The Village Bank Simplifies Complex Processes with Built to Decrease Loan Turnaround Time from Days to Hours

3 minute read

CRE, Builder Finance
Newton, MA
Construction Loan Administration, Inspection Technology & Services

At a glance

With Built, The Village Bank has been able to cut loan administration turnaround time from 3 days to less than half of a day. Transitioning to a digital solution was a seamless process with the help of Built’s customer success team—and it is even more valuable in a remote work environment. Since going digital in 2018, they’ve seen continued success and eliminated processes that cost them both time and money, all while increasing customer satisfaction.

The challenge

Prior to adopting Built’s construction loan administration (CLA) solution, The Village Bank relied on manual processes—including passing a physical folder throughout the office for loan admin signatures—that were inefficient and time consuming. Keeping track of emails, paper files, and work done by hand is prone to errors, too. Once they discovered that there was a digital solution to streamline the way they administered loans, they knew it was time to make the switch.

Not only did they need a digital solution to streamline their workflows, but they also wanted to ensure that nothing would get lost in the transition process. Initially, there was hesitation that the transition process would be worth the difficulty. Hesitations were quickly eased once Built’s implementation team took over, “That transition could cause a lot of inertia, but Built made it smooth,” says Senior VP Andy Franklin.

It is a user-friendly solution that reduces all of the unnecessary time waste, improving the process, all with fantastic support from their team.

Andrew Franklin
Senior VP

The solution

After assessing their options for a digital solution, The Village Bank team selected Built’s CLA platform as
the clear choice for transforming their manual processes. With Built, they have been able to eliminate time
spent chasing down signatures and pink disbursement slips and instead focus on faster loan administration.
In addition to their smooth transition process, the team has enjoyed increased visibility for all projects
through Built’s Insights and reporting, which has been especially helpful while working remotely due to the
pandemic. The features that Built CLA provides enables their entire team to process draw requests faster
than ever before—no matter where they are.

The more that they use Built CLA, the more value they’ve seen. As The Village Bank looks toward 2021, they
anticipate leveraging more of Built’s capabilities to enhance customer experience.

The results

Utilizing Built, The Village Bank has reduced their draw turnaround time from days to same day or nextday. They were able to accomplish this drastic reduction by setting team goals for Built usage. As their team increases utilization, they’ve also been able to increase customer satisfaction.