NASHVILLE, Tennessee – (COMMERCIAL THREAD) –Built, the fastest growing construction finance platform in the United States, has been selected by Valley Bank to power its construction management solution.
Valley Bank is a regional banking 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 one of the first partners in the Future State Operating Model (FSOM) that Valley is developing to improve automation and efficiency throughout its operations.
Built is a cloud-based solution that will be used by Valley, its customers and their representatives to eliminate the tedious and paper-based tasks associated with the construction loan management process, such as document collection and inspections. Customers can digitally request prints and collaborate with key stakeholders through Built. Valley selected Built for its ability to monitor / track various types of construction loans and its strong reporting capabilities. Built’s software is expected to improve the Bank’s financing times by 25%.
“Valley continually seeks the best of everything for its customers and associates, with a focus on improving the customer experience, deepening relationships and leveraging a larger ecosystem,” said Robert J. Bardusch, Executive Vice President and COO of Valley. “Built helps us on all of these fronts, and they share a common passion for excellence. We are proud to partner with Built to deliver a more streamlined and seamless experience for our customers.
“Valley is a forward-looking, multi-billion dollar, multi-state commercial lender with a broad construction portfolio,” said Chase Gilbert, CEO of Built. “This requires not only active day-to-day management, but also strong reporting to ensure effective management of construction risks. The Built platform is designed specifically to meet these needs while providing a truly digital and convenient borrowing experience.
Valley is hosting a roundtable on October 13 at CRETech which includes Amrit Gill, Head of Partnerships for Built Technologies, titled “Building for innovation: how banks are adopting CRETech. ”
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, real estate developers, commercial general contractors, residential home builders, specialty contractors, securities companies and other critical industry suppliers to improve the flow of capital in the construction ecosystem. By connecting all key stakeholders involved in the construction finance process in real time, the Built platform helps mitigate risk, accelerate debits and payments, ensure compliance and retain customers. Built is used by more than 150 of the major US and Canadian construction lenders and thousands of developers and contractors. For more information visit www.getbuilt.com.