With its vision “To finance safe and affordable housing so that all Jamaicans will have access to home ownership”, the JMB’s main pillar of operations is the provision of interim financing to developers of housing solutions. The Bank has acquired substantial technical expertise in the field over the years, and is widely recognized in the industry for successfully financing a wide range of housing projects across the island. On February 26, 2015, in response to frequent enquires, the JMB launched its Technical Support Services, offering access to its technical expertise as a means of supporting other providers of bridge, or interim, financing to the housing sector to improve the success rate of their financing activities in the sector. It is expected that this new service will not only serve to reduce construction risks experienced by other players, but will also produce improved returns on their investments in the sector, while advancing our joint effort to increase Jamaica’s housing stock and bring home ownership within the grasp of more of our people.

Categories of Services

  1. Assesment

    1. Assessment of drawings to ensure:
      1. Approvals obtained
      2. All elements are captured
      3. Consistency of scale
    2. Evaluation of the Bill of Quantities (BQ)
      1. All elements of approved drawings are suitably accounted for
      2. Costs are reasonable given local market prices
      3. Adequate provisions are made for Contingencies, Preliminaries, etc.
    3. Regulatory Approvals/Certificate(s) of Title/ JV Agreement/Professionals
      1. All statutory approvals in place
      2. Special conditions, if any, are observed/satisfied
      3. Proper title held for development lands and restrictive covenants, if any suitably addressed
      4. Joint Venture agreement in place, where necessary – refer to Legal to ensure adequacy of provisions
      5. Systems to be used have Bureau of Standards Approval
      6. Professions employed are suitably certified/registered as necessary/ reputable
    4. Check List – all required support documentation is submitted e.g.
      1. Valuation report
      2. Surveyor’s Identification

  2. Monitoring

    1. Conducting periodic site visits and preparing reports of findings/observations
    2. Verification that execution of the works is consistent with the approved designs
    3. Ascertaining that variations are appropriately documented and approved
    4. Evaluation of Quantity Surveyor’s (QS) Certificates against work completed/funds disbursed/BQ/Construction schedule
    5. Recommendation for resolving technical issues encountered
    6. Recommendation for disbursement of funds
    7. Verification of the progress of the works against the construction schedule
    8. Attending site meetings/open house events with Business/Relationship Manager

  3. Closeout

    1. Verification of practical completion and recommending application for Certificate of Practical Completion
    2. Ensuring application submitted for splinter/strata titles
    3. Verification that all close-out steps are taken and that project executed in line with Approvals & Loan Agreement
    4. Preparation of final Technical Report

Reports

  1. Initial BQ/Drawings Assessment Report
  2. Site Visits Report
  3. BQ Payment Recommendation
  4. Close-out Report

Conditions

  1. Recommendations provided on basis of information/documentation provided and without liability for accuracy of that information/documentation
  2. Technical advice provided based on disclosures made by providers of information/documentation and reliable to the best of our knowledge and belief
  3. No responsibility taken for execution of works or for the integrity of structures, inputs or any matter reasonably outside the scope of the technical support services provided
  4. Indemnity granted to JMB by the Financial Institution for which the JMB is providing the service.