Construction loans are poised to expand, but it’s a segment many mortgage lenders are still unsure about. The latest issue of Tomorrow’s Mortgage Executive featured an interview with Built CEO, Chase Gilbert, on how to reduce risks, get a competitive advantage and attract and retain the best borrowers.
Managing construction and renovation loans requires complex coordination between lenders, borrowers, contractors, inspectors, title companies, and more. Today, all of that is managed with heavy staffing, phone calls, spreadsheets, emails, faxes, and duplicative data entry into disparate systems. As a result, construction loans are expensive to manage, risky, prone to human error, and often leave participants operating in the dark.
For efficiency and a competitive edge lenders are modernizing construction loan administration. Built is a software company focused on bringing innovation and simplification to construction lending.
Built empowers financial institutions to transform the way construction loans are managed with a powerful yet simple web-based application. With Built, lenders can increase profitability, proactively manage risk, and attract and retain the best borrowers and contractors with a truly differentiated experience.
Topics: Construction Lending | Technology