Oneil Dehn posted an update 3 months ago
If you’re in the business of building new houses, you know how stressful it can be. The construction loan application process can be filled with hundreds of documents, spreadsheets, tens of emails, and PDFs. By using a centralized platform for construction loan management, you can streamline the process and save time. If you’re not sure where to start, here are five tips to simplify the process. Ensure your applications are submitted on time.
Manage the lien process – Managing construction loans manually is expensive and risky. In addition to frustration, errors, and lost time, this process is also prone to mistakes. With a digital solution like Land Gorilla, you can automate the entire process, including approval and payment processes. Once handled through Excel spreadsheets or email, this process can be automated and simplified with ease. And, as a bonus, you won’t have to worry about keeping track of the various documents and filing them manually.
Manage lien processes – The best construction loan management software helps you automate all of the processes required to track and manage liens. The Lien Releases Report keeps track of the status of liens, including unconditional and conditional releases. It also tracks invoices by project, which can prevent issues from falling through the cracks. The Retainage Report keeps track of the retention process, including how much has been withheld and at what point. The Lien Releases Report also helps you keep track of a construction loan’s progress and regulatory compliance.
The software you choose should be able to automate many of these processes. With this software, you can easily monitor lien activity and stay compliant with regulatory requirements. It can streamline your financial management and eliminate errors caused by manual paperwork. Moreover, you can create templates and automate the upload of inspection documents and other documents. It also gives you an easy view of the progress of a construction project and helps you prevent issues from falling through the cracks.
Construction loan management software is a critical tool for loan administrators to manage construction loans . It streamlines processes and automates key processes such as disbursements of critical draw funds. Unlike manual processes, this software can also automate the process of tracking lien status, ensuring compliance with regulatory standards. Its robust reporting capabilities make it a great choice for residential and commercial lenders. It helps them automate the entire process from application to closing.
In addition to tracking lien status, construction loan management software should be able to track the disbursements and budgets of construction loans. It can even help track regulatory compliance and help you manage critical draws. If you’re in the business of constructing new homes, construction loan management software is an essential part of your business operations. And, it will help you manage your finances with a better sense of clarity. A good tool will help you streamline the process of managing your construction loans .
A construction loan management software can help construction loan administrators manage their finances and track lien activity. The Lien Releases Report is an important tool that lets you track lien status by project, and invoices by project. This software can help you avoid issues from slipping through the cracks and streamline workflow. Similarly, the Retainage Report helps you keep track of how much retainage has been withheld and how long it has been.
Construction loan administration software allows you to create customized templates that contain multiple budget line items. The software can track the disbursements by project, and create reports to keep track of who has paid for what. The software can also help you keep track of regulatory compliance. With its integrated workflow, it helps you avoid wasting time by automating processes and eliminating paperwork. You can even set up invoices by project. It also keeps tabs on the invoices.
In addition to tracking the disbursements, construction loan administration software can help you keep track of the lien status. The Lien Releases Report is a great tool for construction lending administrators to keep track of all lien activity. Likewise, the Retainages Report can help you keep track of how much retainage has been withheld on projects and how much money has been collected to date. With the right software, these processes become much easier and less stressful.