Bank Labs Construct product, is an easy-to-use, web-based service that automates the construction loan management process for community banks. Accessible from any mobile device or computer, it eliminates paper files and spreadsheets, improves loan officer and loan admin productivity, and improves the experience for the builder, borrower and inspector.
Our newest product, +Pay, attracts new borrowers, new fee income and new deposits for the bank. It integrates with Construct and automates the payment stream between builders and sub-contractors. Builders and subs love the faster process and eliminating paper with electronic lien waivers and invoices, and automated 1099 tax reporting. New payment options including Same Day ACH make it faster and easier for the sub-contractor to get their money and to pay their employees. No more driving all around town for a check!
The Solution
Bank Labs Construct is construction loan software that modernizes the community banks' construction loan management process without disrupting the current environment. It's fast, easy to implement and very easy to learn, making the process more efficient for everyone. Features include:
Provides secure, instant access to loan details, documents, photos, inspection reports and draw history via mobile device or computer.
Automates the inspection process, including percent completion, time-stamped site photos and notes, all validated with GPS.
Uses standard or custom budget templates; project specific changes can be made easily.
Automatically calculates the correct construction draw amount and mitigates the risk of overfunding projects.
Supports different user roles: loan officer, admin, inspector, builder, borrower, examiner, and bank executive.
Examiners can access your loan information and reports without being on-site, at the bank.
Generates lender and management reports on the bank, branch, banker or builder level.
The Benefits
Profit
- Reduce loan administration time by 50%
Fund draws 1 to 3 days earlier
Lower inspection costs
Risk
- Mitigate overfunding risk
Identify potential portfolio risk
Validate inspections via GPS mapping
Relationships
- Enhance the borrower and builder experience
Mobile access
Free-up loan officer time to develop
more relationships
The Process
Getting started is fast and easy. Most community banks are up and running in one hour. Our startup process is designed to minimize efforts required by loan officers and loan administrators, thereby not disrupting the bank’s daily activities. Startup process highlights:
- Each user will be loaded with permissions custom to their role(s): loan officer, admin, inspector, builder, borrower, examiner, and bank executive.
- We can replicate your internal budget templates for different project types so there is no learning curve. Our templates are also fully customizable, so they can fit any residential or commercial project. Some banks use this as an opportunity to build a standardized library of templates for loan officers to use across the bank.
- You can start using Construct as new projects come in, or we can help you load existing projects into the system. Each project takes only a few minutes to load.
- Learning Construct is quick and easy. It is designed to be intuitive with ease of navigation throughout the site. Training typically takes less than an hour and can be done online.
- Inspectors love the amount of time it saves.
- Reporting is automated. As changes are made in Construct, total funding commitments are available via mobile devices to bank executives, your loan committee and other authorized users.