Company: Built Technologies
Nomination Submitted by: Req
Company Description: Built is the leading provider of construction and real estate fintech. Through a centralized platform, Built enables increased efficiency, collaboration, transparency, and business agility, allowing customers to improve the way that the communities around them are built. The Built platform is used by 250+ leading lenders, asset managers, and thousands of developers, home builders and contractors.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Construction Management Solution
 Nomination Title: Built Technologies The Built Platform
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Founded in 2014, Built Technologies began developing technology to fix construction lending and spending for the construction finance ecosystem, an industry notorious for its reliance on manual tracking and paper documentation processes. Early technology was designed to assist in construction loan administration and lien waiver management processes, all within one centralized platform, servicing the needs of lenders and borrowers in the construction ecosystem.
As Built matured and experienced success with their solutions for stakeholders in construction and commercial real estate lending, the company realized a need to develop solutions for processes downstream pertaining to construction project management software. These new solutions would address pain points experienced by general contractors, developers, vendors and more.
Since January 2021, Built has made a number of advancements in servicing stakeholders at every stage of the construction project lifecycle. The following brand new solutions enhance and expand the utility of the Built platform, making it a one-of-a-kind, all-encompassing solution in the construction and real estate ecosystem.
Built Payment Management – Beta Launched December 2022
Built Payment Management enables general contractors to more quickly and efficiently pay their subcontractors, vendors, and other partners on site. The payment management software is linked with Built’s Trade Partner Management, therefore mitigating risk in each and every payment made. The link between the two solutions leads to a more secure, more efficient project that enables faster payments, prioritizes compliance, and prevents unnecessary payment delays.
Currently, Built is working with a number of customers to test the product’s Beta in real time, making requested adjustments according to the stakeholders’ needs.
Trade Partner Management – Launched September 2022
Trade Partner Management is a suite of tools designed to enable risk mitigation practices, helping project stakeholders identify, evaluate, and verify trade partners at every phase of a project. The tool provides the visibility needed to prequalify subcontractors, monitor compliance and financial status, and evaluate performance throughout the duration of a project. Trade Partner Management includes a portal for contractors to upload documentation for timely review of sensitive documents, expediting a traditionally time consuming process. Built provides proactive alerts to users with timely compliance updates, ensuring risk mitigation throughout the entire project lifecycle.
Additional products launched in the last two years include:
Inspections Technology and Services – November 2022
This solution streamlines tedious inspections workflows, increases project visibility, mitigates risk and proactively accelerates construction draws. Lenders have more options to digitally verify their project’s process, and can expedite inspection scheduling with access to a nationwide network of pre qualified inspectors. Lenders can opt to use their own trusted partners through the Built platform.
Project Pro – Launched June 2022
Project Pro is the first-of-its-kind contractor management and project monitoring solution for lenders, which equips lenders with the tools to proactively monitor and manage the risks that exist in their construction portfolio. These monitoring capabilities ensure the smooth flow of money throughout the ecosystem of project stakeholders, and ultimately, eliminating avoidable project delays.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 348 words used.
The Built Platform helps digitize the entire construction process, modernizing one of the least digitized industries that has long held onto antiquated practices. With the integrated Built dashboard, users can manage all aspects of their project from a centralized, online location. Convenience and accessibility are key to Built’s priorities to ensure that users have the proper tools to complete projects safely, efficiently, and in compliance.
Built’s platform includes a Built for Contractors solution that allows contractors to simplify documentation and payment management; Built Construction Loan Administration (CLA) allowing lenders to streamline management of entire construction loan portfolios; and Built Marketplace, an offering to automate inspections, project monitoring, and contractor management.
Built’s CLA provides a centralized platform for lenders, borrowers, contractors and inspectors to efficiently manage construction loans. Its draw management capabilities increase efficiency with a streamlined draw process so that customers get the capital they need to complete projects faster. CLA also allows users to set up and standardize clear draw disbursement procedures, optimizing nearly every aspect of their workflows with technology. It also decreases draw turnaround times - from 10 days to 2.6 days on average - with optimized workflows that empower teams to increase loan volume without adding headcount. This is especially important in an industry where delays have costly ripple effects.
Built for Contractors keeps projects on track by simplifying and automating subcontractor invoicing and payments. With the subcontractor invoicing feature, subcontractors can easily fill out pay applications and sign lien waivers directly in the platform. GCs can track compliance documents and automatically notify subcontractors before expiration, and view compliance status for a subcontractor before remitting payment. The lien waiver management solution allows contractors to choose desired templates and select applicable subcontractors and lower-tier vendors to create and send lien waivers in seconds. They can also send subcontractors secure, timely electronic payments via ACH transfer.
Built Marketplace transforms the construction loan origination and administration process by instituting operating controls in construction from a series of unpredictable, reactive tasks into a standardized set of processes and risk monitoring that helps loan admins make smarter decisions.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 338 words used.
Built was used in 2022 by thousands of construction professionals in the management of 324,000 construction projects. Built’s nationwide lending customer base has grown to include 256 banks and other lenders, including 160 active users of Built’s Marketplace products. Additionally, more than 93% of these customers leverage the company’s Inspections Technology & Services resulting in the fulfillment of approximately 10,000 progress inspections per month through Built’s nationwide inspector network. More than 25% of lenders working with Built also use the company’s leading risk monitoring and management offering, Project Pro.
In late 2021, it reached a valuation of $1.5B and unicorn status. The positive reception of Built’s Platform since its launch and its growing user base has been a testament to not only the success of the product, but also to the success it has led to for Built’s customers. Reviews and testimonials emphasize the usability of the platform, the professionalism of Built’s customer service team, and the technology’s seamless adoption process. Users are pleased to know that the Built Platform will save them time and money while mitigating risks.
This level of market penetration, which Built has achieved over the last 3-5 years, has been instrumental in the company securing more than $312.7 million in funding from leading venture investors along with customers and a number of top lending executives.
Testimonials:
“The efficiency gained is important – there’s a singular hub for communication, file transfers – it’s critically important for scale and growth. The less time you have to spend looking at email or calling a contractor or inspector the better. Any minute of my team’s time I can save so they can focus on our customers is beyond valuable.”
“The efficiencies that Built provides allow us to better bridge the gap between lender and customer. This creates a better experience for everyone in what is usually one of the most stressful endeavors in a customer’s life.”
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 243 words used.
See how the Mann Mortgage team turned to Built when tasked with bringing their construction process back to the standard they aim for. Built provided a means for Mann Mortgage to efficiently manage their entire portfolio and provide all key parties a centralized location to communicate and monitor critical loan information in real time.
Like many builders, Paul Kowalski Builders was forced to settle for inconsistent and manual draw processes established by the lenders it was working with. Draw requests were often facilitated via email or phone call and payments were tracked using spreadsheets. After partnering with a lender that used Built, PKB experienced the simplicity and efficiency of a digital draw process. With Built, the transfer of funds was quick, predictable, and transparent–allowing PKB to build faster and deliver the streamlined experience its customers expect.
Built’s Marketplace transformed the way Altra FCU managed its inspection process by enabling instant upload of photographs, easy invoice management, and quick communication; aggregating preferred vendors and making them easily accessible; and procuring, reviewing, and managing vendors and providing assessments whenever necessary.
Live Oak Bank has been able to become one of the top SBA lenders in the country through its tech focus. Learn how their adoption of the Built platform enabled them to disrupt the financial services industry by implementing better tools, such as the Eligible Use of Funds feature, for their staff and borrowers to work faster, and get money moved toward projects more quickly.
| Attachments/Videos/Links: |
|---|
|
