In today’s lending environment, things are trickier than ever. That’s why it’s important to know the risks involved that lenders keep an eye on before taking on a development project. GlobeSt.com has a free webinar sponsored by Partner Engineering and Science, Inc., that examines and gives solutions to some of these issues. (Click here to view the free webinar.) Terry Dungan, Partner’s director of risk management, recently spoke with GlobeSt.com about construction risk and ways to avoid problems during the development process.

GlobeSt.com: Has construction gotten riskier over the last few years?

Terry Dungan: The construction hasn’t gotten riskier than it has been in the past. It still runs the same, and you have a lot of the same players involved. What has changed, however, is the amount of management that’s being required by the lenders because of the recession. There were a lot of loans that went into default for one reason or another. The lenders are becoming more concerned with making sure all the bases are covered. They’re putting more requirements on third-party vendors. It’s not that it’s becoming more risky. There is just more attention being paid to the details than there used to be.