Construction lending is a complex process that once lacked the consistency, controls and best practices necessary for lenders to drive successful and profitable programs. There was no technology available that brought construction lending and oversight into a single management platform and lenders’ portfolios were created from multiple spreadsheets prone to errors, which hampered the ability to profitably manage loans and mitigate risk.
Since 2010, Land Gorilla has pioneered a new way of managing construction loans with its Construction Loan Manager, a cloud-based solution that makes lending faster, safer and more efficient. This technology allows more lenders to participate as they reduce construction non-completion, monitor contractor performance, proactively manage potential portfolio risks and radically improve the borrower and builder experience.
The Construction Loan Manager is the only construction loan management solution engineered by construction lending experts to protect a lender’s physical, financial and legal interests -— providing the tools and reporting necessary for post-close management.
Construction Loan Manager provides lenders full visibility into their loan portfolio, with detailed insight into pipeline health, loan-level performance and payment risk analysis. All stakeholders involved are able to stay connected around milestones, change orders and draw requests and payments.
Land Gorilla recently implemented new software enhancements, such as integrated e-signatures, a digitized lien waiver and title update process, a templated document creation tool, automated project management and native integrations with LOS solutions.
Digital Draw Management: Draw requests are submitted electronically and administrators can schedule and track inspections, request e-signatures, electronically generate lien waivers, and order/receive title updates.
Order Management: Place orders for vendor services when orders are scheduled or completed.
Risk Tracking: Risk-tracking tools include alerts when loans are approaching important milestones or falling outside of best practices.
Contractor Management: Key contractor and HUD consultant tools to gain visibility into contractor status, activity and project concentration.
Contact Database: Maintain contractor documents, profiles and acceptance status in one place.
Configurable Templates: Build a workflow based on document templates that support any loan programs.
Accounting System: Native accounting tools increase visibility and ease in managing loan transactions.
Reporting: Access to real-time data to help maintain the construction loan pipeline down to loan-level performance.
With Land Gorilla, lenders can feel confident that every step of the process is based on best practices to drive profitability, mitigate risk, maximize efficiency and provide a best-in-class client experience.
PRODUCT: Construction Loan Manager
SNAPSHOT: Land Gorilla is the No. 1 financial technology provider of construction loan management software creating a fast, safe and efficient process. Trusted by top lenders, Land Gorilla's Construction Loan Manager drives loan profitability, improves digital workflow and provides a best-in-class client experience.