Managing Contractors And Construction
Finding funding for a development or commercial project has had some serious ups and downs recently. Stock markets look like roller coasters and banks are cautious about lending to projects that had been quickly approved a few years ago. Making the best pitch can include offering the best construction management and view into the job for those lenders.
A construction management and project monitoring application would seem like a good fit in this case. Built Technologies agrees. Built is a construction finance platform used by lenders that want to be proactive with their construction portfolio. Built’s Project Pro enters the market to help lenders have a deeper insight into the status and future of a building project.
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.
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:
- 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 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 noncompliance. 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 time and 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.
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