2024 Rabbet Report: Risk Management and Automation Emerge as Top Priorities in Construction Finance
May 14 2024 - 7:30AM
Rabbet, the leading provider of construction finance software,
today released its highly anticipated 2024 State of Construction
Finance Report. The annual report provides critical insights into
the evolving dynamics of construction finance, this year’s edition
emphasizing the industry’s continued and accelerating focus on the
importance of risk management and efficiency.
Highlights from the 2024 Report:
- Risk Management Takes Center
Stage: Risk management shot to the top of lender
challenges, up from third place last year (a 58% increase from
2023), highlighting its growing importance in commercial real
estate operations.
- Time-Consuming Reporting: Developers report
spending over 20 hours each month (versus 13.5 in 2023) gathering
data and creating reports for stakeholders, underscoring the need
for more streamlined processes.
- Automation as a
Solution: 62% of lenders believe automating their
construction loan processes could significantly reduce manual
errors and enhance operational efficiency; 68% of developers feel
technology can increase portfolio visibility and efficiency
The annual survey, reaching a broad spectrum of lenders and
developers, compares current data with historical trends to track
shifts in industry practices and challenges. This year’s insights
reveal that both visibility into real-time project data and
increased reporting demands are key factors driving the need for
advanced solutions in risk assessment and management.
Will Mitchell, CEO and Co-Founder of Rabbet, states, “Our latest
findings underscore the critical role of effective risk management
in sustaining robust operations. With many external factors like
material costs and interest rates beyond our control, leveraging
technology to enhance portfolio visibility is essential.”
Rabbet’s report not only outlines the hurdles facing the
industry but also charts a path forward, advocating for
technological adoption to bolster efficiency and stability in the
face of uncertainty.
For more detailed insights from the 2024 State of Construction
Finance Report, download the report.
About RabbetStrengthen and align connections
between people, systems, and data with Rabbet’s enterprise
alignment platform. Designed for real estate developers,
construction lenders, and related service providers, our SaaS
solution delivers streamlined project and financial oversight,
equipped with dynamic reporting and customizable dashboards, to
enable users to identify and mitigate risks in their overall
construction and asset management portfolios. By using Rabbet,
customers achieve significant operational savings and make smarter,
strategic decisions, fostering trust with financial partners.
Founded in Austin, TX in 2017, Rabbet has improved visibility and
efficiency for over $100B in construction and capital expenditure
projects.
Media contact:
Nicole Kelly
nkelly@rabbet.com
512.557.3354