Search More Effectively For Your Bank’s Best Fit
Construction Lending used to be simple – Not Anymore.
The construction industry has grown and become more diverse and sophisticated, so has construction lending. Multiple products are offered today: Commercial, Residential, Subdivision, Mortgage, Rehabilitation, Infrastructure, and Collateral Based Credit just to name a few, and every type needs specific tools to assist in monitoring or tracking the funds as well as facilitating their disbursement.
It can be confusing – so when you are searching for a construction lending product on the internet, what do you search for? Check out the information below for a quick guide.
A Quick Guide to Searching for Construction Loan Products
If you are a residential or commercial construction lender and you need a software platform that will track the budgets and line item values of a construction budget or contract and you will also use the services of an inspector to verify each item that is been “drawn” against, then you will search for the following:
- Construction Loan Monitoring Software
- Construction Loan Management Software
- Construction Loan Draw Software
- Construction Loan Tracking Software
- Construction Lender Tracking Software
- Construction Loan Servicing Software
If you are a residential or commercial construction lender and you need to do all the above and you ALSO need to be able to disburse the funds via either a connection to your Core Provider system (FIS, Fiserv etc.) or you need the system to produce a check or track the payments, then you will search for the following:
- Construction Disbursement Software
- Construction Loan Disbursement Software
- Construction Payment Software
- Or ADD the Disbursement or Payment to the search terms in the previous section.
If you are a collateral based lender who lends to only larger scale builders or developers and your unit of measure is the value of the collateral provided vs the overall percentage of completion to the “units” (lots or improvements) on the site. Then you will search for the following:
- Construction Collateral Monitoring Software
- Construction Credit Line Software
- Commercial Construction Collateral Tracking (or Monitoring) Software