Back when the world was in black and white (photography), and kids walked to school, my father had the pleasure of driving my brother and me to and from sailing competitions. To ensure some peace on the drive home he made my brother and me analyse the race.
What did we do well?
What could we have done better?
How do we improve?
When we got home and the car door closed, it was history. Little did we realize the valuable life lesson he was teaching us.
This process has been carried through to how we approach doing things at GPS on a regular basis (except we don’t leave the conversations at the front door this time!). We analyse not only what is occurring within GPS, but also what is happening in the industry and in the community and we do this constantly through the many relationships we have built over our 30 years.
From the conversations that we have had recently, I expect there will be a carryover from the delays which have plagued the residential development industry. However, a pleasing element of the feedback I am receiving is that the building industry is starting to stabilize. Trade and building materials are now more readily available. One builder even reported that he had been approached by a timber frame manufacturer, who had capacity at a reasonable price!
The issue now is in finding a builder. Many builders have left the industry or are taking extended leave. Other builders have reduced their appetite and are more focused on consistency of work.
As part of this analysis, it always comes out how important it is to build and take care of relationships in this industry. GPS has a network of not only fantastic repeat borrowers, but also builders that appreciate the promptness and flexibility of our funding so prefer to work with us when possible. These connections result in new business for GPS. We like to return the favour by referring our trusted builders to developers that may need funding, but haven’t been able to secure a builder yet. This is another reason why a local, well-established private lender may be a great option for you.
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