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New construction draw schedule4/6/2024 In this article, we will go over the following: Let’s take a look at how the construction draw process benefits from innovative loan software and how you can reap the rewards. For example, improving draw processing efficiencies on a portfolio of loans through automation leads to a 65% reduction in administrative time, a 4% reduction in points of risk caught in advance, and a 10% increase in incremental interest earnings for lenders. Construction loan software can not only expedite construction draw processing, saving time and money, but it also minimizes human error and prevents data entry duplication. Technological innovation has mostly overlooked this seemingly simple, yet groundbreaking, solution within the construction lending industry. Given the fact that the construction draw process has been a decades-long time-consuming challenge for lenders and borrowers, construction loan software aims to simplify and speed up the process by automating various processes and allowing relevant parties to monitor the project in real time. And the tasks associated with managing the construction draw process are no exception. Modern technology aims to simplify all processes and aspects of human existence.
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