4 Questions to Ask Before Investing in Technology for the Construction Finance Process
Of course your lending company needs to invest in the latest technology for construction finance but that certainly does not mean that you should invest in the first option that comes along. At ECL Software we recommend you consider the following four questions before you invest in any construction finance technology products.
- How Much Time Will Be Required for Each Draw Request? This is an important question with any construction lending product: How long will the process take? In most cases, there are so many people and companies waiting on the draw request to come through that a slower process could cost a lot in both money and manpower. It is important to know how much time should be budgeted.
- What Will You Do with the Extra Time? When you invest in a product like ECL Software, you may be surprised by just how much time it frees up. How will your company use that time? We suggest asking this because it is possible that you will need to take on additional staff to bring in more sales. The more projects you can handle at once without reducing quality or accuracy, the more projects your staff should be bringing in.
- What Will the Impact Be on Both Borrowers and Builders? Depending on your specific program, there may be several industries and entities you are responsible to. This could be borrowers, builders, and everyone in between. The better you can get your part done, the better they can get their work done – whether that is paying back your loans or getting the construction off the ground. You want your clients to have consistent experiences with you no matter the type of product they come to you for.
- How Could Becoming More Efficient Affect Your Bottom Line? This is a question that requires looking at all the other questions and putting them together. Look at your current efficiency numbers and ask yourself: How could increasing that efficiency affects our company and the bottom line? If you spend ten hours a week inputting data into several systems, how much time and money could be saved by inputting it in a single place?
If you must require employees to come into the office to access data, how much could you save by allowing them to work from home and not having to provide office space at your location? Our software makes it easy to access the data they need from anywhere.
If you are interested in finding out more about this process and what you can do, contact ECL Software at 800-625-5972 to request a free demo with your particular needs in mind.