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lenders

Expert Project Management Keeps a Good Loan
From Becoming a Marginal Loan

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The successful business owner is a very attractive borrower for lenders.   However, lenders know all too well how risky it is for owners to take their eye off their own business and roll the dice on managing a commercial construction project by themselves.  Even the best of us don’t have time for two jobs. 

  • Without the knowledge to plan the project,  the scope creeps.​

  • Without a detailed understanding of the project, shortcuts and oversights become the norm.   

  • Without vendor accountability measures in place, change orders burn through the contingency.

Don’t let a good loan become a marginal loan.  Consider Garrard Development a credit enhancement, giving you assurance the build is happening as intended.  Our goal is to represent your bank as a truly differentiated lending solution, and provide your clients with critical overwatch. 

 Preserve The Budget        Maintain Owner Focus         Lower Your Risk

LENDER'S VIDEOS

Client video Testimonials

Gray Lindsey – Managing Director Lindsey Partners, LLC
Dr. Scott Beach, M.D. - Managing Partner, Heart & Vascular Care
Dr. Aman Kakkar, M.D. -  Managing Partner, Heart & Vascular Care
Deane Stokes
Rob Kincheloe – Partner META Real Estate Partners

PROJECT KNOWLEDGE

Without the knowledge to plan the project, the scope creeps.

PROJECT DETAIL

Without a detailed understanding of the project, shortcuts and oversights become the norm.

PROJECT ACCOUNTABILITY

Without vendor accountability measures in place, change orders burn through the continency.

-5%

CHANGE ORDERS

Change orders can represent an enormous layer of unexpected cost overruns. At just 1.85%, Garrard Development consistently beats the industry average of 7.38%.

-6%

COMPETITION MANAGEMENT

Garrard infuses competitive forces at every phase of the process to achieve the best value. Hard costs  have shown to be 6% less than owner or architect-led projects.

-3%

CONTRACTUAL ACCOUNTABILITY

Successful construction is all about the details. Garrard's oversight ensures you get what you pay for and critical timelines are achieved. We hold all parties accountable to their commitments and prevent their failures from becoming your expenses. 

-3%

RISK  MITIGATION

Risk to an Owner is inherent in all construction projects. Garrard's expertise in the details of contract terms, clauses, insurance requirements, lien waivers, and draw distributions significantly reduces the Owner's risk and maintains their leverage.

20+

HOURS PER WEEK SAVED

Our leadership throughout the project reduces the Owner's required time involvement at least 20-25 hours per week and allows them to stay focused on their core business. 

