New solution enables unprecedented risk mitigation for lenders through contractor management, project monitoring, and stakeholder collaboration in a unified dashboard
NASHVILLE, Tenn.–(BUSINESS WIRE)–#construction—Built Technologies (Built), the fastest growing construction finance platform in the U.S., today announced Project Pro, the first-of-its-kind contractor management and project monitoring solution for lenders. Construction lenders around the world are limited in their ability to monitor and manage the risks of their construction portfolio. They often lack specialized tools built for construction financing that provide actionable insights, and in many cases this situation prevents them from keeping money moving smoothly throughout the ecosystem of stakeholders. Built’s Project Pro, available today, changes this paradigm for lenders from reactive to proactive.
Construction financing is inherently risky. Compounding that is the fact that lenders typically don’t have visibility into the project status and contractor performance that would help them manage many risks. Project Pro aggregates vital information in one place to allow construction lenders to understand and proactively manage risks and their associated costs more effectively. The net result is less risk and a better client experience.
“By providing our lender partners a proactive solution to monitor and manage key risks associated with construction lending, they can scale their business with confidence” according to Brent Blane, General Manager, Built Marketplace. “We are streamlining the entire loan and construction lifecycle for lenders and improving their returns.”
Project Pro aggregates and allows for the evaluation of critical information about the loan and the status of the project, which can be used to improve decision making and help a project come to a successful conclusion. The product consists of three main capabilities that include:
- Contractor Management simplifies the manual work of managing contractors and makes it easier to achieve compliance through the automation of important procedures. These processes include the collection of required documentation and relevant data, along with reporting for at-risk contractor characteristics. Built based on lessons learned working with major construction lenders, this offering fully integrates the process of reviewing, tracking, and maintaining a roster of contractors, including the creation of Contractor Acceptance agreements.
- Project Monitoring allows lenders to fully understand the status and issues facing a project so they can rectify problems before they slow progress or result in non compliance. It serves as an early warning system for construction lenders to identify possible roadblocks and proactively provides notifications when any warning signs appear—including liens filed on the project, changes to the contractors’ business credit, and required project compliance documentation expiration.
- The Project Pro Dashboard provides a single source of truth with the most important project information in one view. This brings to the forefront project status, risks, and Construction Loan Administration data such as current/recent draw summaries and project comments along with easily understood graphs and charts. This unified view into every piece of a project, allows lenders to understand the historical and current project status and make decisions based on that information. It saves not only time, but avoids conflicting information and lack of visibility by those who need it.
Project Pro is available through Built Marketplace, a cohesive offering of services that transform the construction loan administration process from a series of unpredictable, reactive tasks into a standardized set of processes and risk monitoring capabilities that helps loan administrators make smarter decisions. Clients interested in learning more about Project Pro or adding to their existing loan administration solution can visit https://getbuilt.com/built-marketplace/project-pro/.
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, property developers, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other critical industry vendors to improve the flow of capital through the construction ecosystem. By connecting all key stakeholders involved in the construction financing process in real-time, the Built platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 190 of the leading U.S. & Canadian construction lenders and thousands of developers and contractors. For more information, visit www.getbuilt.com.
REQ for Built Technologies