The effects of months-long shutdowns and stay-at-home orders due to the COVID-19 pandemic have been pervasive, and the effects have even been seen in real time in the software to help manage construction financing.
Built Technologies’ platform is designed for banks and other lending institutions to manage their relationships with construction borrowers. Built manages more than 32,000 construction loans in the U.S. and Canada, collectively worth nearly $20 billion. Built’s platform saw 7% of those loans impacted by COVID-19-related shutdowns and slowdowns implemented by states, cities and municipalities, primarily in the Northeast, California, Louisiana and the Midwest. Built is also documenting how these same regions rebound as construction restarts.