One of the biggest challenges to the development finance process is submitting loan draw requests to lending institutions. These requests happen frequently and potentially multiple times per project, yet the process can be arduous and inefficient for developers without the proper tools.
For most real estate developers, project information is typically trapped in spreadsheets and with various departments within the organization that must be sent back and forth from internal and external stakeholders. These manual processes can lead to calculation errors, corrections, and revisions, adding even more time to an already lengthy and challenging process.
Budgetrac Real Estate Development Software can help you quickly and accurately produce your loan draw requests saving you significant time in the process.
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 with only a few clicks of the mouse.
Without Budgetrac, preparing and presenting the document(s) for funding for lenders or partners takes many steps and can be very time-consuming. With Budgetrac’s single entry accounting, project, and contract management software solution, all your accounting information and documents are stored in one integrated real estate development-specific accounting and reporting system.
This makes it simple to gather the documents required for the loan draw package.
Since lenders often use their own line items and categories for tracking loans, Budgetrac lets you relate each of your cost categories to the appropriate loan item.
Budgetrac also enables you to track multiple lenders and owner equity contributions for the same development project.
Budgetrac puts together, in one integrated package, features to let you control project funding as well as project costs. Since both are essential to operating your business, Budgetrac ensures you can track them.
Doing a Loan Draw Packet (Summary Report, Detail Report, and PDFs of documents that support the request) simply by selecting items and running reports is a tremendous time saver for real estate developers. This process is efficient and can be accomplished easily in less time and with zero redundant effort.
For more information or a demonstration of the Budgetrac loan draw process, please get in touch with us today!