A property inspection, also known as a Physical Needs Assessment (PNA), is one of the first steps in an equity or transfer of ownership lending transaction involving Fannie Mae as the insurer of the loan. Partner Engineering and Science, Inc. specializes in transactions that Fannie Mae consider their “small loans” division. These are loans that are less than 3 million dollars and are specifically for multifamily properties. Partner provides Fannie Mae an initial assessment of the collateral for the transaction. One of the standardized forms that Fannie Mae reviews, and that we complete as part of our service, is the “Property Assessment Form 4262”. In addition to this form, Partner provides a thorough executive summary of all building systems and features. To complete this, Partner performs a physical inspection of the building and property to assess multiple factors of the overall condition, as well as potential life and safety issues.
This inspection includes, but is not limited to:
- Interviewing property management regarding building operations, systems and features
- Physical inspection of the structural and mechanical aspects of the subject
- Basic environmental evaluations
- Inspection of fire and related life and safety systems
- Building access and exit features
- General property condition ratings
- Providing estimated capital needs expenditures over the term of the loan
- Ensuring the building conforms to local and state building code requirements
- Compliance with ADA (Americans with Disabilities Act) regulations
- Photograph table demonstrating the observation of all of the above systems and features
Physical Needs Assessments are just one of many services that Partner offers relating to the multifamily property lending industry. In addition to Fannie Mae inspections, Partner offers a plethora of building and environmental services. Partner’s engineers provide our clients with cost effective investigations on a national basis in many different scopes. Please browse our website http://www.partneresi.com/ to review the services we have available.