f3, inc.'s goal is to provide our clients with high quality real estate due diligence and construction management services that actually enhance value of investments. We realize this through proven success in the quality of the work we perform, providing the best value for our customers, and delivering innovative results. f3, inc. offers a diverse, integrated range of real estate due diligence and construction management services to the financial industry. f3, inc. has completed a multitude of projects under various program standards and guidelines including ASTM, Fannie Mae, Freddie Mac, Conduit, Standard & Poor and client specific guidelines. Services offered by f3 include:
Since inception, f3, incorporated (f3) has focused its consulting services to become a consistent, accurate and reliable provider of Physical Needs Assessments (PNA) for lenders, buyers and investors of commercial real estate. Preparation of PNA's for multifamily properties comprises more than 90% of our company's services. Our reports are prepared in accordance with industry and investor guidelines including Fannie Mae, Freddie Mac and HUD. f3 is well known by Fannie as a provider of PNA's for its Special Asset Management (SAM) team. f3 has prepared hundreds of PNA's for SAM involving severe physically distressed properties with financially troubled borrowers throughout the U.S. This experience has helped hone our expertise as a reliable provider of PNA's that accurately detail the condition, cause and necessary repairs to stabilize and restore a properties' physical condition.
f3 understands why the differences in specific assets, property and building types are important in accessing quality. Since 2006 we have conducted inspections on over 1,400 multifamily properties for lenders, buyers and investors including assisted living facilities, student housing, manufactured housing, affordable housing, cooperatives, office, retail and warehouse developments. Our knowledge and experience of conducting site assessments and preparing PNA's gives f3 a unique perspective and understanding of the respective tasks and the skills required to perform them effectively. f3, also provides seismic risk analysis for properties located in earthquake prone areas.
Phase I ESAs are an key component of the due diligence process for lending and property purchase decisions. A Phase I ESA includes an on-site assessment and a historical and regulatory review that is designed to identify Recognized Environmental Conditions (REC's) such as current and historic environmental conditions that may affect property values, pose a financial liability to the purchaser or lender, or affect the ability of a borrower to repay a loan obligation.
Our ESA are clear and include conclusions and if needed, recommendations for addressing conditions that may be negatively impacting the property.
f3 is experienced in providing assessments that meet GSE requirements, such as US Housing & Urban Development (HUD), Fannie Mae and Freddie Mac. f3 has developed a trusted track record of providing reports that meet the guidelines of these agencies, allowing transactions to smoothly proceed through the underwriting and review process.
f3 performs third party reviews of construction documents (plans, specifications, budgets and schedules). The review is to determine if the proposed construction cost is higher, lower, or on target with the proposed budget of the project. In addition, f3 reviews the project schedule provided by the contractor to see if it is consistent with projects of similar size and scope and if there could be events such as routine inclement weather that might affect the projected schedule.
f3 provides construction progress monitoring for new construction as well as rehab projects and repairs following damage from storms, fires, floods, etc. Construction monitoring is designed to compare the progress of construction work with the project schedule and is conducted through periodic visits to the construction site. Once the construction has commenced, f3 will perform scheduled inspections of the property to confirm that the work has been completed. If any craftsmanship or materials are observed that do not conform to the specifications they will be reported for further clarification and review. Any deviations from the project drawings are also noted and reported. f3 reviews all change orders to verify the validity of the changes and reports on their impact to the budget.
f3 develops specific training based upon clients needs. f3 has extensive experience in providing training for lenders and assessors. f3 has participated in presenting the Multifamily Property Inspection Workshop training for Fannie Mae, Freddie Mac and the Mortgage Bankers Association for the past 6 years. In addition to the classroom based Powerpoint presentations, we have developed text for individual modules that provide critical information and guidance to the individual taking the course. In addition we have conducted numerous training seminars for newly hired Analysts at Fannie's Mae's Dallas, Texas office. The focus of this training is to introduce new employees to the PNA and ESA reports and to give guidance for understanding the purpose and use of the reports.