Sixty years is a long time to wait for innovation, especially when construction funding is such a critical aspect of a project's success. AxisPointe's new InSite Funding mobile app squeezes mobile technology and remote data sharing to eliminate paperwork and provide greater jobsite visibility--in less time and cost.
"I always hated the long wait and uncertainty of the bank draw process," recalls AxisPointe CEO Stan Luhr, whose early carreer of building custom homes and remodel projects involved many bank draws and piles of paperwork. "We would call the bank, send in documents, and wait."
Luhr's new technology is built upon the award-winning InSite Mobile field app that has gained the attention of many insurance companies and manufacturers looking to enjoy greater connectivity to the jobsite. InSite Vendor deploys a powerful dashboard to track progress, view jobsite data and photos, and provide instant approvals and communications in one program.
A builder simply answers specific checkpoints to document key milestones and scan any document using the mobile app. AxisPointe's online consultants review the digital request within 60 minutes and approve it for lender approval, which is all viewed via the InSite Funding online dashboard.
"InSite Vendor is truly disruptive, since we've eliminated the need for paper lien releases altogether," said Luhr. A digital bank draw request alerts the trade contractor, who in turn provides a digital lien waiver verifying they have been paid. The system is much more reliable than paper lien releases, which cannot be easily verified and can take days to request and receive. InSite Funding provides these digital approvals in seconds.
Reliance on the bank inspector has been largely replaced with qualified and experienced inspectors and robust jobsite tracking data, which Luhr says can eliminate many days off of traditional draw cycles. "By empowering the builder, owner and our QA inspectors to capture data on a daily basis, we can guarantee the exact percentage of completion and status of any jobsite instantly."
Builders no longer have to guess just when their loan draw will be funded, since the mobile app provides instant updating concerning every status from submittal to funding. Luhr added that the traditional time to fund a loan--5-10 days--can be slashed to one day or in some cases just 60 minutes, providing the needed cash flow for small builders to thrive.
AxisPointe's technology also complies with many insurance requirements to provide compliance data on workplace safety inspections and quality verification to reduce claims. A builder can go online and select specific photos for sharing with their customers who can enjoy watching their new home being built in near real-time. Data is also stored for the life of the home to protect builders from claims that may occur years later.
AxisPointe is hoping their jobsite mobile tools will also help builders leverage their relationships with manufacturers who are also looking to improve installation training and jobsite transparency. AxisPointe's InSite Funding tool links builders with manufacturers to share data, allowing companies to view critical installation steps and provide support at the click of a touch screen. Cash rebates offered by manufacturers can also sweeten the relationship and provide paperless rebate management, Luhr said.
"We love to see this technology finally getting traction in the construction industry," Luhr said. "By taming the Chaos of Construction with technology, builders can do more and build better quality homes with less risk and save money at the same time--a win-win for everyone."