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.
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 PDFs. If you use the right construction loan management platform you can simply upload documents and let the platform automatically organize and classify documents for you.
Leveraging Optical Character Recognition or OCR, these platforms analyze draw packages with hundreds of documents in seconds. Each document is organized in one location, and attached to relevant line items. This allows your team to easily check invoices, budgets, lien waivers and pay applications without breaking stride. No emailing, no digging through outdated spreadsheets, and significantly less data entry. Many solutions today even combine artificial intelligence and machine learning to get smarter each time you use them.