About Us
Constuction Risk Managment
CRMS, LLC is a client-driven construction risk management firm that helps mitigate many of the risks associated with construction projects by being proactive versus reactive. We understand that each lender has unique criteria and needs for their construction lending programs.
We also realize that every lender has different construction lending experience and in-house servicing capabilities. Because of these varying needs, there is no canned or single risk management service that will provide a cost effective and efficient system to every lender. Our client-driven approach means we tailor every step of the process to meet the specific needs of the lender and project
Quality construction risk management services can help reduce the risk of a project's funds being misused, resulting in liens or other encumbrances. An equally important aspect of the process is determining whether the project can be completed on schedule and within budget.
CRMS, LLC offers three service: Initial Project Review (IPR), Inspections, and Funds Disbursement. Construction lending is never without risk. Assessing and mitigating that risk early in the process minimizes complications typical of construction.
Experience Matters
CRMS, LLC is led by Leigh Ann Henderson. Leigh Ann has over 25 years of experience providing construction risk management services to banks and credit unions.
Description of Services
Initial Project Review ("IPR")
Initial Project Review ("IPR")
Initial Project Review ("IPR")
The CRMS standard Initial Project Review includes a review and recommendations for: (1) the construction contract, (2) the project budget, (3) the approved plans and specs, (4) the geotechnical report and (5) the environmental report. By reviewing the proposed scope of work and its costs, we determine if the line item amounts are sufficient, if the project expectations are clear, and if the time frame is reasonable.
Inspections
Initial Project Review ("IPR")
Initial Project Review ("IPR")
The inspections are performed when the contractor submits the application for payment. An inspector will visit the project site and compare the work completed against the draw request submitted by the contractor.
The inspector will review each line item percent complete, and either take no exception, or note the exception in the report. For noted exceptions, a reduction in payment may be warranted or additional back-up required. The reports are accompanied by progress photography and a review of the overall progress and activities.
Funds Disbursement
Initial Project Review ("IPR")
Funds Disbursement
Project funds oversight is provided by paying subs and suppliers, collecting lien releases, monitoring overhead and profit by percentage of completion, changes orders, and reallocation of funds. For accurate IRS reporting, we collect W-9's, verify TIN's and issue 1099's to every eligible entity at the end of the year.