suggestion - Platforms demand photos of buildin progress

I suspect there needs to be more of a "business process change" at many portals not just "get photos".

You need a likely plan-of-works for each project (really not that hard as they are mainly the same just with different time scales etc)

You need a management process that identifies which member of staff is capable of understanding where the photos should fit both in the physical project and the plan of works time scales and for one to one links between projects and staff member.

You need that individual to be able to have regular (I think weekly) reviews with senior management to ensure that the photos and the plan-of-works time scales are where they should be so that management get clear visibility of the state of play and can compare with cash payments etc from the borrower.

You need to make sure this does not become "time-heavy" after all we want them to focus on the money-wasters not the good guys.

On top of the plan of works, you also need similar on each step of the DD and cash movements.

That needs a process engineer to design the process (in collaboration with management and staff) and for staff to be trained with requisite graphical performance measures and this to be driven by a drum-beat from senior management.

I've done this before in a business turn around.  It needs a bought-in expert at the centre with major input from key members of staff to see this as the most important project they get to do this year.


So photos help but, if you don't get the rest you just get a sticking plaster. 

That list is not that long, I've spent a lot of my career digging companies out of the s@@t which had been stumbling from cheap and chearful solutions to the next c@@k-up.  Right now we have at least two very clumsy portals.  I see the photo as core to the improvement, but photos don't solve anything,

We need trained people to know when to shout "there is a discrepency between the photo and the plan" so we need a plan and we need trained people.

After the puported sale of a ransom strip we need the actions of the contract manager to change, so trained and highlighting changes to management

After the repeated late payments of interest leading to amazingly money being maybe used to run a court case we need a role for receipt of interest to be able to communicate and be trained in the new process.

And of course it needs to be scalable.


Or just some snaps...........

I like ACs approach of publishing the various MS updates along with each tranche of new cash. It also includes the ‘compare to plan’ mentioned above in the updated credit report. Whilst I’m not saying it’s perfect, it certainly helps me continue to invest there.

Maybe other places might want to follow suit?

Fair point. For 1% of FS loan book I could buy a camera and some fuel and take a few piccys. Not sure I have sufficient skill to judge them on progress.

The concept of a half way between FS and AC seems not impossible... but where to draw the line I don’t know. Maybe I’m too risk adverse though.

Especially as any mobile phone will take photos with built in GPS data, it's not at all onerous

Which is why you also need sign offs as I suggest as my key points.  Even these can be falsified but then you have a track record of fraud which becomes a criminal issue.

I like the idea of first-fit electrical/plumbing etc sign off by the sub con.  All very easy, plus sign offs from Building Inspectors, "drains" signed off etc.  PDF of same to responsible person at the portal.  It can then be audited, "do you have an electrician so-and-so in your office, is he working on this project?".

Photos can be faked so you need a "net of evidence" to catch a successful project.  You have to see this a positive process that automatically lets you spot a project-fraudster.