Built: Construction and Real Estate Platform Transforming the Loan Management Process

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When it comes to construction lending, the application process moves quite slowly, leading to delayed and inefficient construction projects. Even when project directors verify that every document is accurate, they can still get hamstrung by the lending procedure.

A fintech company, Built Technologies, popularly recognized as Built, proves with its construction and real estate finance platform that such wrinkles in the construction lending process can be smoothed out, resulting in the timely completion of construction work. It is a U.S.-based company fixing lending and spending for the construction and real estate finance ecosystem.

In this article, we will delve into the success story of Built, including its founders, startup story, business and revenue model, funding, growth, and more.

Built – Company Highlights

About Built
Built – Industry
Built – Founders and Team
Built – Startup Story
Built – Mission and Vision
Built – Business Model
Built – Revenue Model
Built – Products and Services
Built – Challenges Faced
Built – Funding and Investors
Built – Mergers and Acquisitions
Built – Growth
Built – Partners
Built – Awards and Achievements
Built – Competitors
Built – Future Plan

About Built

Built, incorporated as Built Technologies, is an enterprise technology company that provides construction and real estate finance platforms. Its centralized platform enables increased efficiency, transparency, collaboration, and business agility while reducing risk and allowing companies to improve how communities around them are built and managed.

The company serves over 270 leading lenders and asset managers and thousands of developers, contractors, and home builders across Portland, Los Angeles, Seattle, Atlanta, and many other cities in the United States.

Built – Industry

Built Technologies, Inc. caters to the financial technology industry, particularly the construction fintech sector. In 2018, the revenue of the fintech industry worldwide was approximately 92 billion euros and is projected to increase by nearly 12%, amounting to 188 billion euros by 2024.

With fintech allowing financial institutions and companies to provide convenient services and help maintain transparency in financial inclusions, it has primarily driven the global market. Moreover, during COVID-19, the adoption of online and digitized financial products significantly increased, positively impacting the fintech industry's revenue growth. Bankable, Blockstream Corporation Inc., Cisco Systems Inc., and Circle Internet Financial Limited are some leading companies in the fintech industry.

Built – Founders and Team

Chase Gilbert, Scott Sohr, and Andrew Sohr are the co-founders of Built.

Chase Gilbert

Chase Gilbert is the Co-founder and CEO of Built. He completed his graduation in Finance and International Business from the University of Tennessee. Before co-founding Built Technologies Inc. in 2014, he was the Partner and Investor at Taziki's Mediterranean Café (Green Hills).

Scott Sohr

Scott Sohr graduated from Auburn University in Mechanical Engineering and completed an MBA from Vanderbilt University. Currently, he is the President at STS Ventures Nashville and Canary Ventures. In addition to Built Technologies, Inc., Scott is the Co-founder of Elmington Capital Group and Correct Care Solutions.

Andrew Sohr

Co-founder of Built Technologies, Inc., Andrew Sohr, studied Management at The London School of Economics and Political Science and earned a Bachelor's degree in Business Economics from the University of San Diego. Moreover, he owned and invested in Taziki's Mediterranean Café from 2011 to 2013.

Built is currently working with approximately 350+ employees.

Built – Startup Story

Built was co-founded by Chase Gilbert, Scott Sohr, and Andrew Sohr in 2014. Andrew Sohr was the impetus for the company. He was involved in multiple construction projects and was dealing with many lenders for the same projects. Andrew was frustrated with every lender's application process because each loan application differed. He said the unique application process for construction loans was not required. Moreover, the construction loan lending procedure also worked slowly.

Chase, Scott, and Andrew discussed Andrew's problem and possible solutions. It was when Andrew had this idea that there had to be a better way with technology. And three of them started figuring out what is the better way and how does this work. They talked to the lenders, inspectors, and everyone involved to understand why the loan process works the way it works. And then they obsessed over thinking about how it should work to make things better.

It was when they came up with Built Technologies in 2014 to improve the lives of project owners, bank lenders, contractors, inspectors, subcontractors, and other parties involved.

