Construction Lenders Reduce Risk
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This document introduces Geedra, a photo documentation platform for the real estate industry. It discusses challenges with current photo sources, such as coverage gaps and inconsistent reporting. Geedra aims to standardize photo content through a common platform that leverages multiple resources. Users would upload photos to the web-based platform, where automated reports could then be built. The platform offers subscription plans for contractors and lenders. It aims to improve research, reporting and risk management through centralized, standardized photo documentation of construction projects.
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Construction Lenders Reduce Risk
- 1. Grabbing Control of Photo Documentation to Reduce Risk Rob Mathewson CEO © Geedra LLC, 2012
- 2. New Rules for Development A major element of concern for real estate pros is Dodd-Frank’s impact on construction lending… The rules are intended to force banks to assess risk more carefully. New York City Real Estate News 7/1/2012
- 3. New Rules for Development • Dodd-Frank – Lower Risk Tolerance • ADA – Toughening Enforcement • LEED V4 – Transparency Rewarded quity nds t has • Construction Risk Remains est ning e: © Geedra LLC, 2012
- 4. Photos are the Key
- 5. Current Photo Sources © Geedra LLC, 2012
- 6. Shortcomings • Coverage Gaps • Inconsistent report preparation • Heavy reliance on personal observation • Unpleasant surprises © Geedra LLC, 2012
- 7. System-Wide Challenges © Geedra LLC, 2012
- 8. Taking Control of the Process • Common photo-reporting platform • Standardize photo content • Leverage all resources – Inspectors – Construction – Consultants
- 9. Current Photo Sources © Geedra LLC, 2012
- 10. Common Photo Platform © Geedra LLC, 2012
- 11. System-Wide Challenges © Geedra LLC, 2012
- 12. Common Photo Platform © Geedra LLC, 2012
- 13. Lender Account •Capture and Retain All Photos •Automated Report Builder •Multi-project Dashboard © Geedra LLC, 2012
- 14. Contractor Account © Geedra LLC, 2012
- 15. Contractor Account © Geedra LLC, 2012
- 16. More Than Just Technology • Photography Coverage Guidelines • Critical Installations, LEED, ADA, etc. • Standardized views
- 17. Contractor Benefits • Automates Manual Processes • Improved Research and Reporting • Control Over Unsecured Photos • Post-Project Export
- 18. The Solution Today – Common Platform 1. Shoot photos 2. Upload to web 3. Research and Report User Input + Photos + Tags Shared Photos & Reports © Geedra LLC, 2012
- 19. The Solution ComingFall 2012 – Mobile Automation Auto Sync Photos + Tags User Input + Photos + Tags Shared Photos & Reports © Geedra LLC, 2012
- 20. Flexible Plans Construction Operations (for GCs) (for Lenders) Projects 1 Unlimited Photos 20,000 Unlimited Training Webinar 1 1 per Project Photo Guidelines ✓ ✓ 10-Year Storage ✓ ✓ Project Subscription $999/yr $99 per ($99/mo) Two possible pricing plans appear above. See www.geedra.com for full subscription ProjectStart plan information. Plans can be customized Geedra © LLC, 2012 as needed.
- 21. Management Rob Mathewson, CEO/Founder •25 yrs experience: Construction, Web, Mfg. •Former VP Construction Documentation Services •Chief architect of Geedra interface. Kieran Gaffey, Founder/VP •30 yrs Construction, Mgmt and Consulting •Safeco Field, Qwest Field, Lincoln Square •Founder, Construction Documentation Svcs. © Geedra LLC, 2012
- 22. Next Steps for Evaluation • Select suitable test project • Review Photo & Tagging Guidelines • Training for staff, inspectors, GC. • Deploy in 1-2 weeks © Geedra LLC, 2012
- 23. Thank You! Rob Mathewson CEO, Geedra 206-396-0449 rmathewson@geedra.com
Editor's Notes
- Recent changes have increased your need to know about construction details.Existing systems for reporting conditions fall short of meeting your needsWe will discuss our solution which enables you to harness existing resources in a more valuable way.
- Result: Lower tolerance for risk could limit the number of deals a bank will finance.Need a backup to assessment of underwriters to ensure construction completion .
- Note: Narrative in whiteOwner’s pressures include increased equity requirements and higher return demands from institutional money. Government has stepped up enforcement of ADA. Newest LEED requirements require commissioning and higher transparency requirements. Existing construction & data risk include: data security, delay claims, warranty claims, etc.
- Lender specifies the “What”Contractor specifies the “How”
- Photos taken by many project participants that are not directed to the owner or are buried inside reports with no direct access/searchability.Filing/naming conventions vary by individual and by organizationSearch capability limited to time/date and possibly keywords leading to limited access to info.Many details from original photos are lost because there is no easy way to capture information.
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Lender specifies the “What”Contractor specifies the “How”
- Note: Narrative in white
- Note: Narrative in white