Built’s construction finance software will provide the Bank’s customers a truly digital experience, including greater visibility into the progress of their construction projects, collaboration, and easy access to draws
Nashville, Tennessee (September 16, 2021) Built Technologies, the leader in construction finance software, announces that its solution has been implemented by Live Oak Bank. Live Oak is using Built’s cloud-based software to support its growing portfolio of construction loans, spanning its SBA, USDA, and commercial loan programs.
Built, whose software has been used to manage over $100 billion in construction spending since 2015, provides users with real-time loan visibility. Everyone involved in the loan process can view real-time progress data, such as availability of funds and inspection status. By centralizing communications and enhancing data and transparency, draw requests and disbursements are processed faster than ever.
Built and Live Oak have been working together for two-plus years to develop a best-in-class C&I construction loan management solution. Together, the companies developed several new features which benefit lenders who participate in government-guaranteed lending programs and which focus on compliance, ease of use, and efficiency.