Built Technologies (Built), a construction finance platform in the U.S., has announced it is partnering with GreenState Credit Union to help it better scale its $2 billion commercial portfolio in the Midwest and support existing members more efficiently and effectively.
According to a release, as GreenState expands into key regional markets, including Chicago, it has adopted Built’s platform to move past time-consuming legacy lending processes, paperwork, and spreadsheets, in order to provide a better experience for members. GreenState, Iowa’s largest credit union, is leveraging Built’s cutting-edge platform to modernize its commercial lending business and streamline multiple components of portfolio management, including pipeline tracking, draw requests and inspections.
“Our commercial solutions are helping loan administrators and asset managers who are at the forefront of technology more efficiently manage their portfolios,” said Jim Fraser, Built’s director of CRE strategies. “Supporting major players in commercial lending across the Midwest and nationally, partnering with GreenState was a natural fit for each of our companies in creating better experiences for customers.”
Built’s Construction Loan Administration Suite equips commercial real estate lenders with the tools necessary to manage participations and syndications, LIHTC, and other complex capital stacks. The release says the benefits of Built’s platform for commercial lenders include enhanced portfolio management, lower risk, increased interest income, faster speed on draws, improved collaboration and better borrower experiences.
“As a leader in commercial lending among credit unions in the nation, the GreenState team is dedicated to providing superior service and value to our members,” said Devin Conover, GreenState’s associate vice president of commercial credit administration. “Built is a tool that will further enhance the experience of both members and staff by streamlining the construction loan servicing process into one central location providing more transparency between all parties ensuring results and expectations are met on both sides in exponentially faster processing time.”
GreenState currently manages $9 billion in assets. Built supports more than 170 North American lending institutions, spanning in excess of 200,000 commercial, homebuilder, land development, and consumer residential projects.