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…
Construction contracts have a tangible impact on the project’s risk to the lending institution. And unfortunately, not all construction contracts are created equal. 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). At GLE, we review hundreds of…
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…
As we head into the new year, we like to look back to see which of our posts you enjoyed in the previous year, so we can bring you more of what you want. We thought it would be fun for you to see which of our posts were the most popular in 2017. Based…
When you hire a contractor to conduct renovations, repairs, or to construct a new facility, many property owners and managers know that the contractor should be required to bond the project. But what exactly does it mean for a contractor to bond a construction project, and why should you care? Contractor’s bonds mitigate owner risk…
When a contractor advertises that their company is “bonded and insured,” it provides a level of trust for the owners and managers who hire them. Unfortunately, not all bonding and insurance is created equal. Owners who don’t thoroughly understand the types and levels of contractor’s insurance put themselves at unnecessary risk. Here’s what you need…
If you’re looking for a free online construction cost calculator for your commercial project, you won’t have to look far. The internet is stuffed full of simple, convenient tools that allow you to enter your desired square footage, type of construction, location, and other factors to get a free estimate of what your project might…
