Can construction loan processes be automated?

Automate construction loan processes

For too long, builders and contractors were using computer spreadsheets, creating draw sheets by hand and emailing confidential documents to inspectors. Commercial developers, general contractors, and residential home builders have started working with lenders who use innovative technology to automate the post-closing administration of construction loans. In addition, builders are completing 1099 tax forms and other reporting material by hand, which can be difficult and time-consuming.

This is coupled with electronic payments using same-day ACH that replace checks, much like online bill pay that has made our personal lives easier. Builders are able to pay their subcontractors instantly, enabling them to focus on building and saving the subcontractors significant amounts of time and frustration. Subcontractors have all of their payment questions answered by checking their phone, which eases the burden of manual interactions with the builder.

Using technology to automate the post-close administration of construction loans is important, but now is the time to take automation a step further.

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