Are you a Real Estate Developer struggling with paperwork and the time associated with creating loan draw packages for your financial institution?
One of the biggest challenges to the development finance process is submitting draw requests to lending institutions. Software automation now makes this process simple, and Budgetrac Software is on the cutting-edge for developers.
Invoices & Receipts
One of the most critical components of the draw request is the invoices and receipts for the work performed during the draw period. These are collected from the subcontractors and suppliers and are compiled in the request. Budgetrac Software’s document management allows users to easily attach invoices or other documents and recall them quickly for the loan draw submission.
With Budgetrac Software, you create a Loan Draw Packet (Summary Report, Detail Report and PDF’s of documents that support the request) simply by selecting the items and running the report. This saves a significant amount of time from constantly having to search and retrieve these items and reduces errors since any revisions or change orders are included in the system.
Every lending institution has its own process and format for submitting loan draw requests. This often becomes a task in itself for developers to keep track of how and what each lender requires. Budgetrac software allows you to setup a template to quickly and easily produce a loan draw package that includes all of the necessary documentation for that lender. This template is saved and utilized for future draws -saving time and removing uncertainty.
What is Budgetrac Software?
Budgetrac is accounting software designed expressly for a commercial and residential developers. Budgetrac is a complete integrated project costing and financial system that combines a robust back-office accounting solution with comprehensive project control, custom financial reporting, and powerful property management. Budgetrac gives the user complete project cost control and contract management capabilities. On-demand reporting of budgets, costs, contracts, commitments, loan draws, tenants, changes, and project status without financial closing, allows everyone in the organization to get the current reports they need at any time.
Budgetrac Real Estate Development Software can help you quickly produce your loan draw requests. Since the schedule of values and all project data, including all invoices, proposals, contracts, change orders, and receipts, are centralized in one software package and not multiple disparate systems, the draw package is simple to produce.
For more Information about Budgetrac or a demonstration of the automated loan draw process, please contact us today!