Construction lending has been a manual process for decades, with banks and financial institutions managing their loans and borrowers via email, mail, or over the phone. This process drastically reduces efficiency, increasing overall risk since firms have a vast amount of paperwork to sort through.
Cloud technology and software have made it possible for the loan management process to simplify, giving lenders access to the data and tools they need to lend. Codefi’s platform utilizes cloud technology and a secure application to help construction teams and lenders implement the risk management and draw processing applications necessary to ensure project success.
Services delivered by CodeFi include:
Construction Lending Tools
CodeFi gives construction lenders the unified management platform necessary to simplify the lending process. The lending platform services thousands of loan types, including Residential, SBA, Commercial, Revolving+, and A & D.
The CodeFi platform allows for effective draw management, providing a UI where lenders can access requests, inspections, reporting, and funding in a simplified platform.
CodeFi drastically reduces the draw process time, allowing teams to process draws faster, increasing overall administration resources, and improving loan performance.
Risk management, vendor management, and portfolio reporting are also logged in the CodeFi platform. CodeFi offers predictive funding recommendations, contractor performance analysis, and various data analysis tools to assist lenders.
Risk management drastically improves when firms implement the CodeFi platform into their business. The software allows lenders, inspectors, and stakeholders to communicate directly, providing the transparency necessary for secure business decisions.
Additional Functionality for Borrowers
CodeFi has various functionalities for borrowers, which enable them to participate in the lending process effectively. Quickdraw turnaround times give borrowers the time they need to pursue other aspects of the project. This process helps teams best communicate with lenders, as requests are sent to each party promptly.
Borrowers can also order and monitor inspections, reducing the amount of downtime a team experiences while waiting for inspections or clearance. CodeFi makes the inspection process transparent so that teams can schedule around it. This simplified inspection process reduces miscommunication and allows for practical time management tools for team members.
Borrower expectations can also be reviewed and provided in the secure platform interface. This tool allows borrowers to succinctly communicate project goals to all parties involved in the construction team.
Contractors also need efficient tools for construction lending, as they have many daily tasks to oversee when on a job. CodeFi allows contractors to delegate pay to subcontractors quickly. The quick turnaround time on the cloud-based platform gives contractors and subcontractors the funding necessary to continue project progress.
Contractors can also inspect and monitor project progress directly in the software, allowing for better communication of expectations. This process also saves time while providing the team with the transparency necessary to ensure a seamless project.
Robust Inspection Platform
CodeFi’s inspection process makes it easy for inspectors to access the tools necessary to do their work. CodeFi offers an inspector-focused application, which allows them to submit application data, results, and image files to the cloud-based network.
In addition, the inspector platform is available for mobile download, which gives inspectors the ability to schedule inspections remotely. Inspectors also gain access to CodeFi’s inspector network, which helps them connect with other inspectors and contact lenders anywhere in the continental United States.
Intuitive Development Software
Portfolio management is crucial for developers. With CodeFi, developers can access financial tools, schedules, and other robust features to streamline workflow.
CodeFi’s cloud-based network allows developers to post their project documents and spreadsheets directly into the software, giving teams access to all essential documents and reports for a job. This organization gives developers the time management tools developers need to participate in other aspects of the project.
CodeFi allows developers to curate their project reports while providing the tools necessary to create custom budget reports stored directly in the CodeFi platform. Vendor and draw management tools also give developers the transparency and efficiency necessary to increase communication and reduce risks and delays.
Construction loan management has various factors, such as draw processing and communication, that can be simplified by cloud technology and secure communication. A cloud-based application can reduce these risk factors, allowing for seamless communication and innovation amongst teams.
Lenders are not the only parties that need access to these tools, as borrowers, contractors, inspectors, and developers can benefit from project transparency and management tools. CodeFi’s lending software allows all team members to benefit from the risk reduction and simplicity provided by a secure, seamless interface.
CodeFi allows for a better understanding of the lending process, providing teams the necessary tools to analyze project performance and send and request draws. This centralized communication hub allows all aspects of a project to communicate, which can benefit project progress.
Additional insight into the project can help teams make better decisions before and during the construction process while providing lenders with the transparency and communication necessary to streamline their workflow.