Do you offer construction loans? Discover the pandemic’s effects and lending risks.
As COVID-19 wages on, developers continue to pursue construction opportunities. They are eager to take advantage of undervalued property, available workers, reduced labor costs, low interest rates, and an expectation for future demand. Although these builders promote encouraging numbers and strong benefits, financial institutions must evaluate lending applications carefully to identify hidden risks.
You need to shift your procedures for vetting construction borrowers to weigh existing debt, examine current earnings, estimate costs, and forecast future real estate values.
- What construction industry terminology should you know?
- What are the roles of front-end contractors and back-end contractors?
- How should you evaluate a company’s earnings?
- How is COVID-19 affecting the construction industry?
- How can you forecast growth?
- What borrower attributes and history should you assess?
- How should outstanding debt factor into your evaluation?
- How can researching your client’s customers help predict stability?
- How can you determine the effects of COVID-19 on a borrower?
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