Live Oak Bank and Built Technologies Partner to Improve Construction Lending for Customers

NASHVILLE, Tenn., Sept. 16, 2021 (GLOBE NEWSWIRE) -- Built Technologies, the leader in construction finance software, announces that its solution has been implemented by Live Oak Bank. Live Oak is using Built’s cloud-based software to support its growing portfolio of construction loans, spanning its SBA, USDA and commercial loan programs.

Built, whose software has been used to manage over $100 billion in construction spending since 2015, provides users with real-time loan visibility. Everyone involved in the loan process can view real-time progress data, such as availability of funds and inspection status. By centralizing communications and enhancing data and transparency, draw requests and disbursements are processed faster than ever.

Built and Live Oak have been working together for two-plus years to develop a best-in-class C&I construction loan management solution. Together, the companies developed several new features which benefit lenders who participate in government-guaranteed lending programs and which focus on compliance, ease of use and efficiency.

“Our new construction loan management solution powered by Built is another way we are able to deliver efficiency, expertise and speed to our customers,” said Live Oak Bank President Huntley Garriott. “All the information our borrowers need to access draws, budgets, and inspections is right at their fingertips, streamlining a complex system with next-generation technology to keep our customer at the center while providing a best-in-class solution to the lending process.”

“We are extremely proud of the partnership we have formed with Live Oak,” said Chase Gilbert, CEO at Built. “From our initial meetings to the iterative development of new features, and through activation and training, this has been a true partnership. We are thrilled to support Live Oak in delighting its customers with a digital experience and streamlining the construction loan management process as they continue to treat every customer like the only customer.”

About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com.

About Built Technologies

Built is the leading provider of construction finance technology. Built connects commercial and consumer construction lenders, commercial real estate owners, commercial general contractors, residential homebuilders, specialty contractors, title companies, and other 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 platform helps mitigate risk, power faster draws and payments, ensure compliance, and inspire customer loyalty. Built is used by more than 140 of the nation’s leading construction lenders and tens of thousands of owners and contractors to manage over $100 billion of annual construction spend. For more information, visit: www.getbuilt.com.

Media contact:
Kevin Wolf
TGPR
[email protected]