As a General Contractor, your top priority is keeping projects on budget and on time in order to maximize your profits. Manual or outdated construction draw processes can be incredibly inefficient and frustrating not only for the Borrower, but for Title and Funds Control Companies and Lenders alike. Clunky, error-prone workflows that result in endless back-and-forth emails, document searches, and spreadsheet-sharing headaches slow your projects down.
What if you could turn hours and days of draw request work into minutes? What if you had the ability to provide clean, professional looking draw requests with inspection reports and lien waivers included in the request? Intuitive draw request software built for Builders/Borrowers can not only do that – it provides critical visibility to all parties involved in a construction project.
Construction draw software for Builders:
- Reduces Draw Turnaround Time: Gathering lien waivers, updating spreadsheets, and sifting through emails for every draw within a project can absolutely kill a timeline. The human capital alone required is incredibly expensive. The delays caused simply by waiting for email responses – even when everything runs smoothly really add up over the course of a project. Automated processes reduce human error caused by manual entry on the Borrower side while improving overall efficiency. Good draw software should allow reviewers such as Title or Funds Control Companies, and your Lender to quickly view the information and disburse your funds quickly so you can pay your Subcontractors on time and keep your project moving.
- Facilitating Construction Disbursements. Construction draw software helps streamline the disbursements process by providing a centralized platform for managing and tracking requests and ensuring that funds are released at the appropriate stages of construction completion. Inspection reports should be included in draw requests in order to reduce phone calls and emails and provide up-to-date information in order to expedite the process.
- Enhancing Project Visibility: Construction draw software provides insights and visibility for Lenders, Funds Control, and Title Companies. These tools facilitate the exchange of information, updates, and documentation like lien waivers, invoices, and other reports related to construction projects. Lenders can stay informed about the progress, address any concerns or issues, and maintain transparency throughout the construction draw process.
Drawn-out draw processes slow projects down and create potential for errors, yet many Borrowers have yet to adopt a solution that helps them reduce inefficiencies within their own processes and organization. The right draw software not only helps Builders streamline their own workflows but helps projects run smoothly and profitably.
