Our bank is doing more and more construction deals. We don't have anyone with construction estimating expertise, nor do we have plans to add anyone to the staff. We'd like to have the construction budgets reviewed by an expert. Does anyone have a recommendation on national firms that might handle this type of assignment? Or what should I be looking for in retaining a local firm? How much should we expect to pay for such a service? We're doing deals on typical properties such as proposed office buildings, gas stations/c-stores and self storage projects.

I saw your request on the internet about estimating construction costs and thought I could help. Hope it isn't too late to help.
There are a few companies that do estimates for a cost. I've never had to use them. I would check the yellow pages or the web. Also, you could find an estimator locally who might be willing to do the work on the side.(Senior or Chief Estimator who already has a full-time job.)

I actually asked a few friends of mine that work for other banks in the area. They gave me a few names of inspectors that do progress reports and the fees are very reasonable. You could also check with some of your appraisers in the area. They may also be qualified to provide this service.

For large construction deals, we've been paying around $1,500 - $3,000 for budget reviews. The fees vary depending on the complexity of the real estate, as well as by the depth of analysis that we require. I checked with a few of the large national banks to get names of firms that specialize in this type of servicee on a regional and national basis.