Commercial real estate (CRE) construction projects are complex and expensive. Finding experienced consultants qualified to facilitate pre-close due diligence work, complete CRE draw inspections, and administer funding recommendations is challenging. In addition, CRE progress inspection reports can take days, or even weeks, to be completed and sent after the consultant finishes their inspection. Once the report is finally received, your administrative teams are tasked to manually dig through the dense, lengthy document to find information needed to evaluate and fund the draw. Between waiting for the results to be emailed from the CRE consultant and manually searching for information within the full inspection report, draw processing can take a significant amount of time–creating additional administrative burden, increasing the risk of human error, delaying project completion, and ultimately resulting in a poor experience for your customers.
This manual, inefficient workflow has long been the standard method for coordinating CRE progress inspection results to facilitate draw funding, simply because there hasn’t been a better option–that is, until now.
Introducing Built’s Executive Summary Report with Early Submission
Built’s Executive Summary Report with early submission is a first-of-its-kind digital solution that allows you to receive critical onsite inspection data points from CRE consultants before the full draw inspection report is sent–so you can accelerate draw review and funding.
Consider this example: when shopping for a vehicle, if you want to know the added factory options, you can read the window sticker to get a concise view of everything the vehicle is optioned with. While this information can also be found in the owner’s manual, you don’t want to dig through hundreds of pages just to find out if your car has heated seats. A similar logic can be applied to CRE progress inspection reports and funding recommendations. Like the owner’s manual contains every detail about your vehicle, a full inspection report contains all the data you could ever want about your project’s progress–presented in a 30+ page document. Adding to the complexity is the fact that there is no standardization between inspection reports–meaning Consultant A’s report may look very different from Consultant B’s. The information included in the full inspection report is undoubtedly valuable and should be used to monitor progress and make informed project decisions–however, digging through a dense inspection report to find a select few data points to fund a draw is tedious and time-consuming.
Built’s digital Executive Summary Report is like a “window sticker” for CRE draw inspections–concisely presenting the key data and consultant recommendations you need to fund a draw, with no extra noise. Progress inspection data from the Executive Summary Report is housed directly within Built’s platform–meaning no more sifting through emails to find reports. And, because all data lives in one digital location, it’s easily auditable–further reducing administrative burden. Best of all, the Executive Summary Report can be sent from a CRE consultant as soon as they leave the job site, before the full report is complete–allowing quicker access to the information you need to fund draws.
The Difference is Clear
Below, we’ve compared a full CRE progress inspection report to a Built Executive Summary Report so you can see the difference for yourself.
CRE Inspections Technology & Services
The Executive Summary Report with early submission functionality is just one piece of Built’s CRE Inspections Technology & Services package–a comprehensive suite of draw inspection and pre-close services designed specifically for CRE projects. With this package, you gain access to the following powerful digital solutions that add undeniable value to your CRE workflows:
- CRE inspection bids: Remove the administrative burden of managing the CRE inspection bidding process by easily requesting bids via Built.
- Built’s network: Leverage Built’s network of prequalified CRE consultants to get multiple bids–easing access to new markets and ensuring you get the highest-quality consultants.
- Executive Summary Report with early submission: Reduce the time spent completing draw requests on CRE projects and eliminate the risk of human error with a concise, highly auditable Executive Summary Report submitted before the full draw inspection report.
Schedule a call with a Built expert to learn how you can transform your CRE inspections. Or, check out our website to learn more about CRE Inspections Technology & Solutions.Topics: CONSTRUCTION FINANCE