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A cloud-based construction loan management solution can streamline the entire process. A single system can keep track of all of the construction loan approvals, including stress testing and regulatory compliance. It also allows you to collaborate with key stakeholders. banks was selected by the Bank of America Merrill Lynch and Wells Fargo for its ability to monitor the various types of construction loans. It is projected to reduce funding turnaround time by up to 25%. Its robust reporting capabilities allow you to track every aspect of a project.

A construction loan management software can automate the entire process. The system allows users to easily track who is paid, what they’re being paid, and how much money is disbursed over time. With real-time information, the software makes the process of managing a construction loan a seamless, automated process. Digital draw processing streamlines the entire process, and ensures you’ll never miss an approval or a payment again. This is a must-have for any private lender or construction company.

For private lenders, construction loan management software makes the process of creating and managing drawings and payments easier and more convenient than ever. It tracks finances, who was paid, how much money was disbursed, and when. The software allows you to customize budgets and reports, as well as create templates for each project. With construction loan management software, you can eliminate the need to spend hours collecting manual paper or using Excel spreadsheets to manage the process. Moreover, it automates uploading inspection documents, eliminating the need to waste time chasing down documents.

Liens are an important part of construction loan management. A construction loan management software lets you keep track of the status of the lien. With banks , you can keep tabs on how much capital has been released and who’s still on the hook. It also helps you understand who’s been paid and how much money has been withheld. This way, you can avoid any issues before they even come to the surface. In addition, construction loan management software helps you avoid mechanics’ liens.

Another important feature of construction loan management software is its ability to streamline the process of drawing approvals. It allows you to customize invoices and track the progress of the process. banks makes the process of tracking the status of lien releases easier. It is designed to make it possible to track multiple lines of business and provide a centralized location for all construction documents. Regardless of how you work, you’ll be glad you chose the software.

Construction loan management software helps construction lenders keep track of all lien activity. With this functionality, you can monitor the status of lien releases and invoices and track the status of retainages by project. banks does the software keep track of liens, but it also allows you to create templates with multiple line items for multiple projects. In addition, it allows you to manage the status of all invoices for the duration of a construction project. In the same way, you can manage your finances by automatically importing inspection documents into the system.

Aside from monitoring the process of liens and payment, construction loan administrators must monitor the status of each lien. To keep track of the status of liens, they can use a construction loan management software that allows them to track invoices by project and lender. This software also lets users create templates for multiple line items and allows them to create a customizable budget for each project. The system also helps private lenders monitor their projects’ status by documenting the process and documenting the borrowers’ payments.

Using construction loan management software can improve your business’s workflow. It connects the different stakeholders in the construction loan process, from lenders to contractors. It tracks budgets, draw schedules, and disbursements and provides a single point of entry for all loan information. Further, it allows you to streamline the workflow and prevent issues from slipping through the cracks. Hence, it is an ideal tool for all construction lenders.