Built offers the tool to financial institutions affected by the coronavirus outbreak
Built, a provider of construction finance technology, had developed a limited version of its flagship Construction Loan Administration software to help lenders monitor construction and renovation loans during the COVID-19 crisis.
Built said that it designed the technology to enable financial institutions to immediately identify portfolios impacted by the pandemic.
“This crisis is unprecedented, and we want to ensure that financial institutions have the tools they need,” said Chase Gilbert, CEO and co-founder of Built. “Offering lenders our Built Insights product, ongoing inspection monitoring, and an automated data import from their core/servicing platform provides financial institutions with an immediate ability to identify loans impacted by COVID-19 events.”
Additionally, Built's software provides monitoring reports of construction stalled by the coronavirus outbreak, as well as an overlay of their financial institution's portfolio that highlights impacted projects and property types.
“These are difficult times and remind me of lessons learned in the 2008 downturn. Lenders must have key data points collected via frequent inspections to know the status of each construction loan, ultimately generating an aggregated portfolio condition that supports critical financial decisions,” said Jim Fraser, director of CRE strategy at Built. “Unfortunately, as loans are impacted by the COVID-19 crisis, lenders need to know exactly where their collateral stands so they can answer the hard questions and proactively, rather than reactively, mitigate their risk.”
