In the modern world, there is no more need for borrowers to wait months for their draw requests to move through the construction draw process before receiving payment. Just as there is no need for construction loan manager at the bank to lose sleep over handling the paperwork and monitoring the ins and outs of construction loan management. Construction loan software fast tracks much of the work currently done manually.
Modern technology aims to simplify all processes and aspects of human existence. And the tasks associated with managing the construction draw process are no exception. 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.
Lenders want to release a draw request as quickly as possible. Why? Because a construction loan does not start accruing interest until the funds are disbursed. On the other side, the borrowers want money to pay vendors and contractors as quickly as possible. Everyone has the same incentive - to approve a draw request as quickly as possible. And everyone benefits from faster payments.
Topics: Construction Draw Process