Built Technologies Now Targets Commercial Developers

Built Technologies, a 2023 GlobeSt.com tech influencer, is launching a new business unit to address commercial property developers. The expansion will enable the creation of software to address the specific needs to the sector. Built expects to have its first product for commercial property developers to available later this year.

“Built Technologies is creating a configurable, cloud-based solution that will address key market challenges, including funding delays, manual processes, unexpected change orders, and maintaining an accurate view of the budget and forecast,” the company said in a press release. “The solution will remove friction and increase transparency and speed, enabling developers to boost productivity, reduce loss, and increase revenue and scalability.”

“As economic trends shift, owners and developers can benefit from tools that identify risks, assess options, and inform decision making,” Alex Helman, general manager, owners, said in prepared remarks. “Built is listening to the thousands of users collaborating within our platform as we design each solution with proactive customer input. We’re eager to partner with developers, as we can connect them to our existing network of capital providers and builders to accelerate funding, increase portfolio visibility, and enable instant collaboration.”

The company says that its software can help developers automate inspecting scheduling and reduce the average turnaround times of funding by three days it says. Developers can automate invoice collection, compliance documentation and lien waiver management for faster payment delivery. The system is also supposed to help improve collaboration.

Built Technologies’ construction loan management suite provides a centralized platform for lenders, borrowers and contractors to efficiently manage construction loans, facilitating faster and more efficient project builds. The firm combines workflow automation and collaboration with compliance checks and the support of common payment methods. Serving real estate owners, developers, contractors and builders, Built Technologies has grown to support more than 220 North American lenders, spanning more than 200,000 commercial, homebuilder, land development and consumer residential projects.

To support its growth, Built Technologies expanded its staff and added senior executives across every line of business it had. However, in February the company laid off 8% of its employees, as the Nashville Post reported.

According to Crunchbase, the company has raised $312.7 million since its 2014 founding. Built claims to have managed over 380,000 construction projects, totaling more than $200 billion in construction volume.