Determing if a partially completed construction project is a work out prospect or a REO prospect while maintaining project viability requires timely, accurate information concerning the current, real condition of the property. If the project is a REO what is the best plan? Market as is: hold, thus requiring proper moth balling; or complete project?
Construction Resource Mangement, LLC can then provide completion services through Project Mangement of the project with the existing or new team, completion after foreclosure or mangement of mothballing of an asset held to insure that the collateral value of the project is not adversely affected.
About this Process
Construction Resource Management, LLC performs evaluation services that allows the Lender to make informed decisions based on current market conditions.
- Site Visit – to determine the actual condition and status of the project
- Documentation of all existing conditions
- Existing General Contractor Review
- Review original budge – to determine variance of actual cost
- Review existing contracts and agreements
- Determine if feasibile to use contracted subcontractors
- Review existing loan monitoring reports and construction risk assessment report
- Review contractor payment requisitions and breakdowns
- Review approved and pending change orders
- Review mechanic liens
- Determine if payments were funded for materials stored offsite
- Determine if jurisdictional inspection are current
- Determine the impact of a revised construction schedule
- Review performance and payments bonds for adherence to obligations
- Develop a cost to complete budge and completion plan