Altus Nova Technologies Delivers Custom Software Solution for Snap.Build, Revolutionizing Construction Loan Management for the PropTech and FinTech Industries

News provided by

Sep 17, 2024, 10:32 ET

AUSTIN, Texas, Sept. 17, 2024 /PRNewswire/ -- Altus Nova Technologies, a leading digital product strategy, management, and development company based in Austin, Texas, has successfully completed a critical custom software development project for Snap.Build, a trailblazer in construction lending technology. This new platform, built by Altus Nova, streamlines loan administration, improves draw management, and enables real-time payments for builders, ultimately enhancing both builder performance and lender security.

Snap.Build's platform is designed to address key challenges in the speculative homebuilding sector, where delays in loan administration and payment processing have historically hindered productivity. By offering a solution that empowers builders to request draws daily, verify completed work, and pay subcontractors instantly, Snap.Build is transforming the construction loan process, allowing builders to manage their projects more profitably and build stronger relationships with subcontractors.

"This project marks a major milestone for Snap.Build and the construction industry as a whole," said Jason Parrish, General Partner of Altus Nova. "We are thrilled to have partnered with Snap.Build to develop a cutting-edge solution that addresses the unique challenges of vertical construction and creates a smoother, more efficient loan management process."

Altus Nova worked closely with Snap.Build to define and execute a six-phase roadmap that modernizes Snap.Build's platform, ensures real-time financial management, and expands their reach in the construction and lending markets. The platform also provides critical benefits such as reducing loan processing time, automating lien waiver management, and offering lenders greater confidence in loan security.

Daniel Pickens, VP of Product at Snap.Build, stated "The best thing about working with Altus Nova is the team's ability to assess business opportunity and technological strategy to find the best possible journey from idea to custom software. We knew what we wanted and why. Altus Nova helped us create a rational, step-by-step process to get there while capturing growth all along the way."

One of the most significant breakthroughs is Snap.Build's ability to offer real-time payments to subcontractors, cutting the typical 1- to 2-month delay between work completion and payment. This improvement not only attracts top-tier subcontractors but also helps builders move faster and build better relationships with their partners.

Altus Nova General Partner Puru Agrawal expressed "We are incredibly excited to have been part of the Snap.Build project. This was an exciting opportunity to use our expertise in custom software development to create a solution that dramatically improves the way builders and lenders collaborate. We believe Snap.Build is well on its way to reshaping the construction lending space, and we are proud to have contributed to that success."

The first phases of the Snap.Build platform are already being rolled out to builders and lenders, positioning Snap.Build as a leader in construction lending technology. With a focus on improving builder performance and lender security, the platform is set to drive significant growth in the PropTech and FinTech sectors.

"Partnering with Altus Nova has been instrumental in turning our vision into reality. Their team brought deep technical expertise and a strategic approach that aligned perfectly with our business needs. The result is a platform that delivers real-time financial management, reduces delays, and helps builders and lenders achieve greater success. We couldn't be more pleased with the outcome." stated Matt Merritt, CEO of Snap.Build

For more information on Altus Nova Technologies, visit https://altusnova.com/industries/proptech.

About Altus Nova Technologies:
Altus Nova Technologies is a leading digital product strategy, management, and development company with over 65 employees. Based in Austin, Texas, the company provides innovative technology solutions to clients across multiple industries, including Healthtech, Fintech, Insuretech, and more. Altus Nova turns business vision into bottom-line advantage with digital product strategy done right.

SOURCE Altus Nova