Risk is top of mind for any portfolio you manage—but it’s especially important to proactively manage the inherent risk within your construction portfolio. To keep your portfolio and processes as predictable as possible, Built can help you eliminate unnecessary risk from your workflows.And, by bringing monitoring capabilities, inspection services, and reporting dashboards into one centralized platform, the information you need to make data-driven decisions is available in real time.
Simply put, the data that becomes available when you use a digital tool for construction portfolio management is where you’ll see real value. Our suite of solutions for lenders provides the leverage you need to be a strong lending contender in the evolving construction landscape, all without the absorption of additional risk. Making data-informed decisions with Built CLA is key for identifying trends and risks that would not be possible using solely your core system.
Spreadsheets are prone to manual entry error. In fact, according to a number of studies compiled and analyzed by Salesforce, nearly 90% of spreadsheets contain at least one critical error. Those errors over time pose a major risk to the projects you take on—and nearly all of them are avoidable because they’re caused by human error. Rather than relying on spreadsheets or manual monitoring, a digital platform will collect all of the data you need—and notify you if there are any problems or anticipated problems before they arise. Additionally, Built CLA has the ability to highlight loans that are going stale, reaching maturity, or overfunding. These automated capabilities will improve the way that you manage risk and allow your entire team to be proactive as they monitor all aspects of your project.
Better prepare for compliance exams with easily accessible reports, providing examiners the data they need without interrupting your credit management department’s daily workflow. Reporting features included in Built’s Insights offering will also ensure that you’re prepared for examiners, as information is readily available and checked proactively. The time your team could have spent preparing for those reviews can instead be spent doing the business that sustains growth and success long term. The more time that your team is able to spend building business, instead of creating reports, the more time you’ll have to move every project in your portfolio along according to schedule.
Monitor Performance Trends
Built also enables you to visualize the data available to you so that you can make informed decisions based on real-time data and reporting. Once you’re able to visualize, you’ll be able to quickly identify the influence of specific workflows, settings, and even users. For example, with Built’s Lien Monitoring functionality, you can reduce blocked processes to release funds efficiently and within compliance—speeding up the draw process. Data-driven decisions will empower you to move confidently and increase the efficiency of your organization.
The ability to automate reporting and manage risk from a single platform will enable your team to work more effectively, which in turn will improve the rest of your business. The time that Built will build back into your day can be better spent focused on your customers and your growth. You can also mitigate delays in the draw approval process by proactively monitoring key issues and mitigating them in advance—that way, when a draw is requested it can be approved with ease. Built is designed with your job in mind, working toward risk-free construction loan administration and the best possible customer experience.
A digital tool will pull all of the information you need under one view, allowing you to improve the way your team gets work done. Our Built for Lenders Suite, including our Built Plus offering, will help your team reduce risk and increase efficiency across the board. Don’t just take our word for it! Discover insights from our customers on our Case Studies page.
Topics: Construction Finance | Construction Technology