How To Streamline Construction Lending Operations?

June 30, 2021

Managing the construction lending process can be challenging. Multiple stakeholders are typically involved; no project is the same; and documentation is overwhelming. In order to drive profitability, enable scale, and ensure clients are satisfied, it is critical to establish efficient operations:

 

1. Unified Project Visibility - Ensure that there is one place where projects are tracked and documents can be referenced. Construction projects are always changing and it is critical that all team members can reference a common source whether in the office or working remote.

2. Consistent Reporting - Assessing different projects across your portfolio shouldn’t be like comparing apples to oranges. Common standards and aligned reporting will enable consistent processes - enabling increased speed while minimizing risk.

3. Rapid Turn Times - Trying to manage multiple inspectors and coordinate around availability and coverage will inherently delay the process while consuming your team’s valuable time. A vendor with a broad network and established systems can make this process painless.

4. Experienced Support - Things don’t always go as planned and projects can be complex. Partnering with an experienced field partner who understand construction and has seen previous cycles can enable your team to identify appropriate courses of action.

5. Specialized Portfolio Management Tools - Complexity in in the construction lending process can sometimes be addressed by using specialized tools. Check with vendors for features such as subdivision management, integrated invoicing, custom reporting, or portfolio management.

 

Founded in 1985, NorthWest Construction Control (NWCC) provides leading lenders with streamlined yet comprehensive field services and risk mitigation solutions. As a provider of critical field services, our process is powered by proprietary technology, a nationwide network of vetted inspectors, and an experienced support team that together enable exceptional service nationwide:

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