Why Invest in Commercial Construction Loan Software
The construction industry is a booming industry with a lot of profit potential. However, commercial construction loans can be time consuming and challenging. Not to mention, they can be riskier than the average construction lending project. This is where commercial loan software comes in.
Commercial Construction Loan Software helps to reduce risk by increasing transparency, and simplifying the overwise challenging manual process with automation.
What is Commercial Construction Loan Software?
Commercial Construction Loan Software gives financial institutions a leg up when it comes to organization and efficiency. Having all loan details managed and available in one easy to access location keeps all stakeholders on the same page. Overfunding alerts help lenders avoid some of the most common pitfalls of commercial construction lending.
One of the bonus features of using commercial construct loan software is the added experience for the borrower. Inspectors and stakeholders love the convenience of being able to request draws and submit other data right from the job site.
4 Benefits of Commercial Construction Loan Software for Your Bank
Commercial construction loan software is in high demand and has increased in popularity recently among midsize banks.
Here are the top five reasons why it is crucial for your bank:
1) It will help you to manage your construction loans more efficiently.
2) It will provide you with accurate information in minutes with custom reporting.
3) It will also provide you with tools that will help you to manage your construction portfolio more effectively.
4) Construction loan software can be customized according to the needs of your bank and each individual user.
Why is BankLabs Construct the Best Commercial Construction Loan Software?
Construction loans are complex. With the right software, it’s possible to save time and money with every new project. Not all construction loan software is created equal. Construct is the best commercial construction loan software because It’s easy to use, is up and running minutes, it can streamline your documentation, and can be accessed from anywhere using any device – even on the job site.
What are the Top Benefits of Using Commercial Construction Loan Software?
Commercial lending software is a product that helps the lender manage and track the loan process from start to finish. This type of software is very helpful for commercial lenders because it saves them time and money.
Commercial construction loan software allows lenders the flexibility to take on more projects and loans while keeping costs low. It also provides them with a fast and easy way to track their projects, all while keeping up with deadlines.
There are many benefits of using this type of software
– Increased efficiency
– Reduced risk
– Improved borrower experience
– Lower administrative costs
– Increased draw income by 8-12%
5 Reasons Commercial Construction Loan Software Is Vital For Your Business
1. Financial Documentation
Financial documentation is the backbone of commercial construction lending. It is a critical component of the construction loan process.
Commercial construction loan software helps lenders and borrowers manage the financial side of their construction loans. It provides a clear, easy-to-use interface that helps them to create and view all necessary financial documents in one place.
Construction lending software makes it easy for lenders to manage their entire portfolio of loans. BankLabs Construct can help lenders manage more than just commercial loans. It also tracks lot development, residential, builder finance, SBA loans, and more.
2. Time-Saving Features
Construction loan software is a time-saving tool for the lending industry. It helps in streamlining the entire process from pre-construction to post-construction, which in turn helps make it easier for builders and lenders to manage their finances, track project progress, and make better decisions. Automatic notifications alert stakeholders when inspections are uploaded or when the next step of the loan process is ready.
3. Streamline Workflows
Rather than waiting for a phone call or trading emails back and forth, users of commercial loan software get an alert immediately when an action is taken or when an approval is waiting for them. This cuts down on the back and forth emails with spreadsheets and the games of phone tag. Plus, every step has been documented along the way. No more looking up your last email to see what has previously been discussed.
4. Automation Benefits
Our export system means that lenders do not have to re-enter loan information into their core system. The export file can be uploaded to your core, saving you time and reducing risk of keying errors. Construct’s digital workflow accelerates draw cycle times, providing approvals days faster than the manual process. This in turn increases draw interest.
5. Reporting Functionality
Financial Institutions are constantly evaluating loan profitability and progress. Rather than manually compiling your spreadsheet information, commercial construction loan software like Construct can pull any report needed, whether it’s for one specific project or your entire portfolio. You can customize reports to fit any need and to answer any question. It really doesn’t get much easier than that!