Denver, Colorado (PRWEB) January 20, 2012
Granite Loan Management (GLM), a national construction risk management company, celebrates fourteen years of continued success providing third-party advisor services to construction lenders.
In the 14 years since its inception, GLM has grown from a regional service provider to the leading national provider of construction loan risk management services. GLM’s clients include many of the top national financial institutions, regional banks, community banks, and credit unions lending on ground-up, tenant improvement, custom-build and multi-family construction.
GLM offers residential risk mitigation tools and construction risk services including consulting, quality control and portfolio audit services. A centralized and standardized approach, GLM’s Best Practices Risk Mitigation System® is designed to reduce or eliminate the additional elements of construction risk such as contractor inexperience, budget shortfalls, change orders, diversion of funds, inspector quality, and mechanics’ liens.
The Risk Mitigation System® is comprised of seven key components including: Contractor Underwriting, Project Underwriting, National Inspector Network, Statutory Compliance and Mechanics’ Lien Law, Fund Control Management, Roll-Over to Permanent, and Reporting and Reconciliation.
“Reviewing the contractor’s qualifications and the project’s feasibility can mitigate up to sixty percent of a lender’s risk. Add in GLM’s fund control services and your risk is mitigated. GLM’s fund control system manages the labor-intensive disbursement process including a system of checks and balances that ensures the percent of project completion reconciles with the percent disbursed.”
“The layering of risk is a dangerous proposition. When an unqualified contractor is combined with a deficient budget and no support documentation (lien releases), it’s a recipe for disaster. GLM has the expertise to perform a construction due diligence review and manage the complexities associated with commercial, tenant improvement, residential and renovation projects. Lenders count on us to underwrite their entire portfolio of construction projects and if applicable, help protect their SBA 7a or 504 Guarantees, from ground-up to TI,” said Penny Roach, Executive Vice President of Sales and Administration, GLM.
As a testament to GLM’s commitment to remain at the top of the field, GLM provides a completely web-based platform. GLM automates the funding and inspection process with state-of-the-art online technology that allows contractors, owners, investors, inspectors and lenders to view and submit draws, as well as review detailed reports and photographs online.
To learn more about Granite Loan Management's fund control or third-party oversight services, visit http://www.graniteloan.com.
Granite Loan Management produces the trusted industry publication, the Construction Lending News. To read the current edition or to register to receive Granite E-News updates, visit http://www.constructionlendingnews.com.