Insights
Notes on capital project risk.
Where capital programs and the loans that finance them actually lose money — written from twenty years on the owner's side of the table.
Lender risk · 15 October 2026
Stored materials: where construction loans quietly lose money
Equipment can be forty percent of hard costs on an industrial file, and almost none of it is on site when the money goes out. Four protections decide whether the lender is covered.
Owner side · 14 October 2026
When it is worth bringing in outside procurement review
Most capital programs do not need a consultant. The ones that do share a specific set of symptoms, and the timing matters more than the engagement size.