Lender Benefits Using DrawAlert
As a lender to a construction project, protecting and tracking your funds is one of your top priorities. DrawAlert – a construction project management system – makes this process easy and transparent, by opening communication between all parties of the project so ensure best practices, and provide time and cost savings to all of the stakeholders.
The Key Benefits of DrawAlert for Lenders
While construction project contractors, lenders, and stakeholders utilize DrawAlert, there are a few key benefits that are tailored specifically to lenders:
- Reduce Time – Because DrawAlert validates all of the documents ready for payment, lenders are able to get payment applications off the desk quickly, speeding up the process for draws. This improves the processing time for the monthly draw cycle, greatly reducing the time spent on your project.
- Visibility – Keeping your construction project transparent to all parties from the beginning to the end of the life cycle of the project is one of the main goals of a DrawAlert project. Because of this transparency, lenders are able to have visibility beyond the date down endorsement, so you know exactly what’s happening, and when, during your project.
- Risk Mitigation – DrawAlert began as a way to prevent stakeholders on a construction project from being caught off guard by common – and costly – errors. By utilizing the DrawAlert software, you’re mitigating the risk of these mistakes and improving the accuracy of your construction project.
As a lender on a DrawAlert project, you’ll also have full stakeholder visibility through the robust dashboard, receive draw notifications, and have access to all of the smart documents available for the construction project. A DrawAlert Certified Project supports a professional and respectful business relationship between all stakeholders and helps to save time, reduce costs, and improve field results on every project.
For more information about the transparent risk-mitigation construction tool, DrawAlert, request a demo today.