The housing market has hit a little lull. It was inevitable. July marked the 77th consecutive month of median home price growth (that’s more than 6 years), so we’ve known that prices would eventually hit a ceiling.
As a technology company, we love to create software solutions to solve everyday problems. It’s in our DNA and arguably the reason many of us come to work every day. That means we’re always hard at work building features to make life easier for our clients and partners.
Tell me if you’ve heard this story before: a chief lending officer or chief credit officer is asked to report on the overall health of their construction loan portfolio -- best producing team members or loans, under-performing elements, effectiveness of the draw process, or some other key performance metrics.
At Built, we take a consultative approach with our clients. We really get to know their business -- where they’re doing really well right now and where they have opportunity to improve. From that learning, we tailor our platform to their specific needs, and our implementation team stays in regular contact to make sure they’re getting positive results. You’ll never see us selling our software, then wishing our clients luck from afar.
Forward-thinking lenders know that construction lending is a vertical they can’t afford to ignore. New construction projects are going to grow nationwide in 2018 and likely beyond, and there is a lot of good money to be made for lenders that can get their construction portfolio right.
I’ve learned very quickly here at Built that the life of a Chief Risk Officer isn’t easy. Their world requires constant vigilance -- keeping up with all compliance matters while aiming to balance risk and reward for their institution. We could probably devote an entire series of Built Answers posts to just an hour of the concerns they face in a day.
Topics: Construction Lending
One of the most common themes in any conversation with a lender is that they’re in a unique situation. Their state has special requirements up and down the line (MO, IL, WI raise your hands). They have a customized process that’s been refined over the years.
One thing that struck me initially as I began my time with Built is this: Everyone on our team, top to bottom, is devoted to helping to ease our clients’ pain. A lot of companies talk about helping their clients -- it’s in their mission statements or employee handbooks -- without actually walking the walk. But day in and day out, I see the people here working with that singular focus.