About OneSite:
OneSite is a powerful web and mobile app experience that provides simple steps to complete a draw request or change order resulting in faster payments. View the budget of record in real-time, communicate through secure messaging, share information through the document center, and provide signatures for draws electronically.
Results:
- Contractors were paid 57% faster
- Faster inspections
- Greater visibility
- Improved communication
- Convenient experience
About the Borrower and Builder:
Borrower: As a first-time borrower for a renovation loan Marcia Cannon-Clark worked with her lender and contractor for an extensive renovation of a complete interior gut of a three-level home.
Builder: Travina Love is an Administrator working for a home building company for single-family residential homes. As the sole draw administrator in the company, she manages 70 loans on average a month.
Homebuilders
Simplifying the Draw Process for Construction Companies
For Travina Love, an Administrator who works for a home building company for single-family residential homes, simplicity and convenience is key to her busy job. As the sole administrator in the company, she manages nearly 70 projects a month.
“At first, I had reservations,” said Love. ”It would be a new process to learn and I’ve been used to doing it one way. However, once I started using OneSite, I found that it was very user-friendly. It’s an all-in-one solution for draw submissions; the information is relevant and it’s not overwhelming. It provides me clear directions on what I need to do, and after a few clicks, the draw submission is completed. It’s very straightforward and to the point.”
With OneSite, I really like the fact that I can see everything
Travina Love, Administrator for a homebuilder
Love also works with lenders who do not offer the OneSite solution for draws and it is a very manual process. It includes working in Excel spreadsheets to track project information such as property name, when to schedule an inspection, payment request amount, and banking information. Love must email the draw information, then wait a week for the lender to request documents or approve.
“Our pain with this manual process is that I don’t have an easy way to see what I did, how much I’m asking for, and how much I’m paid out. So if we were three months into the project and I wanted to go in and see the different line items I had been paid for or not been paid for, I would have to ask the lender for a breakdown. We were rarely on the same page as the lender,” said Love. “Now, with OneSite, I really like the fact that I can see everything - draws that have been requested and disbursements received.”
Borrowers
Simplifying the Draw Process for Borrowers
As a first-time borrower for a renovation loan, Marcia Cannon-Clark worked with her lender and contractor for an extensive renovation of a three-level home.
Upon closing on the loan with her lender, Cannon-Clark was enthusiastic to get to work with her contractor to complete her highly anticipated renovation. After working through several hard copy documents through the pre-close process she was delighted to hear that the post-close draw process was all digital through an app called OneSite.
OneSite enables borrowers and builders to access the budget of record, submit draw requests and change orders, and share and exchange information.
“Everything is online now, so to see a lender provide modernization and a highly efficient process where workflows are incorporated was very helpful to me as the borrower,” said Cannon-Clark.
To see a lender provide a solution with this type of modernization with a highly efficient process was very helpful to me as the borrower
Marcia Cannon-Clark, First-Time Borrower
OneSite was very convenient and, most importantly, enabled us to finish my home renovation on time
Marcia Cannon-Clark, First-Time Borrower
Faster Inspections
With OneSite, you can request an inspection when submitting and signing a draw request.
“Having the ability to request an inspection is a time saver,“ said Love. “I don’t have to wait for a lender to communicate with me on finding available dates for an inspection. Without OneSite, it can take up to 2 weeks to get an inspection completed. That’s a lot of the time for the cash flow to come in. OneSite makes it so that inspections are quick and painless, so I get paid faster.”
OneSite enables borrowers and builders to access the budget of record, submit draw requests and change orders, and share and exchange information.
OneSite makes it so that inspections are quick and painless, so I get paid faster
Travina Love, Administrator for a homebuilder
In addition to on-site inspections, lenders can opt for a remote inspection option. This was especially convenient for Cannon-Clark’s home renovation that occured during a nationwide lockdown that was in effect due to the pandemic. “The majority of the inspection orders were completed virtually so it helped the project move forward during this unprecedented time,” said Cannon-Clark.
Convenient Electronic Signature
OneSite offers secure and convenient electronic signature, removing the manual process of having to print out documents, obtain wet signatures from all parties, then scan and email these documents. Many lenders found that without OneSite, it can take several days and even weeks for a draw request to receive all necessary signatures for submission.
“Not having to sort through hard copy documents, physically sign draw requests, and then fax, email, or mail these documents made the process go by so much faster,” said Cannon-Clark. “It was very convenient and, most importantly, enabled us to finish my home renovation on time. With draws, signatures are key when requests are submitted; it’s really important to be processed quickly and get the contractor paid fast for the project to move forward. Having an electronic signature option is very, very helpful.”
