Each year Rabbet surveys commercial real estate lenders and developers to uncover the latest industry trends in CRE. In 2019’s report, we revealed a huge shift towards automation and uncovered... Read More
Contract Simply and the 2018 Benzinga Fintech Awards
Contract Simply is now Rabbet. We’re the same company – just with a new name – building the only intelligent construction finance platform. The content of this post has been preserved with the Contract Simply name.
Today we became a finalist for Benzinga’s 2018 Global Fintech Award. It’s an honor to be amongst best-in-class Fintech companies and recognized for our earnest and ambitious mission to revolutionize construction loan management.
Benzinga selected Contract Simply because of our industry-first construction draw payments solution, CSPay, that is designed to solve problems through payments. CSPay enables a rapid and straightforward payment stream between lenders, developers, contractors, and subcontractors by automates both ACH and paper check payment processing upon release of draw funds.
CSPay is the best in the world at doing four things:
- Providing construction lenders a differentiating vehicle that empowers builders and general contractors to disburse payments to contractors after a draw has been released
- Expediting payments to contractors for work performed while eliminating the need for ANYONE to have to drive across town to give or receive a paper check
- Reducing the risk of liens slipping through the cracks by linking payments to the unconditional release of a mechanic’s lien
- Providing a centralized portal for transparency, compliance, and payment tracking
Contract Simply CEO Will Mitchell contributed a piece recently to PaymentsSource where he describes both the challenge of managing construction loan payments as well as the importance of creating a win-win payment process for lenders and borrowers.
“With today’s improved technology and smartphone adoption, lenders are now disbursing payments to an account similar to an escrow account where developers and contractors can then initiate payments to the approved recipients. This level of control maintains the contractor’s payment leverage while preventing diversion of funds.”
Will Mitchell, Quoted in PaymentsSource
CSPay is just one of our industry-leading features that automate most of the construction loan management process. We’re living in a new era of technology in banking and construction that is quickly going digital, using machine learning to automate mundane tasks, and improving our work and financial lives.
Want to get a quick primer on Construction Loan Software? Check out this kickstart guide.