A construction loan is a type of loan specifically designed for individuals or businesses looking to finance the construction of a new property or renovate an existing one. These loans are typically short-term in nature and are used to cover the costs of labor, materials, permits, and other expenses associated with the construction process. Construction loans are different from traditional mortgage loans in that they are disbursed in increments, known as "draws," as the construction progresses. This helps to ensure that the funds are being used for their intended purpose and are not being mismanaged.The terms and conditions of a construction loan can vary depending on the lender, but generally, they require borrowers to provide detailed plans and budgets for the construction project, as well as proof of their ability to
What is Construction Loan?
Suffering from credit card
receipt chaos?
Give your accounting team an easier way to collect accounts payable data from project managers and field teams.
expense management
Connect any credit card
Connect any credit card to our platform and collect receipts via our modern mobile app, sync with your ERP instantly and close your books faster.
ERP integrations
Industry ERP integrations
Integrates seamlessly with Viewpoint Spectrum, Viewpoint Vista, Foundation Software, Sage, Acumatica, Quickbooks, CMIC and many more.
Automation
Automate project coding
Create custom AI-Powered automation rules to put your project accounting on auto-pilot.
controls
Eliminate coding errors
Create custom enterprise-grade controls to eliminate data entry errors from the field.
Approvals
Approvals by project
Setup robust approval workflows by project manager, team manager or value amounts.
ai-Powered
AI-Powered automations
Auto-match receipts directly to credit card transactions for complete automation.
