When the housing industry crashed in 2007, construction lending was viewed as high risk and regulations were added to an already-struggling industry, causing many lenders to stop originating those loans. Around the same time, the concept of cloud computing — using a network of remote servers for data storage and management — was beginning to take off in the information technology sector.
It was in this environment that Land Gorilla developed a solution to encourage lenders to confidently return to construction lending by making it easier to collaborate and manage construction loans via cloud.
Before the launch of Land Gorilla in 2010, there was no available technology that brought construction lending and oversight into a single management platform. Lenders’ portfolios were created from seemingly countless spreadsheets prone to formula errors, lacking aggregated reportable data, and requiring timely manual entry — all of which hampered their ability to mitigate risk.
Land Gorilla offers the only construction loan management solution engineered by construction lending experts.
Land Gorilla’s product, Construction Loan Manager, provides lenders with full visibility into their loan pipeline, with detailed insight into pipeline health, loan level performance and payment risk analysis.
All stakeholders involved in the project — such as lenders, contractors, borrowers, and inspectors — are able to stay connected around milestones, change orders and draw requests.
As a result, lenders are able to manage construction loans 82% faster with lower associated costs. Construction Loan Manager also gives lenders access to a panel of 11,000 vendors to order services directly through the platform. Users appreciate the ability to scale with channel production, streamlining the construction loan process with an easy-to-use interface, a painless onboarding process and risk mitigation alerts.
All features of this product help avoid common mistakes while speeding up the process with more efficiency and accuracy.
Other features include:
Key contractor and consultant tools to gain visibility into contractor status, activity, and project concentration.
Essential tools to calculate interest monthly billing statements, including interest matrix, loan ledger, state tables, and statement transactions.
Superior account reconciliation features including account connection, payments, payment history, check printing and account reports.
Custom reporting tools to gain visibility into the performance of a single loan or an entire pipeline. Standard reports include 1098/1099 reports, draw reports, contractor reports, consultant reports and billing statements.
PRODUCT: Construction Loan Manager
SNAPSHOT: Land Gorilla’s Construction Loan Manager is the most complete software to manage and streamline all aspects of the loan process — from pre-closing due diligence to post-closing draw administration. Featuring comprehensive draw management, servicing functionality, and reporting tools, lenders gain efficiency and scalability, and mitigate the risk associated with construction lending.