Case Study
FidusFi
“Land Gorilla enables us to expedite the draw process and eliminate risk through automation”
Kyle Jones
Construction Loan Analyst, FidusFi
A Faster Draw Process and a More Efficient Way
to Manage Inspections
Introduction:
FidusFi has a focus on trust and speed when providing financing for real estate investors. Their online loan process cuts unnecessary steps to make an easy, reliable, and transparent process. When it came to construction lending, FidusFi was looking for a faster draw process and a more efficient way to manage draw inspections.
“Completing construction projects and selling these properties moves very quickly for investments, so it’s critical to have a process that is efficient with quick turnaround times,” said Kyle Jones, Construction Loan Analyst, FidusFi.
FidusFi used spreadsheets when managing draw requests and disbursements, and received inspections through a third-party inspection company. However, they found all the manual tasks and siloed inspection process couldn’t keep up with the high volume of construction loans they were closing.
After evaluating possible solutions, FidusFi selected Land Gorilla for technology to manage and automate their draw process and integrated inspection services.
“It’s critical to have a process that is efficient with quick turnaround times”
Kyle Jones
Construction Loan Analyst, FidusFi
Draw Management
FidusFi utilizes the Land Gorilla software platform to manage draws, but particularly values the ability to view the entire loan pipeline in one central location.
“I like how all information is in one place,” said Jones. “We have control of workflows and can adjust settings based on our process. We are able to reconcile draws directly in the system.” This enables FidusFi to expedite the draw process and eliminate risk through automation.
“Previously we reconciled all draws inside a spreadsheet,” said Jones. “There were multiple formulas in there and a lot of room for human error. We would then send the spreadsheet and inspection report to our funding department to review. In the same email we would have to type out the fees for all line items. It was very cumbersome.”
“Now with Land Gorilla we can provide our funding department with a draw statement that the platform generates and already does the math for you,” continued Jones. “I like how there’s never a mistake or issue. It eliminates human error and provides more places for checks and balances for verification.”
The draw container provides essential information and reduces the time to review, analyze, and make a decision on a pending draw request.
“Within a draw container, I am able to view the percentage completed on each line item,” said Jones. “This provides me with a quick understanding of where each draw stands. This is helpful because we also accept partial draws on certain types of work.”
With the accuracy and efficiency provided by Land Gorilla technology, FidusFi has cut the draw process time in half.
“I like how all information is in one place”
Kyle Jones
Construction Loan Analyst, FidusFi
Reporting
The Land Gorilla platform also enables FidusFi to quickly view the status of draws through filters and provide reports to management with reporting tools.
“Instead of taking a screenshot or providing a PDF of a draw reconciliation, we have a more formalized draw request report through Land Gorilla’s platform,” said Jones. “For the draw state, we have a report that we can easily download and send in with the draw request to the funding department.”
“The reporting tool is great for management,” he continued. “This provides our management team with visibility on the loan pipeline from each team member and the progress on draws. As a system user, I like to receive a daily draw reminder because it provides visibility on what tasks I need to accomplish that day.”
“Instead of taking a screenshot or providing a PDF of a draw reconciliation, we have a more formalized draw request report through Land Gorilla’s platform”
Kyle Jones
Construction Loan Analyst, FidusFi
Client and Builder Experience
FidusFi has implemented OneSite, a mobile and web application for clients, builders, and other stakeholders to communicate with FidusFi and get visibility on the progress and the budget of the loan. It enables their clients and builders to submit draw requests and change orders directly to Land Gorilla software, where all communication and requests can be found in the loan file.
“We like to encourage our clients and builders to use OneSite from the beginning,” said Jones. “We work with very large builders and their general contractors find that using OneSite is very easy. On the client side, it’s definitely a good selling point because they have visibility into their project and know exactly where their loan stands at all times.”
“Our clients are excited that we have a portal to view the status of their loans and budget,” he continued. “It’s also beneficial because they can easily log into the platform and get answers, as opposed to calling someone. It’s less back and forth and they are able to self-service to find the information they need.”
FidusFi is able to fully control the loan information each user type is allowed to access in OneSite.
“Our clients are excited that we have a portal to view the status of their loans and budget”
Kyle Jones
Construction Loan Analyst, FidusFi
Inspection Services
Land Gorilla has a network of 14,000 independent fee inspectors and inspection companies nationwide delivering consistent quality inspection reports and industry-leading SLAs.
“With Land Gorilla’s Inspection Services, we know that inspectors are going to complete reports quickly and consistently, draws are funded fast, and everything is all in one place,” said Jones.
Previously, FidusFi utilized a third-party inspection company and found them lacking. Too often they would experience delays and receive incomplete reports. Once FidusFi began using Land Gorilla for inspection services, they had a much better experience which gave their clients and builders a better experience, too.
“The quality of Land Gorilla inspection reports is better than what we’ve received from other third-party vendors,” said Jones. “Inspection reports are more detailed and better structured because the system in which the inspector inputs information is more advanced and standardized. Our previous vendor had more of an outdated system.”
With Land Gorilla, FidusFi receives inspection reports as quick as the same day. Before, it took them an average of a full business week to receive an inspection report, or in some cases it would take up to two weeks.
“The inspection team is a pleasure to work with,” said Jones. “Whenever we have questions, they respond within minutes.”
“The quality of Land Gorilla inspection reports is better than what we’ve received from other third-party vendors”
Kyle Jones
Construction Loan Analyst, FidusFi
Results
Since partnering with Land Gorilla, FidusFi has been able to effectively streamline operations and have higher visibility with technology, scale inspection workflows with services, and provide their customers a better experience through OneSite. As a result, FidusFi has decreased draw turn time by half.
“We’re a hard money lender doing mostly construction and can quickly close a high volume of loans,” said Savannah Griffin, Office Manager, FidusFi. “What sets us apart is that we can generally close a loan within 48 hours and immediately get the draw process going.”
“What sets us apart is that we can generally close a loan within 48 hours and immediately get the draw process going”
Savannah Griffin
Office Manager, FidusFi
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