Denver, Colorado (PRWEB) February 4, 2009
Granite Loan Management (GLM) and Granite Commercial Management (GCM), the experts in mitigating risk for residential and commercial construction lending are seeing record demand for their Real Estate Owned (REO) risk mitigation services. Lenders can now look to GLM to provide third-party advice and to assist with managing REO properties.
By aligning with Granite, Lenders gain instant construction experience with time-tested services and quality-control procedures. Granite offers a full range of REO asset management services for lenders, mortgage companies and financial institutions.
Granite's REO services include:
- Portfolio Due Diligence
- Executive Summary with Recommendation and Rating
- National Title Datedowns
- Statutory (Mechanics' Lien) Compliance
- National Permit Search
- Workout Services
- Construction Loan Servicing
- Qualified Inspector Network
- Project Status and Risk Analysis
- Contractor Replacement and Bid Evaluation
- Construction Completion Management
Granite provides timely and thorough support using innovative web-based technology to assist clients with the unique challenges of REOs. Granite clients have 24/7 on-line access to each project for status-at-a-glance, disbursement updates, inspection reports and inspection photos. Lenders can track job progress in real time.
Granite works with a wide range of clients, from small clients needing assistance with an influx of REO properties, or a permanent internal REO department in need of default management services. Granite gets non-performing and distressed assets working.
As the national expert for construction lending, Granite's management team specialize in default loans, construction workouts, non-performing assets and REO services. Granite has unique insight and processes in place to head off construction lending problems before they start.
Portfolio Due Diligence Services
Through an initial review of inactivity, variance, maturity and inspection reports, Granite will identify potential problem loans and provide an Executive Summary in order to risk rate each loan. Granite's web-based ordering platform will confirm recorded liens, mortgages, and building permits and attain copies of support documents for recorded liens and permits in a 72-hour service standard.
Project Status and Risk Analysis
Granite coordinates workout site inspections for REO properties to determine project progress. The project information is evaluated and a cost to completion is calculated based on inspector findings and Granite's proprietary database. Granite will then assign a project risk rating and make a recommendation to finish construction, suspend activity, or remove the existing structure and sell developed land.
Contractor Replacement and Bid Evaluation
Granite assists with the contractor replacement by presenting one or more qualified contractors and bids to the client. Granite completes a comprehensive review of the contractor's licenses, references, insurances and personal credit reports. Granite also will obtain, review and analyze construction costs to complete bids.
Construction Completion Management
Granite serves as Project Manager to ensure completion of construction project or facilitate sale of REO asset "as is." During construction, Granite will establish a schedule for status inspections to monitor the contractor's progress, review and recommend draw requests and perform risk management reporting and tracking.