Introducing the Builders Patch Due Diligence Checklist
At Builders Patch, we’re committed to moving the needle on creating more affordable housing and communities in our cities. Our platform is designed to help developers and lenders manage less and build more with up-to-date project details and task management in one place. In keeping with this commitment, we’re excited to announce the launch of our new due diligence checklist feature.
As affordable housing developers know, closing a deal is no easy feat. In fact, an average of 150 files need to be collected per project, not to mention the countless tasks and details that need to be recorded about the building and companies involved. Checklists sent via Word or Excel can be time-consuming and can often overlap with other existing checklists for the project. Unfortunately, the current system for collecting due diligence is extremely cumbersome, fragmented, and minimally digitized.
With our new due diligence feature, applying to different lenders has never been easier. Through a single platform, developers can manage applications to multiple funding sources, including housing agencies, banks, and syndicators. Our checklist consists of easy-to-follow lists, fill-in forms, and includes a collection of the most common files needed to complete due diligence, including:
- Basic project information
- Developer documents
- Architect documents
- General Contractor documents
- Property Manager documents
- Third-party reports
- Legal documents
The best part? Once these common files and questions have been filled in, all of your checklists with the same common questions will be updated automatically! Also, permissions are role-based, so team members like architects and property managers do not get access to sensitive documents from the developer or lender. It’s all the information a team member needs—and nothing they don’t.
Some tasks like tracking down third-party reports or finding the latest version of a zoning approval may be more complex and require some explanation or clarification—whether it's asking for an extension of due dates or just keeping track of the project’s progress. Our live chat feature allows developers and lenders to communicate within the context of the task, download attachments in a ZIP file, and include detailed instructions per item.
So, how does it work?
After creating a Builders Patch account and adding a project, you’ll see over 20 saved checklists from different lending sources to choose from. Can’t find the checklist you're looking for? One of our account managers is ready to help you customize and configure a new checklist for your account. Each checklist is typically made up of two different parts—a set of questions common to every checklist (think: drawings, environmental reports, org charts), and questions that are specific to your project.
Each lender’s requirements are unique, so our dashboard helps you stay organized by filtering checklists by lender name or completion status. In addition to the common files uploaded, Builders Patch also provides you with an easy way to fill out additional files and mark their statuses—enabling you to easily and efficiently collect all the files you need to create a package for each lender. Then, once all files have been completed, you can package up your application and send it to each lender via a ZIP file or invite them to view the application right within our platform. It’s as easy as that!
Interested in learning more? Sign up for one of our upcoming webinars to learn all that Builders Patch has to offer and get ready to start managing less and building more.
* If you’re located in New York and work with NYCHDC, great—so do we! Reach out to your project manager at NYCHDC so we can create and configure an account for you. You can also email us at firstname.lastname@example.org to set up your account today, or join our next webinar to see a live product demo!