OneSite streamlines the draw process to ensure there is no lag time which means we get paid fast
Travina Love, Administrator for a homebuilder
Keep Projects Moving and Get Paid Fast
As an Administrator for a homebuilder, Love found that with OneSite her company received payments 50% faster. They received payment as early as 3 days compared to 6 days with other lenders.
“OneSite streamlines the draw process to ensure there is no lag time which means we get paid fast,” said Love.
As a borrower, Cannon-Clark’s contractors were paid nearly 60% faster with OneSite. Builders received payment up to 3 days after signatures were obtained compared to manual methods that can take as long as 7-10 days with other lenders.
“OneSite made it very convenient for my contractor to submit draw requests and provide them a better understanding of the requirements in order to move to the next phase,” said Cannon-Clark. “They wouldn’t be able to complete my project as fast without OneSite. We had change orders during the project and because we could submit those requests online, it was easier and faster to do.”
Budget of Record
OneSite’s budget feature provides the borrower and contractor direct access to the budget of record and provides a single source of truth for the project. It keeps all parties on the same page and provides detailed accounting of the agreed upon work.
“A key benefit of OneSite is that I can see the budget in real-time—every line item, payment disbursed, and more," said Love. “I really like the fact that I can immediately see accurate budget information without waiting for the lender to get back to me.”
“I really like the fact that I can immediately see accurate budget information without waiting for the lender to get back to me.”
With OneSite, I had full trust in the process
Marcia Cannon-Clark, First-Time Borrower
Sharing and Exchanging Information
OneSite’s document management allows users to share and exchange documents with their lender. This ensures that all the project stakeholders have access to important documents, all in one place.
“I can upload documents at my leisure, reducing the back and forth communication on what documents were requested from the lender,” said Love. Without OneSite, it would take up to 48 hours to provide a document to the lender because I would have to find the hard copy document, scan, upload, and email. With OneSite, it takes only minutes because everything is online.”
“A renovation project is a lot to manage, and to have everything in one place through an app is a much better solution,” said Cannon-Clark. “It’s easier than managing several documents, and large amounts of paper, and trying to find documents sitting around the house. Anything that minimizes hard copy papers that you have to store somewhere is more convenient and sustainable.”
OneSite’s messenger feature keeps all communications secure in one place, saving time from having to sort through multiple email platforms and endless email threads.
“Communicating with the construction loan administrator through OneSite was easy, and I received a response from the lender quickly,” said Cannon-Clark. “The project flowed smoothly for my contractor as they were able to navigate the draw submission process easily. The Construction Loan Administrator was very responsive through Messenger if any questions were asked.”
“With OneSite, I had full trust in the process," continued Cannon-Clark. ”I never had any concerns about what was going on or wondering what stage we were at. If a draw had been requested, everything was communicated between all parties, so everyone was on the same page.”
Mobile App
In addition to the OneSite web portal that is accessed on a web browser, this powerful solution is also available in a mobile app on any iOS or Android device where information is accessible anywhere and anytime.
“My favorite part of OneSite is the mobile app. It is so easy to navigate,” said Cannon-Clark. “I am able to see all the budget details of a large and complex project like mine and the breakdown of items and labor. Just being able to go into the app and understand what’s complete and what’s not has made this whole process pleasant. Plus, you are only required to type in your login once since it caches my credentials.”
“I carry my phone everywhere; I’m not carrying my laptop with me all the time,” Cannon-Clark added. “It’s one thing having to go home, sit at my desk, and log into the web portal, compared to the convenience of an app.”
My favorite part of OneSite is the mobile app. I carry my phone everywhere; I’m not carrying my laptop with me all the time
Marcia Cannon-Clark, First-Time Borrower
I definitely prefer to work with lenders who offer OneSite over those who do not
Marcia Cannon-Clark, First-Time Borrower
Conclusion:
“As a draw administrator, the best thing about OneSite is that I can see everything,” said Love. “I have better visibility of the budget of record, payments, tasks, and uploaded documents. It is easy to use and I get paid quickly.”
“I work with other lenders who don’t offer OneSite, and it can be painful because the extra back and forth adds time and delays to receiving payments,” she added.
“As a borrower, if I had a lender who would require me to manage renovation projects through old school, archaic methods that include hard copy documents, faxing and emailing, I would pass on the lender just for that reason,” said Cannon-Clark. “To be customer friendly, you have to really think about what’s best and easiest for the customer.”
“If we weren't using OneSite, this extensive project would have not been completed within the six-month timeline,” Cannon-Clark added. “There would have been pushback into the next year.” I’m very satisfied with the results and with the lender for providing such a seamless experience. If I were to do another home renovation, I definitely prefer to work with lenders who offer OneSite over those who do not.”
OneSite mobile app is available to download at:
Go to the Apple App Store (iOS Device) or Google Play (Android), search for "OneSite", and download
Login with credentials from your financial institution
