To help bankers reduce costs and provide an excellent user experience for residential and commercial construction loan customers, the American Bankers Association has endorsed the construction lending platform offered by Nashville-based Built Technologies. The platform — which was designed specifically to complement banks’ core systems — connects the borrower, builder, inspector and lender, streamlining the process and providing a seamless digital experience.
Among the key features of Built’s construction lending platform are dashboards and reporting tools, proactive risk alerts, digitally managed draw administration, and a portal to capture and upload site photos and inspection reports. The platform is designed to handle a wide range of residential and commercial construction loan products, and provides real-time insights and construction portfolio analytics. Built’s cloud-based software can operate as a standalone system or can be connected to a bank’s core system, loan origination system or other trusted systems.
“Our construction loan clients love this technology because everyone can collaborate online, so draw requests are more efficient and funds are released faster,” said Sharon Armstrong, residential construction manager at Pinnacle Financial Partners. “It’s beneficial to the bank as well as its borrowers. Built allows for faster draw turnaround times, and our builders enjoy having real-time information at their fingertips.”
