Altra FCU Improves Inspection & Draw Efficiency with Built
Built’s Inspection Technology & Services transformed the way Altra FCU managed its inspection process by:
- Enabling instant upload of photographs, easy invoice management, and quick communication
- Aggregating preferred vendors and making them easily accessible
- Procuring, reviewing, and managing vendors and providing assessments whenever necessary
Additionally, with Built’s digital draw management, draws are no longer managed on a spreadsheet. Optimized workflows have allowed Altra FCU to cut its draw turnaround times in half–even as loan volume increased. Requesting draws through Built is easier, faster, and more efficient. Altra FCU is seeing most of its builders and borrowers use Built’s platform to request draws directly.
When we were being audited, Built made it easy to go into the file, run the compliance report, and forward to the appropriate parties.
Established in 1931, Altra Federal Credit Union strives to provide competitive, high-quality financial products that enable its members to prosper. However, when the growth of its construction portfolio began to outpace the capacity of its manual systems, Altra FCU’s staff began to feel pressure.
Seeking a solution to reduce stress on its teams without compromising quality, Altra FCU turned to Built to get its growing construction portfolio back on track. The adoption of Built’s digital platform enabled Altra FCU to increase project visibility, streamline inspections, and cut draw turnaround times in half.
Thanks to Built, Altra FCU can easily manage its current construction portfolio and confidently scale its business, too.
Like many financial institutions involved in construction lending, Altra FCU managed its construction portfolio using a patchwork combination of Excel spreadsheets and the limited capabilities of its existing core system. As loan volume grew, Altra FCU found these manual processes were no longer sustainable. With no central platform to house data and documentation, manually documenting and balancing every loan cost was incredibly time-consuming. Teams were often required to print, file, and send hard copies of critical loan documents.
Additionally, manual management of draws and inspections put added stress on teams, increased room for error, and slowed projects down.
Altra FCU chose to partner with Built to bring its growing portfolio of construction loans up to the high quality it strives to achieve with every product. Built’s digital platform provides all key stakeholders with a centralized location to communicate and monitor important loan information in real-time. In addition, Altra FCU was able to utilize Built’s inspection services and digital draw management to significantly reduce inspection and draw turnaround times–resulting in faster project completion and a better customer experience.
Built has allowed Altra FCU’s teams to work smarter–boosting productivity, saving time, and reducing stress.
Built has made it easier to follow the project through to the end than with our old process. Everything is all in one place.