In many ways, technology has radically changed the way business is conducted. From construction to banking, technological advances have shaken up almost every industry. Real estate is no different. In the last decade, new innovations have changed the face of real estate lending.
In the past, those involved in the Fix and Flip market often had few options when it came to financing. Traditional lenders and banks were often reluctant to lend to fix and flip clients. The loans they offered were often designed for traditional homeowners rather than investors. The loan approval process was typically slow and inefficient. From piles of time-consuming paperwork to lengthy background checks, it could take weeks or even months to be approved for a loan.
But with recent innovations in lending software, this has all changed. What would normally take weeks or even months can now be done in a few days or less. Lenders now have the ability to easily access credit scores, financial histories, and even criminal records all via one convenient cloud-based software. Automated loan origination and a fully customizable platform also contributes to the speed and efficiency of modern lending technology. This enables lenders to quickly and accurately gather the data they need to determine whether a deal is going to be a successful flip or a flop. Thus, resulting in a major competitive edge for those who choose to use modern software.
In addition, new lending software also incorporates document management and electronic signature, making closing much faster. The major benefits of modern cloud-based lending software for Fix and Flip lenders to name a few are:
- Ability to Close Deals Faster
- Improved Collaboration between Lending Teams
- Better Client Facing Portals
- Improved Client Experience
- Easier Document Tracking and Fulfillment
- Quicker access to critical loan decision information
Decipher Credit is flipping the Fix and Flip market with its modern technology. Schedule a Demo if you’d like to Flip Your Competition!