Krog Everett posted an update 4 months, 2 weeks ago
One of the most important issues in the construction industry is matching available funds to approved projects. This can lead to cash-flow deficits if not handled correctly. This can be easily remedied by implementing a construction loan module. The software provides flexibility in scheduling disbursements and also offers a commitment tracking feature. It tracks all key loan information and allows project managers to view the progress of all loans at one time. The following are three benefits of construction loan software.
The Draw Processing Report offers a comprehensive overview of construction draws, including approval dates, days to process and dates when funds were withdrawn. A first-time user of the software, First Federal discovered that the time it took to process a single draw went from 19 to just 1.6 days. The use case also shows how quickly this construction loan software can be implemented. Another feature of the software is the Portfolio Composition Report, which lists the types of projects, location, loan and project sizes, and their total value.
The Construction Loan Software BUILDRITE can help construction lenders gain full visibility of their commercial construction loans. It eliminates spreadsheets and saves 260 hours a year of manual work. Moreover, it is simple to implement, making it the ideal choice for many construction firms. Aside from being able to view all loan information at a glance, it can also streamline the approval process. Besides, it allows users to focus on the core business of the organization.
With its integrated workflow, construction loan software can also integrate with other business software. This way, the software can reduce the risk of a mechanic’s lien and improve efficiency. Using this type of software also enables borrowers to access a single interface for all their construction loans. Its robust reporting and stress testing features make it an ideal tool for managing a portfolio of loans. Further, the construction loan administration software can reduce the risk of a pending lien.
Using a construction loan management software will help you manage your entire portfolio of loan s. It consolidates all data into a single system. It will allow you to keep track of who has been paid for various projects and how much capital is needed to finance the project. With construction loan software, you will be able to make informed decisions and take the right actions. You will be able to focus on the critical aspects of your business, such as financing, and its profitability.
A construction loan management software can help you manage your entire portfolio. It integrates multiple processes and offers powerful stress testing features to minimize the risk of a mechanic’s lien. Its integrated tools will help you streamline the construction loan administration process. In addition to being more efficient, construction loan software will also reduce costs and improve workflow. So, with the right construction loan management software, you will be able to manage your projects more effectively. You can easily control the risk of a mechanic’s lien by using a construction loan management system.
A construction loan management software can reduce the burden on your administrative staff. It will help you manage more loans and save time. A good construction loan software solution will also help you to avoid mechanic’s lien issues and other potential legal problems. This software will help you in the construction process. It is easy to install and has an intuitive interface. It will also help you to learn more about the features of a certain product. It can be customized to fit your specific business needs.
A construction loan management software can help you manage your entire portfolio. It can help you automate the process of loan disbursements and monitoring loan approvals. This will ensure that you receive the funds you need to complete the project. It also provides comprehensive reports on all aspects of your project, including the status of your projects. This is vital if you want to make sure that your clients are satisfied with your work. Once you have installed construction loan software, you will be able to manage them with ease.
A construction loan management software will streamline the post-closing loan process. It will allow you to upload documents, monitor approvals, and manage the monthly draw process. It will also help you mitigate the risk and help you complete projects without hassles. The application will also provide an easy-to-use interface. In addition to enabling a seamless project process, it will help you keep track of the different types of documentation. It will simplify the administration of loan documents.