#PropTech / Built, nCino team up to digitize construction lending

Fintechs partner to offer an integrated solution that provides real-time visibility into construction projects

Built Technologies, which has developed construction finance software, announced Tuesday that it has integrated its platform into the nCino Bank Operating System.

… nCino has developed a cloud-based operating system for financial institutions and recently went public in an impressive debut. A team of bankers and entrepreneurs who found the commercial lending process to be inefficient and time-consuming formed the company in 2012.

[Built Technologies]… Tennessee-based startup – also a SaaS operator – is exclusively focused on construction finance technology. Built’s goal is to connect all key stakeholders involved in the construction financing process in real-time with the goals of: mitigating risk; allowing for faster draws and payments; and ensuring compliance.

[Built CEO:] “The company was born out of our firsthand frustration with the construction problem… We felt like there was a real opportunity to use technology to improve the way money moves in and throughout the construction ecosystem… “We realized construction is different… Unlike certain lending products – like mortgage or auto lending – which are more commoditized. There’s a lack of standardization. Every construction loan is unique…”

So rather than try to be a lender, Built set out to build software products to help construction lenders of all types… It was designed to compliment other technology the lenders are using for loan origination or servicing.

https://finledger.com/2020/10/27/built-ncino-team-up-to-digitize-construction-lending/