WASHINGTON — The American Bankers Association today announced its endorsement of a construction lending platform provided by Built Technologies, a Nashville-based fintech company. The technology offered by Built reduces the cost of servicing and transforms the user experience on residential and commercial construction loans by connecting the borrower, builder, inspector and lender through an online platform.
The traditional construction loan administration process requires loan administrators to manually gather portfolio data from various spreadsheets and paper files when assembling reports. Without digitization, this highly manual and inefficient process can cost credit departments days, or in some cases weeks, of valuable time, and as a result, many financial institutions only review comprehensive portfolio data when deemed completely necessary.
The long-running narrative on Millennials has been that they are living in their parent’s basements, too crippled by debt and low-paying jobs to afford to live on their own. Quickly, though, that story is changing.
Topics: Construction Lending
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.
We’re no strangers to the fact that asking people to change existing ways of operating can be a difficult ask. As a software company, we’re used to being greeted with skeptical eyes -- so much so that we’ve grown comfortable with it and use conversations with prospective clients as learning opportunities more than anything. In fact, thanks to those conversations, we created an entire blog series and ebook devoted to helping companies successfully manage software change.
Honored for the second consecutive year with HousingWire’s HW Tech100.
Nashville, TN, -- April 3, 2018 -- Built Technologies was named one of the most innovative technology companies in housing, appearing on the HW Tech100 for the second year in a row. The 2018 HW Tech100 recognizes the leading technology and software companies in the mortgage finance space.
You may have seen the headlines indicating that construction outlook for the year is looking really strong. We’ve covered it a couple times, even in infographic form.
As we head into 2018, the Built team is more excited than ever to be in the construction industry. When we started Built three years ago, we could not have predicted the way the real estate and construction markets would continue to expand across nearly every market in the country.
Topics: Construction Lending
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.