Built Technologies, the fastest growing construction finance platform in the U.S., announced the launch of enhanced Inspection Technology & Services solutions designed to streamline tedious inspection workflows, increase project visibility, mitigate risk and proactively accelerate construction draws.
With this new offering, lenders have more options to digitally verify their project’s process. Lenders can expedite inspection scheduling and gain access to a nationwide network of prequalified inspectors or use their own trusted partners through the Built platform. Today, the ability to keep construction progress moving forward hinges upon the inspector’s ability to travel to the site and complete the request in a timely manner. By automating a manual, time consuming process, Built’s Inspection Technology & Services offers a proactive, secure, compliant workflow giving lenders a faster, more flexible way to accelerate the construction draw process.
“Inspections are a critical part of securing construction loans and kickstarting draws, yet they often become a bottleneck for project progress,” said Ed Rogers, Manager of Consumer Solutions at Built Technologies. “Built’s Inspection Technology & Services work to modernize the process and this offering is going to make it easier for lenders and builders to connect on crucial elements of project management.”
In order to give lenders greater visibility and consistent vigilance, Built’s Inspection Technology & Services solution offers a centralized engagement platform and a set of digital tools to maximize productivity and supplement traditional onsite inspections. In addition to expedited and pre scheduling capabilities, there are a number of digital tools lenders can use to keep their finger on the pulse of their projects including:
- Project Snapshot: Upload geolocation-verified project photos, captured by any individual associated with the project, to the Built platform giving lenders additional visibility and the flexibility to route photos to a remote inspector for review if desired.
- Detailed Inspection Report:Reporting functionality intentionally designed makes it easier for both bank and non bank lenders to manage all loan types on Built, capturing specific details required by capital providers and other key stakeholders.
- Commercial Executive Summary Report: Designed specifically for the complex Commercial draw inspections to receive critical onsite inspection data sooner in one easily accessible location.
The streamlined inspections process will expedite loan administration and draw of funds, and allow for full integration with other aspects of the Built platform to assist in faster payment for vendors, budget management, lien waiver management, vendor management and more.
