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Category: Construction Loan Management

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Slow Payments to Cost the Construction Industry $136B in 2021

General contractors and subcontractors estimate that the cost of floating payments for wages and invoices represents $136 billion in excess cost to the industry, a 36 percent increase from the cost reported in 2020. Findings indicate those costs are passed on to real estate developers and financiers in the form of project delays and higher bids from contractors. 

Rabbet AvidXchange Partnership

Rabbet Customers Can Now Send Invoices Data Directly to AvidXchange

Rabbet customers who add the Send to AvidXchange feature can now easily send coded invoices directly to AvidXchange for invoice processing, payment, and posting to accounting systems.

Rabbet/AvidXchange Announcement

Rabbet Announces Partnership with AvidXchange to Enhance the Invoice Management Process for Real Estate Development Teams

Rabbet, the leading provider of real estate development management software, today announced a partnership with AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market to enhance the invoice management process for real estate development teams.

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.

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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 #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 #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 #1 – Digitize your Draw Management Process

Construction Lender Efficiency Tip #1 – Digitize your Draw Management Process

First and foremost you need to digitize your process. But hold on, before you go out and buy a smartwatch or start studying computer science on the weekends, start simple.... Read More

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