Fintech: Southeast News

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Posted October 28, 2020

NASHVILLE, Tenn., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Built, the leader in construction finance software, has integrated its platform into the nCino Bank Operating System. This integration simplifies and automates the construction loan management process while providing a convenient digital experience for construction borrowers.

Bank and non-bank construction lenders represent the lifeblood of the $10 trillion global construction industry given its intense reliance on capital. That said, construction and development loans often represent a small portion of most lender’s total assets, and as such, it’s an area of lending that has experienced very little digital innovation over the past twenty years. Most lenders spend valuable time managing these complex loans on spreadsheets and emails with manual data entry to core systems. This manual administration process is not only fraught with risk and compliance challenges, but also makes loans expensive to service and creates a difficult experience for their clients throughout construction.

Built and nCino are addressing this challenge by offering an integrated solution that simplifies the construction lending process by providing real-time visibility into construction projects, from loan origination through construction completion and stabilization. Lenders, borrowers and other authorized parties (i.e. contractors, draw inspectors/consultants, title agents, etc.) can easily view relevant information and take appropriate action based on their role. Draw requests and disbursements happen more quickly as excessive handoffs and multiple system interactions are eliminated. Construction borrowers are happier because there is less paperwork, faster access to funds and transparency into the process all along the way.

ConnectOne Bank, the first lender to use the integration, has been a leader in the digital transformation of lending since its inception. Born out of first-hand frustration when lenders couldn’t meet his needs, Frank Sorrentino, CEO and Founder of ConnectOne Bank, knew that taking lending digital would always keep their clients at the forefront of their business. This integration is the perfect complement to their existing technology and has allowed them to expand their focus into niche markets like construction.

“The integration of nCino and Built, two leading fintech firms, is a key example of the shifting technology landscape in digital. Built’s niche-specific software coupled with nCino’s robust infrastructure allows ConnectOne Bank to build and customize our infrastructure based on the different niches we serve,” says Frank Sorrentino, ConnectOne Bank’s chairman & CEO. “As a former builder, I understand the need for speed, consistency, and transparency in the construction lending process. This integration of two top software companies allows us to scale the construction lending process that has made ConnectOne successful, enabling our bankers to work more effectively, ultimately fueling our clients’ success.”

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