Built’s suite of solutions for consumer lenders powers more efficient construction loan administration. And, each of these solutions was created to empower lenders to provide the best possible customer experience. Ed brings his 25 years of expertise in the consumer construction and renovation lending space to Built as we continue to build our product offering to meet the evolving needs of the construction industry.
- Let’s start by sharing a little bit about your background. What was your path to Built?
Prior to Built, I worked in the construction and renovation lending industry for the last 25 years of my career. At my previous company, we implemented Built in 2018, so I witnessed firsthand how the Built platform helped transform all aspects of our draw administration process and the positive impact it had on all key stakeholders in the process. When I initially learned about everything that Built had to offer, my first thought was, “Finally.”
- What’s something that you didn’t know about Built before you started that you think lenders need to know?
There is much more to Built than its draw administration platform.
I was initially introduced to Built as a post-close platform—but I quickly realized it is just the foundation of a growing suite of products and services in order to make all aspects of construction lending and draw administration faster, easier, and more transparent.
- In your opinion, what’s valuable about having a digital solution for construction loan administration?
Draw administration is complicated.
Every movement of funds within the draw administration process is an individual transaction with different fulfillment and compliance requirements—with opportunities for errors and potential risk at every step. Built provides a digital solution that connects every party in the construction lending ecosystem. And, it enables them to enact and transact in real-time while also providing lenders essential project and portfolio data insight which helps them proactively drive and manage their portfolio.
- What are other Built features that you find incredibly valuable for consumer/residential lenders?
First, Built Plus services provide simplicity. It really has everything you need to assess a project or contractor, manage projects proactively, and efficiently manage draw administration from start to finish.
The data and reporting dashboards available within Insights enable our users to proactively manage their entire portfolio—that’s incredibly valuable. Increased portfolio visibility drives projects to timely and successful completion.
- How can lenders be actively mitigating risk on construction/renovation loans before closing?
In addition to borrower/owner credit qualification, it’s crucial to do a comprehensive review of contractor qualifications and a thorough assessment of project feasibility with respect to scope and cost. Identifying potential contractor or project issues and properly addressing them during the pre-close process not only leads to a smoother loan closing, it also mitigates completion risk and paves the way for a great post-close experience for both owners and builders.
- What Built functionality helps power that? What should lenders know about it?
Ultimately, Built provides functionality before, during, and after the loan has closed. Built Plus is an additional way that lenders can gain transparency into every project, starting at the beginning with Contractor Acceptance and Plan & Cost Review. With the ability to mitigate risk at each project stage, lenders are also able to effectively execute while maintaining compliance.
- As a former lender in this space, what’s one thing you would share with other lenders about Built’s suite of solutions?
Seamless collaboration is essential to the success of any project. And, Built is collaborating with customers to ensure our suite of products is consistently improving the construction lending and draw administration processes.
All of Built’s features and functionality simplify lending processes while simultaneously powering better borrower experiences from start to finish. Built provides lenders, contractors, owners, and other key stakeholders the tools and resources they need to fulfill their part of the draw process in order to get people paid faster and complete projects as efficiently as possible. To maintain compliance while providing a better borrower or contractor experience, utilize a digital tool to create a consistent path to success for every project.Topics: consumer construction