Ditching Your Construction Loan Spreadsheet with Construct

By April 11, 2022Blog

What is a Construction Loan Spreadsheet and Why Would You Want to Ditch it?

Construction loan spreadsheets are not only difficult to maintain but also time-consuming. With the help of construction loan automation software like Construct, you can ditch your spreadsheet, streamline your lending process, and get back to focusing on other business.

There are some drawbacks with the manual construction loan spreadsheet process that make it worth considering an upgrade to modern solutions like construction loan automation software.

Construction loan spreadsheets are not the most efficient way to track finances. This can lead to a lot of errors and costly mistakes being made. They also lack some critical features that make managing finances more difficult, such as custom reporting features and draw import features, which are critical for any construction lending institution. Construct, construction loan automation software has been developed to provide lenders with the tools they need to manage all of their loans portfolios efficiently.

How Do I Get Rid of My Construction Loan Spreadsheet?

The manual spreadsheet process that many banks use to track construction lending is slow, with back and forth emails, phone calls, and little to no visibility for some parties. There is now an easy way to get rid of your spreadsheet. Construct is a simple, yet powerful tool that will take care of all the paperwork for you, alert stakeholders when inspections and draws have been submitted, and provide banks with reports and visibility at their fingertips, from anywhere, even while on the construction site.

Four Signs Your Bank Has Outgrown Spreadsheets

  1. Reporting takes too much time to compile and presentations are delayed
    • With Construct, customized reporting is at your fingertips and easy to download and present quickly.
  2. Difficulty consolidating data from multiple lenders and divisions within your bank
    • Construction Loan Software allows all stakeholders to have access to one system.
  3. Errors from too many versions manually collected, prepared, and shared
    • Construct’s automatic calculations and overfunding alerts keep all stakeholders on the same page.
  4. Inability to collaborate yields inefficiency and limited visibility without your organization
    • Construct’s automatic notifications help lenders close faster, increasing staff efficiency and project time

Improve the Borrower Experience

Lenders today are not only looking for efficiency for themselves, they’re looking for ways to keep and attract their best customers. Improving the borrower experience is one of those key ways that banks are maintaining and expanding their lending network. Many borrowers have reported an increase in satisfaction after using construction automation software.

Having the ability to submit an inspection or progress report from the worksite helps borrowers and builders increase their own organization and efficiency. Automatic notifications decrease the number of emails and phone calls needed to keep up with a loan, freeing up more time for borrowers to complete other tasks. Borrowers also appreciate having the ability to check the status of requests from anywhere, on any device, and not having to wait for an email or call to be returned.

Increase Efficiency with Construct

Whether you’re an experienced lender with a huge construction portfolio or just starting to grow your construction lending portfolio, BankLabs has the tools you need to manage all types of loans. With Construct your process is streamlined and your capacity is increased with less manual work, taking days off of your cycle time and increasing your draw interest. Plus, our system will provide a higher level of service to your customers, increasing efficiency and providing a better customer experience.

Mitigate Risk with Construct

Real-time reporting, automatic alerts, and detailed audit trails keep financial institutions better informed and protected than the manual spreadsheet-based process. Spreadsheets can’t send you an alert when your loan is at risk. But Construct can! Get notices BEFORE there is a problem, instead of after.

Start Saving Money And Spend More Time Doing What Matters

Construction lending is complex, time-consuming, and costly. Our solution Construct solves these problems by providing a convenient and easy way to manage construction loans from the lender’s perspective. It eliminates the need for paperwork and manual processes involved in a construction loan, increases borrower satisfaction, and increases draw income but up to 15%. Saving time and money, and freely staff to focus on other internal needs. For many banks, this is a no brainer!