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NASHVILLE, Tennessee, September 16, 2021 (GLOBE NEWSWIRE) – Technologies built, leader in construction finance software, announces that its solution has been implemented by Live Oak Bank. Live Oak uses Built’s cloud-based software to support its growing construction loan portfolio, spanning its SBA, USDA, and commercial loan programs.
Built, whose software has been used to manage more than $ 100 billion in construction spending since 2015, gives users real-time loan visibility. Everyone involved in the loan process can view real-time progress data, such as availability of funds and inspection status. By centralizing communications and improving data and transparency, drawdown requests and disbursements are processed faster than ever.
Built and Live Oak have worked together for over two years to develop a leading C&I construction loan management solution. Together, the companies have developed several new features that benefit lenders who participate in government guaranteed loan programs and that focus on compliance, ease of use and efficiency.
“Our new construction loan management solution powered by Built is another way to deliver efficiency, expertise and speed to our customers,” said Huntley Garriott, president of Live Oak Bank. “All the information our borrowers need to access prints, budgets and inspections is right at their fingertips, streamlining a complex system with next-generation technology to keep our client at the center while providing a best-in-class solution to the loan process. . “
“We are extremely proud of the partnership we have formed with Live Oak,” said Chase Gilbert, CEO of Built. “From our first meetings to iterative development of new features, activation and training, it has been a real partnership. We’re excited to help Live Oak deliver a digital experience for our customers and streamline the construction loan management process, while continuing to treat every customer as the only customer.
About Live Oak BankLive Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally-focused, FDIC-insured bank serving customers across the country. Live Oak brings a revolutionary twist to service and technology to redefine banking services. Our products help customers buy, grow and grow their businesses, as well as high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.
About Built Technologies
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, commercial property owners, commercial general contractors, residential home builders, specialty contractors, securities companies and other industry suppliers to improve the flow of capital in the construction ecosystem. By connecting in real time all the key stakeholders involved in the construction finance process, the platform helps mitigate risk, accelerate debits and payments, ensure compliance and inspire loyalty of clients. Built is used by more than 140 of the nation’s leading construction lenders and tens of thousands of homeowners and contractors to manage more than $ 100 billion in annual construction expenses. For more information visit: www.getbuilt.com.
Media contact: Kevin WolfTGPR[email protected]
Source: Built technologies