Construction techFintechProptechReal Estate Tech

Built launches project management solution for lenders

Provides construction lenders tools to manage risks and associated costs more effectively

Built Technologies, a construction finance management platform, today announced launching its contractor management and project monitoring solution for lenders, Project Pro, according to a press release shared with FinLedger.

The company says that solution is intended to solve the lack of specialized tools for construction financing that provide actionable insights, and says that Project Pro provides lenders with the ability to monitor and manage risks of their construction portfolio.

By aggregating information in one place, Built says Project Pro enables these construction lenders to understand and proactively manage risks and associated costs more effectively, which it says results in “less risk and better client experience.”

“By providing our lender partners a proactive solution to monitor and manage key risks associated with construction lending, they can scale their business with confidence” stated Brent Blane, General Manager, Built Marketplace, in the release. “We are streamlining the entire loan and construction lifecycle for lenders and improving their returns.”

Built says the Project Pro solution contains three main capabilities, including:

  • Contractor management: automation of important procedures, including collection of of documentation, and integration of reviewing, tracking and contractor roster management services.
  • Project monitoring: status and issue updates related to projects, serving as an early warning system for lenders to identify and proactively handle roadblocks (such as liens filed, changes to contractors’ business credit and required project compliance documentation expiration).
  • Project Pro Dashboard: a single source for project information, including project status, risks, Construction Loan Administration data such as current/recent draw summaries and project comments.

The company says the new Project Pro solution is available through its Built Marketplace, a service platform that provides clients with loan and financing management solutions.

As home builders across the country work to meet rampant demand from coast to coast, and streamline performance through integrated financial technologies, Built Technologies become one of the fastest-growing construction finance platforms in the U.S.

The company announced record-breaking growth in 2021, following a $213 Series D in September and $1.5 billion valuation, and says it has reached over $200 billion managed between lenders and builders.

This launch follows Built’s recently announced an integration within the Sage 300 CRE solution to provide project documentation and payment management solutions to lenders and project managers.

This Project Pro launch shows the company is now also providing these services through its own solution, and signals continued growth across the construction financing segment.

In other recent proptech news, Bethea Consulting launched a new property damage assessment solution. DMZ and GroundBreak Ventures also announced launching a proptech-focused incubator.

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