Built’s construction finance software will provide the Bank’s customers a truly digital experience, including greater visibility into the progress of their construction projects, collaboration, and easy access to draws
Built Technologies, the leader in construction finance software, announces that its solution has been implemented by Live Oak Bank. Live Oak is using Built’s cloud-based software to support its growing portfolio of construction loans, spanning its SBA, USDA and commercial loan programs.
Built, whose software has been used to manage over $100 billion in construction spending since 2015, provides users with real-time loan visibility. Everyone involved in the loan process can view real-time progress data, such as availability of funds and inspection status. By centralizing communications and enhancing data and transparency, draw requests and disbursements are processed faster than ever.
Built and Live Oak have been working together for two-plus years to develop a best-in-class C&I construction loan management solution. Together, the companies developed several new features which benefit lenders who participate in government-guaranteed lending programs and which focus on compliance, ease of use and efficiency.
“Our new construction loan management solution powered by Built is another way we are able to deliver efficiency, expertise and speed to our customers,” said Live Oak Bank President Huntley Garriott. “All the information our borrowers need to access draws, budgets, and inspections is right at their fingertips, streamlining a complex system with next-generation technology to keep our customer at the center while providing a best-in-class solution to the lending process.”
“We are extremely proud of the partnership we have formed with Live Oak,” said “From our initial meetings to the iterative development of new features, and through activation and training, this has been a true partnership. We are thrilled to support Live Oak in delighting its customers with a digital experience and streamlining the construction loan management process as they continue to treat every customer like the only customer.”
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