Improvements in the economy and pent-up construction demand have provided lenders with profitable opportunities to offer loans on commercial and residential construction projects.
It is important to recognize, however, that these loans significantly differ from loans in other industries. The terms and administration of these construction loans should be customized to address the unique risks in the industry. Clark Hill assists lenders to mitigate these risks while allowing for the efficient completion of the construction project. Our services include:
- Providing in-depth audits of construction lenders’ policies and procedures
- Preparing recommended policies and procedures for lenders to implement during pre-closing, construction draw, and close-out phases
- Drafting construction loan and administration documents for lenders to utilize with its customers and builders
- Providing advice on troubled construction projects