White Paper: Future-Proof Your Construction Lending Program

Posted by Tim Ryan on 8/20/18 4:24 PM

The United States is experiencing one of the most prolonged economic growth cycles on record. This cycle has led to an expansion of the commercial construction industry with growth expected through 2020. However, in addition to the “what goes up must come down” history of recessions, signs of a potential downturn are peeking their heads up from behind the cinder block. We’re beginning to see subtle signs of a slowdown, like the upward inching of interest rates and inflation, and not so subtle signs, like skyrocketing costs for materials and trade wars.

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Topics: Construction Loan Management, Trends in Construction Loan Software

Contract Simply Product Demo Video

Posted by Will Mitchell on 6/20/18 11:38 AM

Curious to see what machine learning in banking looks like for construction lenders and borrowers? We were too, so we built technology that combines AI and machine learning to change the face of construction loan management forever.

By connecting the dots between budgets, invoices, and lien releases, Contract Simply can help predict future issues and confirm everything is on track in minutes instead of days.

Seeing is believing! Check out the video below and afterward we'll set up a time to show you how it works with your draw documents.

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Topics: Trends in Construction Loan Software, Construction Loan Management, Draw Application Processing, Machine Learning in Banking

Contract Simply Uncovers $40 Billion of Excess Costs in Construction Industry

Posted by Tim Ryan on 6/6/18 4:09 PM

General Contractors are familiar with the risks associated with liens. More often than not, subcontractors file them to ensure payment for invoiced work. It's a regular part of doing business, but liens are a costly and potentially time-consuming risk for builders and lenders .

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Topics: Trends in Construction Loan Software, Construction Loan Management, Draw Application Processing

Machine Learning in Banking and Construction Loan Administration

Posted by Tim Ryan on 4/7/18 9:40 AM

One of the hottest trends right now is machine learning in banking. The eye-opening implications technological advances like machine learning have on construction loan administration and process automation are now reaching the surface. Many of us experience the outcomes of machine learning every day. For example, Netflix and Amazon use algorithms to give us a movie or shopping recommendation based on our prior behaviors. CitiBank utilizes machine learning to evaluate “big data” to prevent fraud and monitor potential threats to customers. Even the United States Postal Service performs character recognition of handwritten characters using an algorithm and a computer vision system behind it.

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Topics: Construction Loan Administration, Trends in Construction Loan Software, Machine Learning in Banking

SaaS - Digital Trends in Construction Loan Administration

Posted by Tim Ryan on 3/14/18 4:49 PM

Although post-closing management of construction loans is an area ripe for game-changing process improvement, it has been largely underserved by technology. There are many variables in construction loan administration including draw processing, review of AIA G702 and AIA G703 forms, borrower to contractor payment and lien release processing, and a million other details. Much of the work is done manually and it's a lot for both construction loan administrators and borrowers to juggle. Enter FinTech and construction loan software for commercial lenders and real estate developers.

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Topics: Construction Loan Software, Trends in Construction Loan Software

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Helpful Resources

Contract Simply Construction Payments Report 2018

Contract Simply Kickstart Guide to Construction Loan Software

White Paper - Future-Proof Your Construction Lending Program from Contract Simply

Contract Simply Infographic on Construction Loan Administration

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