NASHVILLE, Tenn.--(BUSINESS WIRE)--Built Technologies (Built), the fastest growing construction finance platform in the U.S., today announced that 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.
As GreenState expands into key regional markets, including Chicago, it adopted Built’s platform to move past time-consuming legacy lending processes, paperwork, and spreadsheets, in order to provide a better experience for their 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. Benefits of its 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 GreenState AVP/Commercial Credit Administration, Devin Conover. “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.
About GreenState Credit Union
GreenState Credit Union is Iowa’s largest credit union and one of the top financial institutions in the United States for returning profits to members in the form of better rates and lower fees. GreenState serves over 350,000 members with 30 office locations. Membership is open to anyone living or working in Iowa as well as bordering counties in Illinois, Wisconsin, Nebraska, or South Dakota, and select counties in the Chicagoland area. For more information, visit https://www.greenstate.org/.
Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, property developers, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other critical industry vendors to improve the flow of capital through the construction ecosystem. By connecting all key stakeholders involved in the construction financing process in real-time, the Built platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 160 of the leading U.S. & Canadian construction lenders and thousands of developers and contractors. For more information, visit www.getbuilt.com.