What is Construction Draw Software?
Construction Draw Software is a construction management software that helps lenders and contractors to automate the whole construction loan management. It can be used to manage the procurement process, plan and track the project, generate reports, and much more.
Construction Draw Software can help you track your project and even speed up the process. This is done by generating reports on the status of your project, setting automatic alerts and notifications, and having access to your loan information securely, from anywhere.
What is a Draw Request?
A draw request normally consists of several sets of documents including budgets, receipts, and lien releases. These are submitted by the contractor or developer to the lending institution. Draw requests are common and normally set on a schedule. What makes the draw request process slow is the amount of back and forth communication it takes. More and more banks are turning to construction loan automation technology to speed up this slow process and get draw requests approved days earlier. Lenders also love having all documents in one place where all parties can see what has and hasn’t been submitted or requested.
Construction Contractor’s Perspective on Draw Process
Construction contractors’ can find the draw tedious and time-consuming. The draw process is necessary for both the contractor and the lender. Most draw requests require several hours of work on behalf of the developer or contractor. Gathering all these documents, receipts, and lien releases and then sending them securely to the loan officer can be difficult and time consuming. Then imagine having to find that email or those documents later!
Borrower satisfaction is one of the biggest benefits of using Construct Draw Software like Construct. Developers, Inspectors, and Borrowers can all submit draw request information to the lender securely and instantly, from anywhere, even from the construction site.
Loan Officer’s Perspective on Draw Process
The automated draw process is a boom for loan officers. It saves them time and effort, while also providing a more accurate and streamlined process. Having all loan and draw request information in one place, accessible from anywhere, even at home or on your phone, is a huge time savings. Not to mention, having custom reporting makes audits and reviews much easier. Lenders can even set up notifications or limits on draw requests so they will be notified as soon as a request is made.
Construction Draw Process managed by Construct
Construct is a construction loan management software that automates the construction draw process. It helps contractors and developers to manage their project budgets, track their expenses, submit draws quickly, and generate reports.
The software allows users to create new projects, add tasks, set up auto alerts, overfunding alerts, assign payments and generate reports. It also comes with an in-built reporting system that provides insights into the project progress at every stage of the process.
Optimize your construction draw process with automation
Construction loans are a complicated process, and it is crucial to have an efficient system in place. Construct can help lenders and banks minimize errors and control the loan process more efficiently.
The construction draw process can be managed more efficiently with automation. Imagine getting an alert that a project is overfunded, before it becomes a risk. Imagine being able to look at your entire construction loan portfolio in one place, and run reports on any aspect of every project. There are 160 banks today already using this software to do just that!