Valley Bank picks Built as its construction management solution partner

Valley Bank picks Built as its construction management solution partner

by Pranali Mehta

Construction fintech startup Built Technologies has reportedly been selected by regional bank holding company Valley Bank to streamline its construction finance management. The software from Built is likely to reduce the Valley Bank's funding turnaround times by 25%.

It is worth noting here that the New Jersey-based bank holds assets worth USD 42 billion and has a construction loan portfolio of about 700 loans.

Meanwhile, Built is a cloud-based system that Valley, its customers, and their designees will utilize to automate time-consuming, paper-based procedures including, document gathering and inspections in the construction loan management process.

The company allows clients to digitally request drawings and engage with partners. Built’s ability to monitor and track various construction loans and its comprehensive reporting features apparently compelled Valley to select the firm to enhance its operations.

Robert J. Bardusch, Senior Executive VP and COO of Valley, expressed Valley strives to provide the best of everything to its customers and associates, focusing on improving the customer experience, deepening relationships, and leveraging a broader ecosystem.

Built would assist them on these fronts, the company claimed and is excited to work with the fintech startup to provide their clients with a more streamlined, seamless experience, he continued.

Built CEO, Chase Gilbert, described Valley as a multi-billion-dollar, future-focused, multi-state commercial lender with an extensive building portfolio. The partnership will not only necessitate active daily monitoring but also allow for thorough reporting to verify effective management of construction risks.

The tech company is specifically designed to address these objectives while delivering a fully digital and convenient borrower experience, he added.

Valley claims to offer customized financial solutions that assist its clients in overcoming their most challenging issues and seizing their most promising opportunities. Built, as the bank believes, shares a similar passion for excellence and will help them deliver maximum value to their customers.

Source Credits –

https://www.businesswire.com/news/home/20211013005722/en/Valley-Bank-Selects-Built-Technologies-to-Streamline-Construction-Finance-Management

 

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writRead more...