Property owners and managers are well aware of the dangers of Hurricane Season across the Southeastern United States. We spend millions of dollars preparing for recovery and risk mitigation, and there’s no doubt a bad hurricane season can cause a lot of property damage. But the reality is that catastrophic events happen all year long,…
Drones, also known as unmanned aerial vehicles (UAVs), used to be just a fun toy for hobbyists. Today, they’re an integral part of the engineering and construction industry. They’re used on project sites, as well as in assessing property condition and evaluating damage. For insurance companies and insurance adjusters, this means you need to know…
Over the past five years, unmanned aerial vehicles (UAVs, also known as drones), have become increasingly common in the assessment industry. Among their many applications, one of the most valuable is in conducting roof assessments. When an insured roof is damaged, either by a natural disaster or human-caused incident, the insurance agent is one of…
When performing due diligence on a construction loan, lenders should always require a construction contract review as part of an overall plan and cost review (PCR). The contract, after all, is technically between the owner and the general contractor but, as the owner is also the lender’s borrower, it has tangible impacts on the associated…
Construction projects carry risks for everyone involved, from the owner to the general contractor to the lender. Good construction funds control is one of the ways that lenders mitigate financial risk during the construction process, and ensure a successful and on-budget project. What Is Construction Funds Control? Construction funds control is the process by which…
When it comes to construction loan consulting, many banks still operate on a one-off basis, with each individual branch or loan officer hiring whichever local contractor or consulting firm they prefer. This can work fine for small banks, but if your organization’s book of business spans beyond the geographic footprint of a few branches, you’re…
If you’re planning new construction for your business this year, you may want to hire an owner’s representative to protect your interests. Your owner’s rep will be your right hand in keeping your project(s) on budget, on schedule, and at the quality you expect. Be aware, however, that not all owner’s reps are the same….
If you’re planning construction projects this year, you understand the importance of assembling the right team to design and build your new facilities. What you may not have considered is the importance of hiring an owner’s representative to oversee those projects. If you haven’t considered hiring an owner’s rep, or are on the fence about…
When you invest in a commercial property, you should always order a property condition assessment (PCA) as part of your due diligence process. The PCA (also called a “facility condition assessment” or FCA) is the commercial equivalent of the home inspection. Because of the relative complexity and size of the commercial investment, however, it is…
In commercial construction lending, the plan and cost review (PCR) is a standard part of the underwriting process. So standard, that most lenders don’t think much about who provides the PCR or what’s in it, so long as it gets done. That’s a mistake. A thorough, accurate, and expert PCR can prevent costly mistakes, while…
