Wednesday, September 4, 2013

Lender Facing BIM

Lenders need to learn more about building information modeling (BIM) and the benefits that accrue to an owner that utilizes BIM throughout the life cycle of a facility and any supporting infrastructure.  Following the downturn in the economy in 2008 banks all over the world found themselves the proud new owners of failed commercial developments of every stripe.  Despite earmarking billions upon billions of dollars for "Pre-Construction Services" in the construction loans they signed with owners / developers those lenders knew virtually nothing about the facilities and infrastructure they took over when the developers they backed went belly up.  Setting aside the issue of sketchy lending practices and the whole "toxic home loan" debacle, lenders failed to demand "Pre-Construction Services" that made a difference.

The industry should never make the same mistake again given the remarkably robust set of virtual planning, design and construction tools on the market today.  Commonly referred to as BIM in the built industry, these tools and accompanying process have the capacity toe revolutionize commercial lending, rendering it transparent and safer for all parties involved.  Armed with better data regarding costs, design, schedule, constructability and ultimately operations and maintenance costs lenders should be able to make better lending decisions and will be better positioned to mitigate the losses of all stakeholders if a project fails.

Similar benefits flow to insurance carriers and sureties, but that is a topic for another day.

Lenders interested in learning more should call to learn more.

Welcome to the Collaborative Revolution!

James L. Salmon, Esq.
Collaborative Construction
300 Pike Street
Cincinnati, Ohio 45202
Summary of Services and James L. Salmon's CV

Office 513-721-5672
Fax 513-562-4388
Cell 512-630-4446

Collaborative Construction Website
No Silos Website

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