Built Technologies' Leap: Modernizing Construction Loans with TechVision.

About the project

Staying up to date with the advanced technologies that we have now is key to staying competitive in the market. However, the construction lending process hasn’t changed much in the last 30 years. Our client – Built Technologies, saw a chance to break the status quo in the construction lending process. They were looking for a new way for construction lenders to manage loans using a modern digital platform. With our help we found a way ‌to make the lending process easier and faster. The project also improved how users interact with the loan process and set new standards in the financial services sector.

Client:

financial sector

Location:

USA

Industry:

Financial services

Platform:

Web

Team Size:

10 members

Project duration:

4 years

Technologies & tools:

.Net

Angular

PostgreSQL

Azure

Business Needs

Challenges

The processes in the construction lending industry were outdated for a while which led to a huge technological gap. With slow operations and other inefficiencies, there was also a risk of errors and delays. And of course, customers needed faster and more seamless loan processes. Our client Built Technologies noticed these challenges and made them their opportunity to innovate and set new standards in the industry.

We support. We improve.

Solutions

Our team at TechVision was in a collaborative partnership with Built Technologies. We worked closely with their existing development team to build a solution much faster. This hybrid collaboration with the client’s team really sped up the process of delivering the solution as we could share feedback and iterate right away. This also accelerated the design, development, and deployment stages of the mobile and web platforms. Here are some of the key solutions:

Streamlined Loan Processing
With the help of automated workflows and digital document management, we managed to reduce the time that is required for loan approval and disbursement from 15 hours to 9 hours.
Real-time Project Monitoring
Project management tools made it possible for the construction lenders to keep track of how projects were going and how much money was being spent.
Enhanced User Experience
We made sure to build a user-friendly interface and mobile access to make it easier for both lenders and borrowers to use and enjoy the service, increasing user satisfaction by 27%.
Scalable Architecture
With our cloud technology, it becomes so easy to grow and change things in the future. This also made the platform more flexible which makes seamless updates possible as the industry evolves.

40%

Reduction in loan processing time

27%

Increase in user satisfaction

9h

Loan approval & disbursement time

6

Months from kickoff to launch

that received

Results

The solution TechVision created in collaboration with Built Technologies brought noticeable results in the construction lending industry. The platform completely changed the way lenders operate which resulted in several points:

✓Increased Deal Flow

Because construction lenders could use the new modern platform to process loans more efficiently, they now can handle a higher volume of deals at the same time. This meant that not only could they increase their revenue but also improve customer satisfaction as the wait time was reduced.

✓Reduced Administrative Costs

As many processes are automated now, many manual tasks and workflows don’t take up that much of lenders’ time. They can now use their resources more effectively by focusing on more important activities rather than paperwork.

✓Time and Resource Savings

Such a quick development of the solution made sure that Built Technologies could come to market just in 6 months which saved a lot of time and reduced development costs. This smooth implementation meant that Built Technologies could start taking advantage of the new platform right away.

✓Continuous Improvement

The architecture and cloud technology are key for further improvements and updates. Now, Built Technologies can easily add new features, scale the system as they prefer, and adapt to future industry changes and trends.

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