AUSTIN, Texas, May 14, 2024 (GLOBE NEWSWIRE) -- 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 Rabbet
Strengthen 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.
