With COVID-19 bringing a unique set of risks and challenges to construction projects, many banks, lenders, and financial institutions depend on construction loan monitoring services to safeguard their investments. At Moran Construction Consultants, our goal is to identify potential risks and keep clients protected. If you are searching for a construction loan monitoring company, learn how our services can help you manage your risk in the current climate.
COVID-19 continues to have a profound impact on the construction industry. It has affected everything from material costs to workforce shortages and union influence on projects. All these elements translated into new risks for lenders to recognize and monitor.
The costs of building materials saw dramatic shifts from 2020 to 2021. During the early stages of the pandemic, many contractors faced difficulties sourcing basic materials. Lumber prices, in particular, saw massive volatility, climbing to all-time highs in 2021. However, those material cost spikes have not been sustained and saw a sharp downward trend from those peaks in August.
Supply houses and distributors have regained supply access. This has contributed to the price of lumber hitting 2018 lows, bursting the lumber bubble. Moran Construction Consultants representatives are in regular contact with suppliers and contractors, allowing us to report the latest information back to our clients. As a construction loan monitoring company with more than 50 years in the industry, this is just one of the ways we help clients avoid risk and plan for the future.
Need a Construction Loan Monitoring Company You Can Rely On?
When you choose Moran Construction Consultants for your construction loan monitoring needs, we offer several services to lower your financial risk throughout the project. These include in-depth and upfront reviews of contract language, loan terms, cost overruns, time extensions, proper project procurement, and more. In addition, we work together with project teams throughout the construction process to recognize potential issues as they arise.
Our services also include monthly site inspections with the project team. We gather information pertaining to potential change orders and budget issues. In addition, we review documentation including current applications for payment, testing lab reports, monthly project logs, and more. Clients also receive detailed monthly reports of site inspections to give them a clear picture of the status of the work being performed. These are just some of the ways Moran Construction Consultants keeps clients informed about the progress of their projects. Want to learn more about our services? Call us at 225-351-2003 or contact us online. We’re ready to go above and beyond to safeguard your investment.
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