FOR IMMEDIATE RELEASE
NEW STRATEGIC PARTNERSHIP MITIGATES CONSTRUCTION LENDING RISK FOR BANKERS
San Luis Obispo, CA – June, 2016: Land Gorilla, the industry leader in construction lending risk management solutions, is expanding its commercial offerings by partnering with Precision Building Group to conduct Precision Commercial Project Reviews.
The commercial construction sector continues to benefit from the substantial post-recession increase in real estate investment and development activity. With experts predicting strong growth to continue through 2016 and 2017, banks and private lenders are struggling to rationalize the obvious opportunity for commercial loan growth with the inherent risks involved in construction lending. As was proven during the recent downturn, aggressive commercial construction loan growth can lead to outsized losses when not managed properly. Historically low interest rates and competition between banks have kept interest rates too low to mitigate the risks involved; banks are understandably nervous about increasing their commercial loan portfolios.
“In today’s highly competitive lending environment, bankers need to respond quickly to loan requests while addressing the risks involved with project feasibility, contractor pre-qualification, and post-closing loan administration. Expanding our offerings through this strategic partnership with Precision Building Group provides bankers with the tools they need to conduct thorough analyses of the construction projects they underwrite in order to improve budget accuracy and ensure successful project execution,” says Sean Faries, Land Gorilla CEO.
“Land Gorilla is doing exciting things for banks. Today’s compliance requirements are daunting – especially for regional and community banks. Land Gorilla’s tech-savvy approach streamlines the administration process for lenders and takes care of the compliance headaches for them,” says Karl Vaillancourt, CEO of Precision Building Group.
About Precision Building Group
Precision is a full-service consulting firm specializing in pre-construction planning, cost engineering, scheduling and management of commercial real estate projects. Precision analyzes and plans commercial construction projects to reduce cost, mitigate risk and optimize constructability. For more information visit www.PrecisionBuildingGroup.com
About Land Gorilla
Land Gorilla offers cloud-based construction lending software and services to address the many nuances of construction and renovation lending. Many of today’s lenders trust Land Gorilla to develop compliant and risk-appropriate consumer construction loan programs along with our full suite of services including Contractor Acceptance, Residential Project Reviews, Construction Underwriting, Post-Closing Administration, Inspection Services, and appraisal management. For more information visit www.landgorilla.com