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Built strikes GreenState commercial lending partnership

Built Technologies, one of the fastest growing construction finance platforms in the U.S., announced today partnering with GreenState Credit Union to help scale its Midwest commercial portfolio, according to a press release.

The company says the partnership will help scale its $2 billion Midwest commercial portfolio and support existing members more efficiently and effectively.

The agreement also enables GreenState to leverage Built’s platform to modernize its commercial lending business and streamline components of portfolio management including pipeline tracking, draw requests and inspections.

“Our commercial solutions are helping loan administrators and asset managers who are at the forefront of technology more efficiently manage their portfolios,” stated Jim Fraser, Built’s Director of CRE Strategies, in the release.

“Supporting major players in commercial lending across the Midwest and nationally, partnering with GreenState was a natural fit for each of our companies in creating better experiences for customers,” Fraser said.

As Iowa’s largest credit union, GreenState Credit Union serves over 350,000 members across 30 office locations, and currently manages over $9 billion in assets.

Built says its Construction Loan Administration Suite equips commercial real estate lenders to manage participations and syndications, LIHTC and other complex capital stacks. As a result, the company says it can help lenders enhance portfolio management, lower risk, increase interest income, speed up draws and improve collaboration for a better borrower experience.

This partnership news follows a strong 2021 for Built, with the company raising a total of $213 million and achieving unicorn status last year. That funding total includes its Series D led by TCV in September, which saw the company’s valuation raise to $1.5 billion.

Due to smaller total volume, Fraser says that loan origination systems in the market have largely avoided construction, giving them a large market to take advantage as we move forward through 2022.

“Built is a tool that will further enhance the experience of both members and staff by streamlining the construction loan servicing process into one central location providing more transparency between all parties ensuring results and expectations are met on both sides in exponentially faster processing time,” said GreenState AVP of Commercial Credit Administration, Devin Conover.

In other recent proptech news, fractional vacation rental marketplace Here formally launched and announced a $2 million pre-seed funding round. Findingaplace also exceeded its crowdfund target for its alternative rental platform.

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