Lender Representation
Facility
Assessment
In less than favorable circumstances, a Lender might find themselves with an unfinished asset on their books. Petrichor can assess percentage complete, percentage to complete, and position the lender to have options for either disposition of the property, or completion of the project. Petrichor can then manage either process.
Due
Diligence
A property comes with an existing set of conditions. Due diligence is the process by which these conditions are quantified. Explorations can include analysis of: regulatory, environmental, infrastructure, cultural, civil, building systems, building envelope, accessibility and sustainability.
Document Review
A peer review can be orchestrated by Petrichor to provide a lender with assurance the project in question is being designed with the Owner’s goals in mind. This can take place at different stages of the design cycle, but normally happens at the construction documents phase. Subject matter experts perform a detailed analysis of the work. Any issues that are discovered are followed up on and resolved.
Pay Application Process
The pay application process involves a site visit/inspection, followed by a pencil draw review of the pay app for the current month. Adjustments are made as required, based upon the site inspection and discussion. A final copy of the revised application, along with supporting back-up documentation is reviewed for consistency, and incorporated with a monthly report.
In addition to a site visit/inspection, pencil draw review, and follow up report, Petrichor can expand on these services to provide more value upstream and during construction. A project peer review orchestrated by Petrichor at the construction documents phase, ensures subject matter experts are giving a close look at the work. Attendance at every weekly Owner Architect Contractor (OAC) meeting allows Petrichor to stay attuned to the flow of the work and recognize/alert the design and construction team to potential problems. A site inspection prior to the OAC meeting allows a hands on detailed look at the progress of the job. Conversations can take place with subcontractors, and superintendents to get a feel for the spirit of the workplace. Labor, or procurement issues are identified and addressed.