Regions Bank has launched a digital solution designed to make it easier and more convenient for homebuilders and developers to utilize the construction lending process.
The solution is offered by Regions in collaboration with Built, a construction finance software and payment technology leader, and is designed to give builders and developers new construction loan management options through a cloud-based platform. The app is intended to simplify the loan administration process through a portal experience that aligns the builder, inspector, lender, and other stakeholders.
“Innovating through technology that enables clients to bank when and how they want is part of our key strategic initiatives at Regions Bank,” said Danny Hill, head of the Homebuilder Finance group at Regions. “This application puts more useful information in the hands of Regions’ clients and increases collaboration among the people and businesses who are crucial to successful developments. Through its platform, our colleagues at Built are transforming the construction landscape, and we are excited about the benefits we are able to offer through a combination of Regions’ superior service and experienced bankers and Built’s digital tools in the construction space.”
Since the recent launch of the digital solution, Regions says its clients have already seen significant benefits. Improvements in the operational infrastructure have decreased competitive draw turnaround times by more than 50%, complementing Regions’ ongoing commitment to delivering a superior customer experience while making banking easier.
“At Built, we are constantly exploring ways to improve how money moves within the construction industry,” said Built CEO Chase Gilbert. “It is rewarding when we get to work hand-in-hand with lenders like Regions Bank that share our goal of simplifying the construction lending process and enhancing the experience for homebuilders and developers as they build the communities we live in.”