Client value metrics

Modern Office
  • When is the best time to start talking with Garrard Development?
    The right time to engage Garrard for a conversation is the moment you start thinking about a commercial project. Don’t worry . . . that’s not necessarily when we’re hired. There is an incredible amount of planning at the beginning that drives how you approach your project, your due diligence and how you evaluate and manage vendors. For example: Our early evaluation of your project can equip your broker with critical details so they can negotiate a better deal for you. Our management of due diligence informs who to select as the architect for your project, and how they should design for your intended purpose and budget. Our comprehensive process delivers budget clarity, which your lender will appreciate and apply. Our scrutiny of GC’s, their project team and subs ensures you get the right partner who can deliver a great project on time and on budget. So you see, there are a lot of players involved in the totality of your project, and Garrard is your representative to manage them all, from concept to completion. When it comes to the timing of your outreach, it’s definitely better to call us two months too early than one day to late. Remember . . . Garrard Development is where you begin. Watch Clients Answering Related Questions Gray Lindsey: What is the best way to start a project? (1:44) Rob Kincheloe: What is the most logical first step when starting a construction project? (1:03) Gray Lindsey: What is the very first step when starting a project? (0:43) Deane Stokes: When in the process should I engage Garrard and why? (0:53) Deane Stokes: What is your experience working with clients who are looking to build? (0:57) Dr. Aman Kakkar: When did you realize you would need help? (0:46)
  • Why wouldn’t I just start with a General Contractor (GC)?
    GC’s provide an essential service to the construction project, but they are just one ingredient in a large and complex recipe of services. Good project management includes identifying the best general contractors and establishing the proper timeline to involve them, and GC’s are not typically required until the end of project planning. Owners need to engage only the GC’s that are right for their project, not just the one that was referred by a friend or banker. Owners need to competitively evaluate them by price, skillset and availability, but this requires intense industry knowledge and the experience to recognize when a GC is not the right fit. And owners definitely want a way to hold GC’s and their subs accountable throughout the process, or the quality of the building will suffer and the costs will increase due to unchecked change orders. Garrard’s project management provides this expertise and overwatch to owners so they can focus on their business and be assured their building is the best it can be at the best possible price. Watch Clients Answering Related Questions Gray Lindsey: Why wouldn’t I just start with a GC or an architect? (1:04) Rob Kincheloe: Why didn’t you go straight to a general contractor? (0:35) Rob Kincheloe: Why is it so important for owners to have their own representatives? (1:07) Deane Stokes: Why shouldn’t I just start with a general contractor? (0:44)
  • Is your construction management service expensive?
    Garrard’s involvement saves owners money, time and risk . . . period. The metrics across our 20+ year history of projects proves that owners typically earn back a multiple of our fee. It’s like paying $1 to get back $5, so think of us a net-neutral at worst, and a measurable savings as typical. Our clients say they will assuredly pay more if they don’t include us on their project, which is why we have so many repeat customers. Watch Clients Answering Related Questions Gray Lindsey: Were you concerned about adding cost with Garrard’s services? (0:58) Gray Lindsey: Why is it so important to have a construction manager driving a project? (0:59) Gray Lindsey: Describe the value Garrard had on your project (1:23) Gray Lindsey: What is the impact and value to your time? (1:23) Deane Stokes: Can you give an example of something Garrard caught that created real value? (0:59) Deane Stokes: Describe the value your clients experience by using Garrard (0:34) Dr. Scott Beach: What was Garrard’s value to your project? (0:54) Dr. Aman Kakkar: Is a partnership with Garrard Development expensive? (0:47) Dr. Aman Kakkar: Describe Garrard’s value contribution to your project (0:49)
  • I have some experience in residential construction. Why doesn’t that apply to my commercial project?
    Commercial construction is completely different from residential construction, and to conflate the two invites expense and legal risk. For example: Residential construction has laws that protect the consumer. Commercial construction, however, does not require these basic protections and places the responsibility for knowledge upon the participating parties. “Caveat Emptor” is the rule, which is Latin for “Let the buyer beware”. Residential drawings are more like sketches and concepts, and do not contain the comprehensive detail required in construction drawings. The details in drawings are essential to ensure the right materials are used, in the right order, by the right people, at the right price. Errors in drawings account for some of the highest unexpected expenses during commercial projects. Contracts in residential construction are loose and often nonexistent, sometimes using just a basic quote from a subcontractor. Commercial contracts start with industry standard language and expectations, but can then be heavily negotiated to account for project specifics. It is essential to understand the causality of terms and clauses, since this is where owners can find themselves in litigation, arbitration, projects stalled indefinitely and debilitating expense. Most residential subcontractors can’t perform on commercial projects since they don’t meet the insurance requirements, don’t know the codes for commercial work, and don’t know what industry standard work is required. Commercial subcontractors bring an entirely different skillset and understanding to projects. Commercial materials and specifications are far more durable than residential and are able to withstand significantly more stress and uses. Imagine 100 people a day, every day, coming through your house. How long would doors, hardware, flooring, etc. last? Commercial construction is often driven by hard completion dates and schedules due to business planning, product stocking, lease expirations, and much more. Watch Clients Answering Related Questions Rob Kincheloe: What if I already have some construction experience? (1:11) Rob Kincheloe: Why is it so important for owners to have their own representatives? (1:07) Rob Kincheloe: How did Garrard Development protect you when you got sued? (1:34) Rob Kincheloe: Describe the complexity you experienced in your commercial project (1:07) Dr. Scott Beach: What did you learn about commercial real estate that you weren’t expecting? (0:41) Dr. Aman Kakkar: What was the difference for you between residential and commercial construction? (1:10)
  • Why can’t the architect handle this?
    Like GC’s, architects are a critical piece to the overall project. But also like GC’s, they have a very specific skill set that doesn’t cross into all parts of construction. Architects design a building, but: Who translates the owner’s needs into something that’s actually constructable? Who ensures the architect is designing with the owner’s budget in mind? Who holds the architect accountable when codes or material standards are overlooked? How do you even find the architects that are best aligned with your project type, compare them in a proper competitive cycle, and then negotiate a contract with them that preserves your rights as the owner? As the owner’s representative, Garrard Development understands the totality of the project from its inception. We provide the architect with the information they need in the way they want it so they can deliver the best and most actionable design plan possible. Watch Clients Answering Related Questions Rob Kincheloe: Why shouldn’t I start with an architect? (1:03) Gray Lindsey: Why didn’t you start you start your project with an architect? (1:04) Deane Stokes: Why wouldn’t I just start by engaging an architect? (0:44) Deane Stokes: What is your experience with clients who engage an architect first? (0:57)
  • What is “Design-Build”, and why is it so risky?
    With Design-Build, owners enter into a single contract with a provider (usually a GC, but could be an architect) to cover both the architectural design services and the physical construction of the build. The perceived benefit for the owner is that it streamlines the collaboration, communication and coordination process by providing a single point of contact for questions and input. Unfortunately, the reality of Design-Build is that it removes transparency and accountability, so owners lose control of the design, materials, and all budgetary accountabilities. Think of it this way . . . how do you get insight and visibility into the detailed numbers if you’re relying on a single provider who is telling you what the price is? As the owner’s representative, Garrard Development provides the owner with that convenient single point of contact, but our role is to guide the totality of the project, infuse competitive forces at each stage, and ensure total transparency and accountability throughout the project. As a result, owners enjoy the highest quality building at the lowest possible cost with the least amount of risk.
  • I’ve heard of a Garrard Construction Group. Is Garrard Development affiliated with them?
    No, these are separate companies entirely. Garrard Construction Group is a general contractor in metro Atlanta, whereas Garrard Development is a commercial construction management company providing project management services to owners. Yes, it’s a little confusing (sorry!), but thanks for asking and for understanding that our company is not affiliated with theirs.
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