The New Jersey-based bank expects to improve funding turnaround times by 25% with Built’s software
NASHVILLE, Tenn., October 13, 2021--(BUSINESS WIRE)--Built, the fastest growing construction finance platform in the U.S., has been selected by Valley Bank to power its construction management solution.
Valley Bank is a regional bank holding company headquartered in Wayne, New Jersey, with approximately $42 billion in assets. It has a construction loan portfolio of over 700 loans. Built is an early partner of the Future State Operating Model (FSOM) that Valley is developing to enhance automation and efficiency throughout its operations.
Built is a cloud-based solution that will be used by Valley, its clients and their designees to eliminate time-consuming, paper-based tasks associated with the construction loan management process, such as document collection and inspections. Clients can digitally request draws and collaborate with key stakeholders through Built. Valley selected Built for its ability to monitor/track various construction loan types and its robust reporting capabilities. Built’s software is projected to improve the Bank’s funding turnaround times by 25%.
"Valley continuously pursues the best of everything for its customers and associates, putting an emphasis on enhancing the customer experience, deepening relationships and leveraging a broader ecosystem," said Robert J. Bardusch, senior executive vice president and chief operating officer, Valley. "Built helps us on all of those fronts, and they have a shared passion for excellence. We’re proud to partner with Built to deliver a more streamlined, seamless experience for our customers."
"Valley is a future-focused, multi-billion-dollar, multi-state commercial lender with an extensive construction portfolio," said Chase Gilbert, CEO of Built. "This requires not only active daily management, but also robust reporting to ensure that it is managing construction risk effectively. The Built platform is designed specifically to meet those needs while providing a truly digital and convenient borrower experience."
Valley is hosting a panel session on October 13 at CRETech that includes Amrit Gill, head of partnerships for Built Technologies, titled "Building for Innovation: How Banks are embracing CRETech."
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, property developers, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other critical industry vendors to improve the flow of capital through the construction ecosystem. By connecting all key stakeholders involved in the construction financing process in real-time, the Built platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 150 of the leading U.S. and Canadian construction lenders and thousands of developers and contractors. For more information, visit www.getbuilt.com.
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Robin Bectel, REQ for Built Technologies