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Moving on from your construction loan spreadsheet

Abrigo
September 27, 2022
Read Time: 0 min

Construction loan spreadsheets are slowing you down.

Construction loan risk management software leverages technology and sound process management to pull construction lending away from its manual roots.

You might also like this webinar, "How to manage a high-performing construction loan portfolio."

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Leveraging software to work smarter
Construction loan spreadsheets

Spreadsheets are slowing you down

Spreadsheets are not only difficult to maintain but also time-consuming. However, with the help of construction loan automation software like Construct, you can ditch your spreadsheet, streamline your lending process, and focus on other businesses.

Some drawbacks to the manual construction loan spreadsheet process make it worth considering an upgrade to modern solutions like construction loan automation software.

Loan spreadsheets are not the most efficient way to track finances. They can lead to a lot of errors and costly mistakes. They also lack critical features that make managing finances more complex, such as custom reporting and draw import features, which are essential for any construction lending institution. Construction loan automation software provides lenders with the tools they need to manage their loan portfolios efficiently.

How do I get rid of my construction loan spreadsheet?

The manual spreadsheet process that many institutions use to track construction lending is slow, with back-and-forth emails, phone calls, and little to no visibility for some parties. However, there is now an easy way to get rid of your spreadsheet. Construct is a simple yet powerful tool that will take care of all the paperwork for you, alert stakeholders when inspections and draws have been submitted, and provide institutions with reports and visibility at their fingertips, from anywhere, even while on the construction site.

Construction loan management software
Managing construction loans effectively

4 signs your institution has outgrown spreadsheets

  1. Reporting takes too much time to compile, delaying presentations
    • With customized reporting at your fingertips, it is easy to download and present quickly
  2. Difficulty consolidating data from multiple lenders and divisions within your institution
    • Construction Loan Software allows all stakeholders to have access to one system
  3. Errors from too many versions manually collected, prepared, and shared
    • Construct’s automatic calculations, and overfunding alerts keep all stakeholders on the same page
  4. Inability to collaborate yields inefficiency and limited visibility without your organization
    • Construct’s automatic notifications help lenders close faster, increasing staff efficiency and project time

Improve the borrower experience

Lenders today are not only looking for efficiency for themselves; they’re looking for ways to keep and attract their best customers. Improving the borrower experience is one of those critical ways that institutions maintain and expand their lending network. Many borrowers have reported an increase in satisfaction after using construction automation software.

The ability to submit an inspection or progress report from the worksite helps borrowers and builders increase their organization and efficiency. In addition, automatic notifications decrease the number of emails and phone calls needed to keep up with a loan, freeing up more time for borrowers to complete other tasks. Borrowers also appreciate the ability to status check requests from anywhere, on any device.

Increase efficiency and mitigate risk

Whether you’re an experienced lender with a considerable construction portfolio or just starting to grow your construction lending portfolio, Abrigo has the tools you need to manage all types of loans. With Construct, your process is streamlined, and your capacity is increased with less manual work, taking days off your cycle time and increasing your draw interest. Plus, our system will provide a higher level of service to your customers, increasing efficiency and providing a better customer experience.

Real-time reporting, automatic alerts, and detailed audit trails keep financial institutions better informed and protected than the manual spreadsheet-based process. For example, spreadsheets can’t send you an alert when your loan is at risk. But Construct can! Get notices BEFORE there is a problem, instead of after.

Focus on what matters

Construction lending is complex, time-consuming, and costly. Construct solves these problems by providing a convenient and easy way to manage construction loans from the lender’s perspective. It eliminates the need for paperwork and manual processes involved in a construction loan, increases borrower satisfaction, and increases draw income but up to 15%. Saving time and money and freely staff to focus on other internal needs. For many institutions, this is a no-brainer! 

Stay up to date on credit risk. Watch the webinar, "Credit risk management: Best practices & examiner priorities in uncertain times"

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About the Author

Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo’s platform centralizes the institution’s data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth. Make Big Things Happen.

Full Bio

About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.

 

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Read the press announcement

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