Regions Bank digitizes homebuilder financing with a convenient and transparent solution
BIRMINGHAM, Alabama – (COMMERCIAL THREAD) – Regions Bank on Monday announced the launch of a digital solution designed to make the construction loan process easier and easier for home builders and developers to use.
The centralized digital solution is offered by Regions in collaboration with Built, a leader in construction finance software and payment technologies. The solution offers builders and developers new options for managing construction loans through a cloud-based platform. The app simplifies the loan administration process with a single portal experience that aligns the builder, inspector, and lender, among other stakeholders.
âInnovating with technology that enables customers to bank when and how they want is part of our key strategic initiatives at Regions Bank,â said Danny Hill, Homebuilder Finance Group Manager at Regions. âThis solution allows home builders and developers to spend more time meeting construction needs and less time managing the manual tasks surrounding their financing. This app puts more useful information into the hands of regional customers and increases the collaboration between people and businesses that are essential to successful developments. Through its platform, our colleagues at Built are transforming the construction landscape, and we are delighted with the benefits we are able to deliver through the combination of Regions’ superior service, experienced bankers and digital tools from Built in the construction area.
Through the app, home builders and developers can:
See availability in real time
Request prints and inspections
Access business analyzes and reports
Inspectors can submit field construction completion percentages, which speeds up the loan financing process.
âAt Built, we are constantly exploring ways to improve the way money flows in the construction industry,â said Chase Gilbert, CEO of Built. âIt’s gratifying to work hand in hand with lenders like Regions Bank who share our goal of simplifying the construction loan process and improving the experience for home builders and developers as they build. the communities in which we live. ”
Since the recent launch of the digital solution, customers in the Regions have already seen significant benefits. Improvements to operational infrastructure have reduced competitor wait times by more than 50%, complementing Regions’ continued commitment to deliver a superior customer experience while making banking easier.
The Regional Homebuilders Finance Group serves the homebuilder market by providing loans for new home construction, land purchase and development, and ancillary banking services. The Homebuilder Finance division is part of Regions Real Estate Banking, which also includes income property finance, affordable housing and real estate business banking services.
About the RÃ©gions Finance Company
Regions Financial Corporation (NYSE: RF), with $ 153 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of personal and business banking services , wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 bank offices and 2,000 ATMs. Regions Bank is an equal housing lender and member of the FDIC. Additional information about Regions and its full range of products and services is available at www.regions.com.
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, commercial property owners, commercial general contractors, residential home builders, specialty contractors, securities companies and other industry suppliers to improve the flow of capital in the construction ecosystem. By connecting in real time all the key stakeholders involved in the construction finance process, the platform helps mitigate risk, accelerate debits and payments, ensure compliance and inspire loyalty of clients. Built is used by more than 140 of the nation’s leading construction lenders and thousands of homeowners and contractors to manage more than $ 80 billion in annual construction expenses. For more information visit: www.getbuilt.com.