Insure your draw operations against fraud
Fraud is an unfortunate cost of business in the construction industry—and you're exposed to more of it when processes are slow and paper-based
Combatting fraud in construction lending
Digitize and Secure Workflows and Construction Budgets: Digitizing your post-origination process reduces the potential for fraud in manual draw processing. The greatest fraud risk is when borrowers deliberately manipulate budget spreadsheets—28% of these files contain math and formula errors.
Accelerate Draw Inspections: Borrowers can become desperate when money gets tight. When they need to pay contractors and vendors weekly—and their credit cards and personal savings are maxed out—they may resort to fraud. Slow draw inspections can encourage borrowers to inflate their draw requests, manipulate spending records in their project documentation, and mislead field inspectors about completed work.
Create Predictability: The current method of processing draws in the industry is often unpredictable, leading to significant distrust among borrowers. They may feel unsupported by their lender, reducing the relationship to a mere transaction. By implementing predictable and swift draw processing, lenders can reduce fraud exposure by 50%.
Insure Yourself Against Draw Losses
Sitewire is the only draw automation and inspection service that includes draw insurance and loss protection from Triple A-rated carriers.
Why is that?
Four-year track record of performance with no losses
AI-powered Anti-Fraud Technology that has detected potential fraud attempts field inspectors couldn’t
Draws approved and funded in 24 hours, dramatically reducing the situations in which borrowers resort to fraud
Our remote, independent GC inspectors are typically more qualified and experienced in current building costs and techniques compared to the average field inspector
Sitewire incorporates real-time cost feeds, permit feeds and contractor ratings so every inspection is backed by real data
We develop a consistent profile of the project, borrower, and their contractors from Day 0 through project completion.
Sitewire digitizes, centralizes, and secures the project budget and the borrower's banking data. We also scan for forgeries and errors in project documents.
