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 No emailing, no digging through outdated spreadsheets, and significantly less data entry.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.
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
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
Take the burden out of your construction finance process.