Collaboration between Regions and Built empowers clients and makes banking easier
Regions Bank on Monday announced the launch of a digital solution designed to make it easier and more convenient for homebuilders and developers to utilize the construction lending process.
Regions launches an innovative digital solution that simplifies the homebuilder financing process
The centralized, digital solution is offered by Regions in collaboration with Built, a construction finance software and payment technology leader. The solution gives builders and developers new construction loan management options through a cloud-based platform. The app simplifies the loan administration process through a unique portal experience that aligns the builder, inspector, and lender, among other stakeholders.
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“Innovating through technology that enables clients to bank when and how they want is part of our key strategic initiatives at Regions Bank,” said Danny Hill, head of the Homebuilder Finance group at Regions. “This solution allows homebuilders and developers to spend more time meeting construction needs and less time handling manual tasks surrounding their financing. This application puts more useful information in the hands of Regions’ clients and increases collaboration among the people and businesses who are crucial to successful developments. Through its platform, our colleagues at Built are transforming the construction landscape, and we are excited about the benefits we are able to offer through a combination of Regions’ superior service and experienced bankers and Built’s digital tools in the construction space.”
Through the application, homebuilders and developers can:
- View real-time availability
- Request draws and inspections
- Access business analytics and reporting
- Inspectors can submit construction completion percentages from the field, expediting the loan funding process.
“At Built, we are constantly exploring ways to improve how money moves within the construction industry,” said Built CEO Chase Gilbert. “It is rewarding when we get to work hand-in-hand with lenders like Regions Bank that share our goal of simplifying the construction lending process and enhancing the experience for homebuilders and developers as they build the communities we live in.”
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Since the recent launch of the digital solution, Regions’ clients have already seen significant benefits. Improvements in the operational infrastructure have decreased competitive draw turnaround times by more than 50%, complementing Regions’ ongoing commitment to delivering a superior customer experience while making banking easier.
Regions’ Homebuilder Finance group serves the homebuilder market by providing loans for new home construction, lot purchases and development, and ancillary banking services. The Homebuilder Finance division is part of Regions Real Estate Banking, which also includes Income Property Finance, Affordable Housing and Real Estate Corporate Banking services.
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