Granite Risk Management, a construction risk mitigation provider, announced the launch of its one2one Fund Control remote inspection solution. The new service is designed to benefit residential construction and renovation builders and lenders by conducting live site inspections via video chat. It promotes inspection accuracy, saves time, and helps lenders release funds faster, which increases builder and borrower satisfaction.
The one2one Fund Control solution utilizes video technology to perform remote inspections in real-time by connecting builders with a dedicated GraniteTM staff member rather than third-party inspectors. This personal attention helps improve communication and inspection accuracy throughout the construction draw process. The one2one Fund Control solution also saves time by eliminating the need for on-site inspections. Builders can schedule inspections when it is most convenient for them—avoiding delays typically associated with the dispatch of a third-party inspector and the secondary quality control review of the photos and notes. Remote inspections also help protect personnel from the risk of COVID-19 by reducing the number of people who visit the site.
By simplifying the inspection process and reducing the inspection timeline, the one2one Fund Control solution enables lenders to release funds to their builder clients sooner, in some cases on the same business day. This should improve builder satisfaction and increase the likelihood that the builder refers future loans to that lender.
“As a leader in the construction risk management space, Granite highly values the pivotal role played by builders in the funding process,” said Ben Hall, VP, Product at Altisource. “So do our lender clients who are growing increasingly conscious of promoting builder satisfaction by offering innovative solutions that shorten the draw cycle while maintaining accuracy. We’ve seen a desire from lenders to bring remote technology further into the loan process. Now they can. Granite’s one2one is uniquely positioned to deliver its ‘disruptive’ service at scale to the construction lending community. Based on early adoption and advocacy of the one2one Fund Control solution by builders and lenders, the construction draw process may never be the same.”
“The one2one video inspection process has been a game-changer for our team at Airoom, a premier design-build firm,” said Margaret Reis-Hastings, Senior Loan Originator for Lamb Financial, LLC. “The time to complete a draw request has been cut in half. Our superintendents in the field have reported they too appreciate the streamlined process—no more waiting for an inspector to call and schedule or delays in reporting inspection results. By the end of the inspection, we know immediately how much Granite will recommend for payout.”