Rabbet, the leading provider of construction finance software, today released its highly anticipated 2023 State of Construction Finance Report, which provides invaluable insights into the current landscape of construction finance, the perceptions of construction finance processes, and the relationship between lender and borrower.
Key findings include:
- 64% of respondents claim that software has helped their team gain efficiency and productivity.
- 58% of lenders are investing in process improvements to stay ahead and combat the current macroeconomic climate
- 68% of developers have invested in process improvements to improve upon legacy processes in the last year
Processes that have been relatively unchanged in decades - if ever - are finally being updated.
To compile the data, Rabbet distributes a survey each year to lenders and developers representing a diverse portfolio size. The survey questions addressed the impact to their construction finance process, data management and collaboration. The data from 2023 was then compared to data collected in prior years. This report dives into insights, data, and trends for commercial real estate lenders and developers in 2023.
This year’s report revealed that lenders and developers understand that they must optimize operations to account for the uncertainty of the future. The complexity of the draw process still creates unnecessary delays for both lenders and developers; however, over half of the industry is claiming that software of some kind is helping their teams be more productive.
According to Rabbet's CEO and Co-Founder, Will Mitchell, "Our latest State of Construction Finance Report revealed how critical software adoption is for this industry. In a time when deal volume is down, industry leaders are investing their teams time in preparing for the future. Leveraging the power of software and artificial intelligence is one of the clearcut ways of gaining a competitive advantage right now. While so many factors like material costs and interest rates are out of our control, assessing your operations and implementing technology is the best way to maximize returns for 2023 and strengthen your organization for the years to come.”
To view the complete 2023 State of Construction Finance Report, click here.
About Rabbet
Rabbet is transforming the construction finance industry with tailored solutions that provide a complete picture of construction and asset management portfolios. Designed for real-time workflows and comprehensive insights, Rabbet enables real estate developers, construction lenders, and related service providers to lower operational costs, make more informed decisions, and earn trust with other financial stakeholders. Founded in Austin, TX in 2017, Rabbet has improved visibility and efficiency for over $50B in construction and capital expenditure projects. For more information about Rabbet, visit rabbet.com.
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Contacts
Trisha Patel
tpatel@rabbet.com
(833) 474-6759
