This product was developed to provide financial institutions with an immediate, low-cost solution to monitor construction portfolios during the crisis.
NASHVILLE, Tenn., (April 9, 2020) Built announces a limited version of its flagship Construction Loan Administration software to help lenders that are struggling to manage their construction and renovation loans in light of the Covid-19 crisis. This product was designed for lenders that are not already working with Built but it will benefit existing clients too, as the software includes new tools for managing emerging risks.
“This crisis is unprecedented, and we want to ensure that financial institutions have the tools they need,” said Chase Gilbert, CEO and co-founder at Built. “Offering lenders our Built Insights product, ongoing inspection monitoring, and an automated data import from their core/servicing platform provides financial institutions with an immediate ability to identify loans impacted by Covid-19 events.”
Any financial institution with more than 100 active construction loans in their HFI or HFS portfolio is encouraged to take advantage of this solution. The software has been set up to require fewer than 20 data points per loan from a core/servicing platform in order to reduce the time and complexity to adoption. Lenders will immediately see value from:
- Access to the Built Insights reporting product with its associated interactive and downloadable dashboards and detailed schedules
- Automated inspection ordering and fulfillment, utilizing Built’s national network of trusted inspection vendors
- Real-time dashboard of local Covid-19 construction halts with an overlay of their financial institution’s portfolio, highlighting impacted projects and property types
- Ongoing monitoring of projects where progress has stalled, where percent funded has surpassed percent complete, and those nearing maturity
- Daily import of key data points from the lender’s core/servicing platform to keep all projects up to date
“These are difficult times and remind me of lessons learned in the 2008 downturn. Lenders must have key data points collected via frequent inspections to know the status of each construction loan, ultimately generating an aggregated portfolio condition that supports critical financial decisions,” said Jim Fraser, Built’s Director of CRE Strategy. “To help triage loans in process, the team has engineered an extremely light lift for a financial institution to go from manual, email, and spreadsheet-based data gathering, to ongoing loan automation and condition monitoring. Unfortunately, as loans are impacted by the Covid-19 crisis, lenders need to know exactly where their collateral stands so they can answer the hard questions and proactively, rather than reactively, mitigate their risk.”
Financial institutions are encouraged to visit getbuilt.com/monitoring for more information.
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, commercial real estate owners, commercial general contractors, residential homebuilders, specialty contractors, title companies, and vendors to improve the flow of capital through the construction ecosystem - from lender to vendor. By connecting all key stakeholders involved in the construction process in real-time, the platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Headquartered in Nashville, Tennessee, Built is used by more than 100 of the nation’s leading construction lenders and thousands of owners and contractors to manage over $40 billion of construction project value to date.