Distressed Project Support
Smart Site Reviews assists construction lenders and equity providers when a construction project becomes stalled, underfunded, insolvent, abandoned or other circumstances have caused distress. We provide these services to help a project get back on track, either before, during or after a change in control of the project occurs. Our services are vital when a client is evaluating additional funding, loan modification, special assets transfer, receiver involvement, project restart, contractor replacement, completion, sale as-is, or another workout strategy.
As part of our review, we evaluate available project documents and site conditions including, as applicable:
- Current work in place and remaining work.
- Prior and current draw requests, invoices, lien waivers and retainage.
- Budget, contingency, change orders and remaining funds.
- Stored materials and site security.
- Original scope compared with current or revised scope.
- Construction schedule, recovery schedule and visible progress.
- Permits, inspections, municipal issues and certificate-of-occupancy path.
- Contractor, subcontractor, consultant and project-team status.
- Site exposure, weather deterioration and preservation concerns.
- Restart, completion, sale or closeout considerations.
Our reports can be tailored to the situation and may include:
- Troubled project status memorandum.
- Cost-to-complete or funds-remaining review.
- Stalled site and preservation review.
- Schedule and recovery plan review.
- Permit, inspection and certificate of occupancy path review.
- Contractor replacement or restart readiness review.
- Workout draw-controls review.
- Ongoing special assets monitoring.
We help clients organize the construction-side facts so they can make better-informed funding, collateral and workout decisions.
Other related services: