Built Technologies has launched a new business unit focused on solutions for commercial property developers.
The new business unit’s first product will be launched later this year, joining the other solutions offered by the provider of construction and real estate finance technology, Built said in a Tuesday (April 4) press release.
“As economic trends shift, owners and developers can benefit from tools that identify risks, assess options and inform decision making,” Built Technologies General Manager, Owners Alex Helman said in the release.
PYMNTS research has found that 30% of construction firms are preparing for a possible recession by investing in technology to save time and costs, improve operations and build resilience.
They’re planning to add technology to accelerate payments, reduce financing costs and streamline back-office processes — solutions that address common problems in the construction industry, according to the January/February edition of the “B2B and Digital Payments Tracker®,” a PYMNTS and American Express collaboration.
The report also suggested that construction firms use banking providers that enable faster payments, replace legacy systems, prioritize vendors with digital maturity, and identify and implement digital solutions that will drive stronger cash flow.
The purpose-built solution for commercial property developers that’s now being created by Built will address funding delays, manual processes, unexpected change orders, maintaining an accurate view of the budget and forecast, and other key market challenges, according to the press release.
This solution and others for these developers will join Built’s existing lineup of tools that are designed to optimize financial operations within the construction ecosystem and to connect owners, lenders and builders, the release said.
“Built is listening to the thousands of users collaborating within our platform as we design each solution with proactive customer input,” Helman said. “We’re eager to partner with developers, as we can connect them to our existing network of capital providers and builders to accelerate funding, increase portfolio visibility and enable instant collaboration.”
The other products offer by Built include Built Pay, a digital payment solution that streamlines construction payment processes and gives payers and payees the ability to choose their payment method.
Built Pay combines workflow automation and collaboration with compliance checks and support of common payment methods in one platform and embeds into Built’s software platform for real estate owners, developers, contractors and home builders.
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