#13 - Jeff Saul, GM at Built Technologies
Slice of Real Estate Team
10/07/2024
In Episode #13 of Slice of Real Estate, Jeff Saul, GM at Built Technologies.
Listen to the full episode to learn about:
- Built Technologies' Core Mission: Streamlining construction lending by digitizing processes, making financing quicker and more efficient for lenders and developers.
- Addressing Industry Challenges: From manual processes to data management inefficiencies, Built aims to simplify the commercial real estate landscape.
- Exciting New Products: Launching new solutions for commercial real estate, Built is connecting stakeholders—lenders, owners, and contractors—on a unified platform.
- Key Trends in Real Estate: Commercial real estate faces challenges like remote work and distressed office spaces, with potential solutions emerging through adaptive reuse and coworking models.
- Looking Ahead: Built continues expanding its product suite, focusing on integrating stakeholders and improving the efficiency of construction and real estate finance.
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Transforming Construction Lending with Built Technologies
In a recent conversation with Jeff Saul, a leading figure at Built Technologies, we dive into how the company is revolutionizing the world of construction lending. With a clear mission of digitizing the traditionally slow and manual process, Built is making it easier for developers and owners to secure construction loans and manage their projects efficiently.
"Built digitizes the process of getting a construction loan," Saul explained, highlighting the frustration that comes with the current system, which often involves multiple emails, phone calls, and long waiting periods for fund disbursement. Built’s solution brings an online banking experience to the construction world, ensuring faster, next-day payments.
The Challenges of the Pre-Digitized Era
Before Built Technologies, the construction loan process was cumbersome, with significant paperwork and back-and-forth communication. Saul pointed out how this antiquated method led to delays and inefficiencies, especially when builders needed to request funds for completed project phases. Built’s digital platform is set to streamline this process, making it quicker and less dependent on outdated methods.
Innovation and Vision for 2024 and Beyond
As we enter the latter half of 2024, Built is pushing forward with significant new developments. Saul shared the company's focus on its commercial real estate products and the long-anticipated integration of all construction stakeholders—lenders, owners, and contractors—into one platform. This cohesive environment allows for seamless project financing and management, driving greater efficiency across the board.
Notably, Built recently introduced a new commercial real estate suite, which covers both construction lending and portfolio management for lenders. This integrated software provides a complete solution, allowing lenders to track individual loans and their entire portfolios with ease.
Commercial Real Estate: Current Trends and Challenges
Jeff Saul also delved into the pressing challenges within the commercial real estate industry. With remote work causing havoc in the office space market, vacancy rates have risen significantly, putting strain on property owners. Saul raised concerns over how these vacant office spaces will be repurposed, suggesting potential uses like adaptive reuse, coworking spaces, and even data centers, particularly in light of growing AI and energy consumption needs.
Despite these issues, Saul sees opportunities for creative solutions. He believes coworking models, still in their infancy, will play a key role in reshaping how businesses utilize office space, providing a much-needed alternative for employees who don’t want to work from home full-time.
Looking Ahead: What’s Next for Built Technologies
Built is not slowing down. As Saul revealed, the team has just launched a comprehensive software suite for commercial real estate lenders, further improving construction loan management. The integration of asset and portfolio management tools is another significant step, offering a complete solution for lenders who need to oversee both construction and stabilized loans.
Additionally, Built is working on several undisclosed projects in the payments space, hinting at future developments that could further enhance their offerings for lenders, owners, and contractors alike.
Built Technologies continues to position itself at the forefront of construction and real estate finance, ensuring that all key players can work together efficiently on a single platform.
With Built Technologies' innovative approach to construction lending, the company is poised to reshape the future of real estate finance, making the process faster, smoother, and more collaborative for all involved.
To learn more about Built Technologies:
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