Construction finance software provider Rabbet released its 2023 State of Construction Finance Report. The report offers insights into the landscape of construction finance, the perceptions of construction finance processes, and the relationship between lenders and borrowers. Key findings: - Almost two-thirds (64%) of respondents said that software helps their team improve efficiency and productivity.
- Construction loan lenders identified external collaboration with borrowers and third parties, reporting and analyzing data, managing risks, and processing draw requests as their top challenges.
- 46% of lenders pointed out that project risk increased over the last year, increasing significantly from the previous year's figure of 28%.
- Over 68% of developers have undertaken operational tweaks or software implementation to improve upon their legacy processes.
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