How Technology Adoption Improves Relationships with Builders & Borrowers
Built has developed an environment for lenders, borrowers, and builders to collaborate seamlessly to increase efficiency.
The success of your lending business depends largely on the satisfaction of your customers. One way to increase customer loyalty is to adopt software solutions that can help digitize processes, making them more efficient and seamless. Built enables a better customer experience with quicker turnaround times, greater visibility, and improved communication for all parties.
What Can Built Revolutionize?
Everybody is much better off when builders and borrowers interact on the same technology. Processes that would normally be risky, slow, and inefficient are automatically digitized and streamlined. Built ensures that both builders and borrowers can communicate and collaborate in one platform, saving time and money, which in turn allows you to grow their business.
Faster Draw Turnaround
Your borrowers are in charge of handling every aspect of a project, making sure that subcontractors are paid, materials are paid for, and overseeing all related paperwork. They will be able to safeguard those relationships and project timelines with faster draw turnaround times. Simply put, your business will increase when your clients are satisfied. Built automates the process to enable faster draw turnaround times so that approvals can occur in a matter of hours rather than days. When draws are paid out on time, your clients receive the money they require right away, enabling them to finish projects more quickly than ever.
Better Visibility & Tracking
Manual, non-digital processes take time and can reduce your team’s productivity and effectiveness. They also don’t offer the same level of reporting with tracking or visibility that Built can. Specifically, our solution allows for insight into progress updates from inspectors in real-time. This reduces back-and-forth communication, which can be time-consuming and uncomfortable for all parties. With Built CLA, your team can streamline daily tasks in one location with visibility for your customers. Builders can also request draws directly in the platform, giving them the power to solicit funds when work has been completed. In the digital age we live in, having information available quickly is essential for retaining customers. Built enables you and your team to focus more on giving each customer in your construction portfolio the best possible experience and less time on data entry. Time-saving, streamlined procedures and workflows will benefit both your team and your customers.
Utilizing a centralized communication platform like Built helps reduce the number of action items or messages that are misunderstood. When both parties are collaborating, it’s less likely to get lost when everything is in one location.
Make sure your team has the resources they require to transform a good customer experience into a fantastic one if you want to keep your best clients. Built gives your team the tools they need to manage post-closure construction loans quickly and effectively while keeping your customers at the forefront of their thoughts. We constantly improve our suite of solutions with you and your customers in mind because we understand how crucial it is to take your customers’ needs seriously.
Why Builders Prefer to Work with Lenders Who Use Built
Today, many builders are compelled to accept the erratic and manual draw procedures set up by the lenders they are working with. Draw requests are frequently handled by phone or email, and spreadsheets are used to keep track of payments. However, builders discovered the ease and effectiveness of a digital draw process after partnering with a lender that used Built. With Built, money is transferred quickly, predictably, and transparently, enabling companies to build projects more quickly and provide the streamlined experience that builders have come to expect.
One builder who works with lenders in the Built ecosystem, Paul Kowalski Builders (PKB), quickly saw the added benefits of working with a modern solution–and also experienced increased efficiency when those they were working with adopted Built.
According to founder Paul Kowalski,
When working with a lender that has fully bought into Built, everything can be done online. It’s super easy, transparent, and intuitive. When working with a lender who doesn’t use Built, the process of requesting draws is unpredictable.
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