EL SEGUNDO, Calif.--(Business Wire)--
Builders Protection Group, LLC (BPG) announces the launch of a new
package of services aimed at addressing the growing market for
distressed residential multifamily or tract developments. Builders
Protection Group, LLC's distressed property offering is designed to
help the various participants in property turnaround situations to
manage the resolution of the projects, and hopefully even unlock some
of the potential value in these deals.
As the current building downturn continues, many projects that are
either complete or under construction are changing ownership due to
financial difficulties. Whether these projects are being assumed by
banks or sold to private investors, the liabilities that are inherent
in residential real estate development, primarily from homeowners and
construction defect claims, continue. In many cases, these liabilities
are being amplified as the changes in ownership may cause insurance
policies that were in place to be invalidated. Combined with the
possible lack of continuity in construction management and customer
service the new owners of projects face substantial exposure.
Aimed primarily at financial institutions, receivers and private
investors, BPG's distressed property offering is designed to help
manage these risks. This offering is customized to the needs of each
particular project based on the stage of the project, status of
insurance coverage and goals of the project's current owners. BPG can
help financial institutions understand the status of a project and
then develop a program to manage those risks or implement a program
that will make the marketing of the project easier by alleviating some
of the risks faced by potential buyers. For potential acquirers, the
distressed property program can help them understand the status and
risks of a project and then develop a program to manage those risks.
BPG can assess the current status of the project through
inspections, construction and due diligence assessments. BPG can then
implement a homeowner care program that includes homeowner turnovers,
punch list management, limited warranty and manuals and post-sale
customer service. For projects that are still under construction, BPG
can work with insurance carriers and brokers to administrate a new
OCIP wrap program.
About Builders Protection Group, LLC
Builders Protection Group, LLC (BPG) is a comprehensive advisory
service and strategic risk management firm that provides risk
mitigation and consultation services to residential, mixed-use and
commercial real estate developers. BPG works with insurance carriers
and brokers to help developers manage the risks associated with real
estate development. Our complete package includes OCIP wrap insurance
administration, quality control programs, plan review, field
observation and inspection, photo documentation, outsourced homeowner
customer service and limited warranty with manual design and
preparation.
Builders Protection Group, LLC
Steven Hinton, 310-356-4840
steve@buildersprotect.com
http://www.buildersprotect.com
Copyright Business Wire 2008
