Pinnacle Financial Partners provides a full range of banking, investing, trust, mortgage, and insurance products and services. The firm serves 11 markets in Tennessee, the Carolinas, and Virginia. Pinnacle has grown to approximately $22.2 billion in total assets, making it the second largest bank holding company headquartered in Tennessee.
Similar to many of the banks involved in construction lending, Pinnacle manually managed their construction loan portfolio, which was time consuming with high administrative burdens. "The process was labor intensive and required a lot of communication between all of the parties involved," said Sharon Armstrong, Residential Construction Operations Manager. As a result, Pinnacle wasn't maximizing the profitability on each loan and clients had limited services.
Pinnacle sought a technology solution to streamline their construction loan management process, increasing efficiency, shortening draw turnaround time, and improving the user experience for everyone involved. By digitizing the process, Built provided a means for Pinnacle to quickly and easily request draws and inspections and provide complete transparency to all key parties. "It's beneficial to the bank as well as its borrowers," said Armstrong. "Built allows for faster draw turnaround times and our builders enjoy having real-time information at their fingertips."
"Our construction loan clients love this technology because everyone can collaborate online, so draw requests are more efficient and funds are released faster." Sharon Armstrong
Residential Construction Operations Manager