One of the biggest challenges to the development finance process is submitting draw requests to lending institutions. Software automation now makes this process simple, and Acumatica Real Estate Development Accounting is on the cutting-edge for developers.
One of the most critical components of the draw request is the invoices and receipts for the work performed during the draw period. These are collected from the subcontractors and suppliers and are compiled in the request. Our solution’s document management allows users to easily attach invoices or other documents and recall them quickly for the loan draw submission.
With our solution, you create a Loan Draw Packet (Summary Report, Detail Report and PDF’s of documents that support the request) simply by selecting the items and running the report. This saves a significant amount of time from constantly having to search and retrieve these items and reduces errors since any revisions or change orders are included in the system.
Every lending institution has its own process and format for submitting loan draw requests. This often becomes a task in itself for developers to keep track of how and what each lender requires. Our solution allows you to setup a template to quickly and easily produce a loan draw package that includes all of the necessary documentation for that lender. This template is saved and utilized for future draws -saving time and removing uncertainty.
Acumatica Real Estate Development Accounting is our solution designed expressly for a commercial and residential developers. It’s a complete integrated project costing and financial system that combines a robust back-office accounting solution with comprehensive project control, custom financial reporting, and powerful property management. Our solution gives the user complete project cost control and contract management capabilities. On-demand reporting of budgets, costs, contracts, commitments, loan draws, tenants, changes, and project status without financial closing, allows everyone in the organization to get the current reports they need at any time.
Our real estate development solution can help you quickly produce your loan draw requests. Since the schedule of values and all project data, including all invoices, proposals, contracts, change orders, and receipts, are centralized in one software package and not multiple disparate systems, the draw package is simple to produce.
For more Information about our solution or a demonstration of the automated loan draw process, please contact us today! Or sign-up for our weekly product tour where we will show you how quick and simple it is to prepare a loan draw packet!