Amid Covid19, Built launched a Portfolio Monitoring Solution for construction lenders, and in February 2021, it launched revolutionary enhancements to make the platform's Billing process more visible. In December 2021, the company announced Built Pay to simplify the construction community's payment-making and receiving process. A year later, it launched Inspection Technology & Services Solutions in November 2022. In April 2013, Built launched a new business unit focused on commercial property developers.

Built – Mission and Vision

Built aims to improve the outcomes for those involved in building and managing the world. The company's vision is to become one of the most important and trusted partners in the built world.

Built – Business Model

Built's collaborative construction and real estate finance software streamlines the collateral monitoring and draw management process to reduce construction loan risk, transform borrower experience, increase loan profitability, simplify compliance, and provide portfolio insights.

This platform allows lenders to access real-time data to make more informed construction portfolio-related decisions. Moreover, it provides borrowers with a convenient digital experience with faster access to money to complete construction projects on time.

Built has managed around 200,000+ projects worth $135B construction volume and has protected approximately $24 billion in payments.

Built – Revenue Model

Built earns revenue by providing construction financing solutions for lenders, inspectors, builders, contractors, and subcontractors.

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Built – Products and Services

Built provides a construction and real estate finance platform. In addition, the company offers Construction Loan Administration, Project Pro, Inspections Technology and services, and Title Search for construction lending for CRE Management, facilitate Deal Management, Pipeline Management, Portfolio and Asset Management, and Underwriting.

Built – Challenges Faced

In February 2023, Built laid off around 8% of its workforce, and five months later, it underwent another round of employee cuts. The company's CEO, Chase Gilbert, said in February that downsizing was done due to the rapidly changing business climate.

Built – Funding and Investors

Built has successfully acquired nearly $312.7 million by undertaking seven funding rounds. Its latest funding round – Venture Series Round, was completed on April 13, 2023. The company's leading investors include Fifth Wall, Citi, Nine Four Ventures, HighSage Ventures, Brookfield Growth, TCV, XYZ Venture Capital, and others.

Built – Mergers and Acquisitions

Built has acquired two companies with Nativ as its recent acquisition. Nativ was acquired on July 29, 2022, and lienwaivers.io on January 21, 2020.

Built – Growth

In 2021, Built secured a $1.5 billion valuation and turned into a unicorn after its new venture funding round. The company's team headcount doubled in 2021 to 330 employees. Since 2017, Built has more than tripled its customer base. In addition, the company managed a total construction value of over $200 billion for lenders and builders, securing 144% YOY in 2021.

Built – Partners

Built has secured partnerships with the following companies:

• GreenState Credit Union
• Fulton Mortgage Company
• Encompass
• Sage
• Black Knight
• PandaDoc
• Procore
• Jack Henry & Associates Inc.
• American Bankers Association

Built – Awards and Achievements

Built is recognized by industry leaders with several accolades, some of them are as follows:

• Listed as one of the Tennessean's Top Workplaces in 2022
• Won 20th Annual American Business Awards in the 'FinTech Solution' and 'Most Innovative Tech Company of the Year' categories in 2022
• GGV Capital and Crunchbase named Built to Inaugural SMBTech 50 list in 2022
• Named a Top Tech Firm in Mortgage Finance by HousingWire in 2018

Built – Competitors

Here listed are some main competitors of Built:

• Lending Club
• LendingPad
• Finflux
• Sageworks Lending
• Encompass Digital Mortgage Solution

Built – Future Plan

Built plans to launch its first commercial property developer product in 2023.

FAQs

What is Built about?

Built, incorporated as Built Technologies, is an enterprise technology company that provides construction and real estate finance platforms.

Who are the founders of Built Technologies?

Chase Gilbert, Scott Sohr, and Andrew Sohr co-founded Built Technologies in the year 2014.

Who are the main competitors of Built Technologies?

The main competitors of Built Technologies include Lending Club, Lending Pad, Finflux, Sageworks Lending, and Encompass Digital Mortgage Solution.