Get Started in Construction Loan Administration

By June 8, 2022Blog

Many of today’s construction loan administration services streamline the process, reducing the need for manual paperwork and minimizing errors. Many of these services offer digital tools that enable construction site inspectors to submit paperwork directly to the lending team. Additionally, they can provide customized reports and decrease the funding cycle time. By combining these services, construction loan administration is now as easy as ever. 

Construction loan administration tasks

In a competitive lending environment, the process of construction loan administration requires constant improvement. The role of a construction loan administrator is to manage commercial and residential projects and lines of credit, manage the construction loan draw process, review and analyze project budgets, and recommend funding to the C-level officers within the bank. In addition, the role of a construction loan administrator includes ordering construction-related third-party reports, reviewing relevant loan documents, and closing loans. Here are some of the ways that Construct can improve the efficiency of lending processes.

Construction loan automation

Automating the construction loan process can save you a tremendous amount of time and effort. Lenders can use construction lending software to streamline the process and automate their financial reporting. An ideal construction loan management solution will allow you to access detailed financial data from a single platform, generate highly customizable reports, and have real-time updates on loan status. You can also use the construction loan administration software to track invoices, payments, inspections, draws, and contracts. The world’s best construction loan management software is Construct. It includes a contract management system and integrates with core systems and other software commonly used by financial institutions.

Construction Loan Process

The process of construction loans is complex and requires constant oversight and documentation. Traditionally, construction loan administration has been a labor-intensive process involving paper files and manual data entry. Now, Construct is helping construction lenders cut down on these expenses by reducing risk and streamlining the process. Removing human error and accessing data from anywhere are just two of the very important ways that Construct eases the loan process.

Benefits of Construct for Construction Loan Management

The most efficient construction loan management software is Construct. This software makes the entire construction lending process more efficient and accurate for lenders, subcontractors, and builders. It cuts the draw process by days and ensures compliance while minimizing risks. This software provides a comprehensive database of construction lenders. You can also view your entire lending portfolio from a single platform. It also alerts lenders when signatures or authorizations need to be made, or if documents and data are missing.

Utilizing a Loan Software

If you’re looking for a platform to manage the construction loan process for you, consider Construct. 

Traditionally, construction loan administration has been done manually, which can result in a high level of error, frustration, and wasted time. Thankfully, Construct is now available to replace manual processes. We eliminate the need for paper files and spreadsheets, eliminate errors, and provide unparalleled visibility. And if you’re an experienced loan manager, you’ll be glad to know that construction loan administration software can handle exponentially more loans at once, increasing your capacity.

Save Time and Money on Construction Loan Management

Construction loan software can help save time and money by allowing you to focus on other tasks instead of dealing with spreadsheets and data. It can also help you manage more loans in less time. A happy client means repeat business and loyalty. Software like Construct can help you solve the challenges of construction lending, including managing draw requests and communication with borrowers. You’ll be able to make more informed lending portfolio decisions, save time, and increase profitability with construction loan administration software.