Construction Lenders Replace Antiquated Inspection/Draw Process with Advanced Mobile Technology
Oct 8, 2020
EL CAJON, Calif., Oct. 9, 2020 /PRNewswire/ -- The builder draw process hasn't changed in decades. When a builder/borrower is ready for their next draw, this triggers a series of events that is slow, inefficient and expensive.
The builder requests a draw; the lender orders an inspection from an inspection company; the inspection company sends out an inspector; the inspector files a report with the inspection company; the inspection company provides the lender with the report; finally, the lender releases the funds. This cycle can take days or even weeks. The inspection might cost $200-$300 or more.
InSite Funding from AxisPointe replaces the inspection company with advanced mobile technology. When a builder is ready for a draw, they use the InSite Mobile app to photograph the completed work and file the report themselves. InSite Mobile captures the GPS coordinates of the photos as part of the process. Within 60 minutes, an AxisPointe construction expert verifies the information and releases the request to the lender. It's entirely possible that a builder could request a draw in the morning and those funds could be released that afternoon. And all this happens at a fraction of the cost of the old method.
AxisPointe is exhibiting at the Jack Henry Annual Conference 2020, a virtual conference hosted October 12-15 by Jack Henry & Associates (JKHY). Any construction lenders on a Jack Henry core platform are invited to stop by the virtual AxisPointe booth to learn more about this innovative product.
"Banks spend plenty of money on their lending systems, but somehow this small piece got overlooked – until now," said AxisPointe CEO Stan Luhr. "InSite Funding saves time and money for both construction lenders and their borrowers. Plus, our open architecture ensures that we can integrate with any existing lending platform."
About AxisPointe
Based in El Cajon, Calif., near San Diego, AxisPointe specializes in software and automation tools for the construction industry. Headed by CEO and nationally recognized construction forensics expert Stan Luhr, the company offers a full suite of products designed to bring the building industry into the 21st century. At the heart of this suite is InSite Mobile, a mobile app that brings broad functionality once available to only the largest builders to builders of any size. Additional information is available at www.axispointe.com.
Contact: John San Filippo
Phone: (619) 467-0431
Email:
[email protected]
SOURCE AxisPointe
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