Courtesy of Built TechnologiesA version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.If you rent an apartment, you’ve probably “talked” to an AI agent to help get your leaky toilet fixed. But what if you’re a builder making a request for funds from your lender? That’s a much more complicated process — and there’s an AI agent for that now as well. Built Technologies, a provider of construction and real estate finance technology that reached a $1.5 billion valuation in 2021, is taking its proprietary software to the next level, unveiling an AI agent that has been in the testing phase with a few of its lender clients. Now, Built says, it’s ready for the broader market. “We’re trying to improve that ecosystem up and down the value chain of the construction real estate industry,” said Chase Gilbert, CEO of Built Technologies. This agent is being implemented specifically for what’s known in the business as draw requests. Traditionally, as a developer or construction firm completes each leg of the process, they ask their lender for the next stage of financing, the draw. That usually takes days or weeks to process, because the loan officers have to review documentation, verify progress, assess risk, and approve disbursements. Now the so-called Draw Agent will take over.”There is an opportunity to fundamentally serve the ecosystem, and we actually purpose-built technology to connect the key stakeholders, where everyone’s looking at the same information at the same time and can request funds or can make a payment with more confidence,” said Gilbert. Get Property Play directly to your inboxCNBC’s Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.Subscribe here to get access today.Over the past decade, Built has been working with lenders, both bank and non-bank, as wel …
