Construction draw software is a construction loan management tool that helps lenders and contractors to automate their manual tasks. It can be used to manage the procurement process, plan and track the project, generate reports, and much more. Construction draw software makes lenders more efficient by generating status reports and setting automatic alerts in a format that can be easily accessed by contractors and lenders alike.
The basic functionality of construction loan management software
For most financial institutions, a construction draw request consists of several sets of documents including budgets, receipts, and lien releases submitted by the contractor or developer to the lending institution. What makes the draw request process slow-moving is the amount of back-and-forth communication it takes.
Rather than emailing constantly or relying on shared spreadsheets which must be constantly checked for errors and updates, more and more banks are turning to construction loan automation technology. Construction draw software allows lenders to keep draw documents in one place where all parties can see the material that has been submitted or requested.
Storing all loan and draw request information in one place that is accessible from anywhere—even at home or on a phone—saves hours of tedious manual work for lenders, and the ability to create custom reports from the documents makes audits and review processes much easier. Lenders can even set up notifications or limits on draw requests so they will be notified as soon as a request is made.