Loans are not unusual in large companies. When a large firm decides to build new establishments, loans usually happen. Since managing loans can get hectic and challenging, you need a technology partner that ensures accurate records, processes, and transactions. You will need construction loan management software. Continue reading below for more.

5+ Construction Loan Management Software

1. Construction Loan Manager

construction loan manager

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Rating: 5/5

Price: Custom

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2. DrawTrak

drawtrak

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Rating: 4.3/5

Price: Custom

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3. Built

built

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Rating: 5/5

Price: Custom

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4. Handle.Com

handle

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Rating: 5/5

Price: Custom

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5. Wefund

wefund

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Rating: 4.9/5

Price: Custom

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6. Fund Control

fund control

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Rating: 5/5

Price: Custom

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What is Construction Loan Management Software?

Loan management always requires flawless processes. Constructions can be a big project that needs a massive amount of money, all the more to ensure faultless management. Technology offers software to the professional industry, a technological tool that ensures accurate management and strategic planning that assists you in reaching your objectives. Construction loan management software provides various advanced features and functionalities to help you organize, analyze, and evaluate loan critical factors. You can use such a tool to improve decision-making processes and achieve impressive results. You can process and finish numerous tasks worth a couple of days of work to one day. With loan management software, you can save time and enable convenient methods.

Benefits

Loan management software offers numerous benefits and advantages to your management. As we all know, manual methods would not suffice, especially these days where most firms use technology. Loan management software helps you perform multiple tasks within a single platform and in a short time. Such a tool allows you to do your work in a day instead of a couple of days.

Features

Numerous technology companies developed loan management software that is helpful. Features and functionalities differ depending on the platform. Several platforms offer advanced features, while some give out empty promises. Software is expensive. Hence it is crucial to check its reliability before buying it to avoid purchasing irrelevant and disappointing tools. There are ways to research the software’s capabilities, such as reading reviews about pros and cons or trying their free versions and trial if available. The following are features you should consider in your research:

Top 10 Construction Loan Management Software

1. Built

Built Technologies is a business technology firm that focuses on streamlining draw management for construction lenders. Built Technologies has annual revenue of $30.6 million and 235 employees.

2. Construction Loan Manager

Construction Loan Manager from Land Gorilla provides construction loan management software and services aimed at reducing risk and streamlining workflow. Land Gorilla has annual revenue of $14.6 million and 101 employees.

3. Handle.Com

Handle.com is construction software that assists material suppliers and subcontractors in resolving two major industry issues. Handle includes cash management, accounts receivable, billing, and invoicing. Handle has annual revenue of $12.6 million and 50 employees.

4. Wefund

Wefund’s proprietary technology provides unprecedented insights and transparency, giving Developers and Lenders confidence that ultimately delivers the best solutions and competitive pricing available in the market. Wefund has annual revenue of $9 million and 41 employees.

5. DrawTrak

DrawTrak is a system for lenders of residential and commercial construction loans that allows you to track each stage of the loan from the builder’s cost estimate to the final draw, with reports at each stage to catch potential problems. DrawTrak has annual revenue of more than $5 million and more than 25 employees.

6. Fund Control

Fund Control from ECL Software is easy to use and set up to your specifications, enables change management, documents, inspections, and controls disbursements. ECL Software has annual revenue of $1.6 million and eleven employees.

FAQs

What is loan management?

Loan management is the process of managing the loan’s critical factors. Loans have complex and multiple documents and data to process. Most individuals request loans to finance projects and other purposes as not all people have a large amount of savings to buy pay in one go. Since loans require accurate transactions and procedures, loan management exists.

Why is loan management important?

As we all know, loans involve money and other kinds of assets. Allowing people to borrow money is risky alone. That is why loan management is crucial. It is to ensure fraud prevention, mitigate risk, and gives accurate information. High-quality loan management helps your financial institution avoid unfortunate events that can bring your business to rock bottom.

What is the definition of construction loan administration?

Construction loan administration is the task of finding and closing the construction loan. It entails a plethora of procedures and requirements that allow loan administrators to analyze and evaluate to complete the funding and closing of the construction loan.

Loan by different businesses and individuals that plans to build infrastructure happen from time to time. Every loan requires flawless and comprehensive transactions to build trust with your clients. However, processing multiple loans while ensuring quality assurance is not simple, you will need the assistance of construction loan management software to meet the expectations of your customers, ensure good customer service, customer satisfaction, and make your job easier. 

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