Physical Facility Assessments (PFAs) determine the current condition of the property and identify areas of immediate repair as well as long-term items likely to require replacement over the term of loan. Based upon the type of engineering report required, i.e. Fannie Mae reports are titled Physical Needs Assessment (PNA); Freddie Mac reports are titled Physical Condition Report (PCR), HUD reports are titled Property Inspection Report (PIR). These are all basically the same type of inspection using specific guidelines for the type of report prepared. The following services for these reports include:
- Complete visual inspection of all building and site components.
- Identification of damage deficiencies and deferred maintenance.
- Cost estimates for identified repairs.
- Cost estimates and long-term schedule of replacement items.
The reports contain:
- A comprehensive listing of required repairs with cost estimates.
- A spreadsheet analysis of long-term replacement items including cost estimates and yearly schedules.
- A detailed depiction and evaluation of all building and site components.
- Field inspection checklists noting specific conditions of interior inspected spaces.
- Review of documentation provided by client.
- A graphic property overview that contains a summation of all categories and denotations of immediate repair or replacement items over the term.
- An executive summary that provides a discussion of the site, location, access and appeal in addition to the description and condition of the property.
The property description and conditions section of the report offers a detailed depiction and evaluation of all building and site components by system such as:
- Structural Systems – foundations, floors, walls and roof framing.
- Building Envelope Systems – roofing and drainage, exterior walls, windows, balconies, stairs and doors.
- Common Areas – stairs, halls, community rooms, lobbies, laundry, management offices and other amenities.
- Mechanical, Electrical & Plumbing Systems – heating and air conditioning, domestic hot water, plumbing fixtures and piping, electrical service, wire and fixtures, elevators and escalators, life safety and fire protection.
- Interior Construction and Finishes – walls, ceilings, doors and hardware, flooring, appliances, cabinets, countertops, sinks, vanities, lavatories, tubs and toilets, lighting fixtures, switches and outlets.
- Exhibits – color photographs depicting current conditions with emphasis on items requiring immediate and long-term repair and/or replacement, site plans, capital improvements schedules, maintenance schedules, etc.
- Verification – flood plain, wind speed, earthquake and noise exposure as required. Also verification through local government officials of any existing code violations for building, fire, and zoning as well as general compliance with ADA, UFAS and Fair Housing.
- Site Improvements – paving, drainage/erosion, signage, lighting, landscaping, pedestrian paving, fencing, pools, tennis courts, basketball courts, volleyball courts, playgrounds, retaining walls, sewage and water systems, electric and gas systems, and high pressure pipelines.