
What are the different types of engineering reports?
Engineering reports are typically only required for HUD multifamily loans that finance new construction or substantial rehabilitation, such as the HUD 221(d)(4) loan or the HUD 232 loan for senior healthcare properties. The engineering report assesses a property’s physical conditions and risks that may affect the property’s soundness and value. The report may include issues or flaws associated with the property.
To learn more about HUD multifamily construction loans like the HUD 221(d)(4) loan, fill out the form and a HUD lending expert will get in touch.
How is an engineering report prepared?
An engineering report is prepared by an engineer and other specialists who assess a property’s physical conditions and risks that may affect the property’s soundness and value. The report may include issues or flaws associated with the property. To learn more about HUD multifamily construction loans like the HUD 221(d)(4) loan, fill out the form and a HUD lending expert will get in touch.
What are the common mistakes to avoid when preparing an engineering report?
Common mistakes to avoid when preparing an engineering report include not submitting the Form HUD-92013, not submitting an Owner-Architect Agreement, not submitting a legal survey, not submitting a completed Surveyor’s Report Form HUD-2457, not submitting engineering and specialty reports, not submitting municipal and utility company letters of confirmation, not submitting documents necessary to establish site ingress and egress, not submitting binding maintenance agreements, not submitting certifications from the borrower's architect, not submitting a description of any identity of interest, not submitting contract drawings and specifications, and not submitting a description of all work outside the boundaries of the property essential to the project.
Sources: What is an Engineering Report?, Architectural and Engineering Reports