For construction lenders and equity capital providers, understanding construction budgets and keeping payments in line with progress is critical. Partner is available to help manage and mitigate the inherent risks of construction in commercial real estate with a robust staff of seasoned engineers and construction managers who can provide a wide range of services in support of construction lending and investment.
Construction Risk Management is a comprehensive program of third-party services designed to minimize the risk of construction financing and investment. Construction Risk Management Services can be tailored to meet the unique needs of Partner’s clients and can include:
* The Completion Commitment is only available bundled with the Full Suite of CRM Services. If necessary, Partner will provide unlimited Professional Services for course correction at no additional cost.
Looking for construction risk management for single-family residential properties? Our sister company, Partner Residential Consultants, specializes in providing expert solutions tailored to the unique risks of residential construction projects.
The main types of risks in construction projects include financial risks, such as cost overruns and payment disputes; schedule risks, such as delays and disruptions; technical risks, such as design flaws and material failures; and external risks, such as regulatory changes and natural disasters.
Common risk mitigation strategies include proper project planning and scheduling, implementing safety protocols and quality control measures, maintaining open communication among project stakeholders, securing appropriate insurance coverage, and establishing contingency plans for unforeseen events.
Financial Risks: Budget overruns, delays, unexpected costs, economic downturns.
Contractual Risks: Scope changes, unclear specifications, disputes.
Safety Risks: Worker injuries, accidents, environmental hazards.
Schedule Risks: Delays due to weather, material shortages, labor issues.
Site Risks: Unforeseen ground conditions, permitting issues.
The cost of risk management varies depending on the project size and complexity. However, proactive management can save significant resources in the long run.
