The Rabbet Blog

Check out the latest and greatest from the team at Rabbet.

PartnerRabbet Announcement

Partner ESI Selects Rabbet for Enhanced Visibility Across Billions of Dollars in Construction

January 19th, 2021 - Original Press Release: Businesswire Torrance, CA - Partner Engineering and Science, Inc. (Partner), a national engineering, environmental, and energy consulting firm has announced it will adopt... Read More

The excel paradox

The Excel Paradox

Rabbet’s 2021 State of Construction Finance Report revealed that most lenders and developers are using spreadsheets to carry out major parts of their process, but complain about its inefficiency.

Frame

2021 CONSTRUCTION FINANCE TRENDS

The 2021 State of Construction Finance Report dives deep into how processes and perceptions of construction finance have changed as well as what these processes could look like in the future.

Construction Lender Efficiency Tip #2 – Centralize and Classify Documents in One Location Using OCR

Construction Lender Efficiency Tip #2 – Centralize and Classify Documents in One Location Using OCR

Imagine how much time you could save by eliminating back-and-forth document transfers. Picture a world where you don’t have to organize documents for each draw, or manually compare spreadsheets to... Read More

Construction Lender Efficiency Tip #3 – Setup Automated Checks for Compliance and Data Discrepancies

Construction Lender Efficiency Tip #3 – Setup Automated Checks for Compliance and Data Discrepancies

It’s happened to you. It’s happened to your friend. It will probably happen to you again. You get sent something with inconsistencies, missing documentation or typos. Those issues require you... Read More

Construction Lender Efficiency Tip #5 – Eliminate Time Spent Maintaining Spreadsheets and Rolling Over Formulas

Construction Lender Efficiency Tip #5 – Eliminate Time Spent Maintaining Spreadsheets and Rolling Over Formulas

You may find that every time a new draw request comes in you spend considerable time checking the previous draw spreadsheet. You need to verify that historical figures match, sometimes... Read More

Construction Lender Efficiency Tip #9 – Give your Team Access to Portfolio Data That Was Previously Unreachable

Construction Lender Efficiency Tip #9 – Give your Team Access to Portfolio Data That Was Previously Unreachable

Many lenders rely on analysts and excel reports to get updates on project status. While that solution works for some things it is difficult to quickly assess portfolio risk when... Read More

Construction Lender Efficiency Tip #6 – Automate Pay App Reconciliation and Retainage Calculations

Construction Lender Efficiency Tip #6 – Automate Pay App Reconciliation and Retainage Calculations

Ahh, good ol’ pay apps. After manually comparing the G702 and G703 there’s a good chance the figures don’t match up or the retainage for the current period is missing.... Read More

Construction Lender Efficiency Tip #10 – Streamline Approval Processes and Offer 24/7 Visibility into Approval Status

Construction Lender Efficiency Tip #10 – Streamline Approval Processes and Offer 24/7 Visibility into Approval Status

Imagine this scenario: You’re almost there. You’ve reconciled ‘amount requested’, compared documents, triple-checked line items, and made sure all lien waivers were properly classified. You even ran through your list... Read More

Construction Lender Efficiency Tip #7 – Automate Lien Waiver Reconciliation

Construction Lender Efficiency Tip #7 – Automate Lien Waiver Reconciliation

Reviewing and reconciling lien waivers is another step you can streamline. If your current process requires team members to manually classify lien waivers, run calculations to reconcile amounts, or spend... Read More

Construction Lender Efficiency Tip #4 – Map Funding Sources and Uses Upfront, then Automate Disbursement Logic

Construction Lender Efficiency Tip #4 – Map Funding Sources and Uses Upfront, then Automate Disbursement Logic

Let’s face it, tracking funding sources and their disbursement restrictions across line-items can be cumbersome. You have to remember which funding sources go with which line items, or add redundant... Read More