An Austin, Texas-based company that simplifies the construction lending process was the winner of Bisnow’s competition showcasing innovative technologies during The Denver Disruption: Future of CRE Tech event Wednesday.
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A panel of top Denver commercial real estate executives selected Contract Simply as standing out from the crowd.
Panasonic Executive Vice President Jarrett Wendt said Contract Simply’s clear vision of where it is going and that it has clients already using its technology set it apart from the two other companies competing in the event.
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Contract Simply is a lending platform that automates construction payments, so engineering and construction firms are paid in a more timely manner. Contract Simply Director of Business Development Seth Snyder said it takes an average of 54 days for contractors and engineers to get paid, mainly because processing a draw is cumbersome, slow and painful.
“At the center is the bank and equity partner,” Snyder said. “Lenders take an average of 10 days to process a draw request from the time they get it.”
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Contract Simply’s lending platform automates rudimentary tasks and processes draws up to 80% faster. For example, a regional bank in Austin that is using Contract Simply was able to complete a draw within 30 hours earlier this year, Snyder said.
Contract Simply beat out Upsuite, a technology that connects businesses and entrepreneurs with coworking spaces, and OfficeChief, which connects companies that are moving with the vendors they need to make a smooth transition.
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The tech competition rounded out the event, which started with a panel discussion on the effects the sharing economy, instant connectivity and tech trends are having on real estate. Among the topics the panel covered was parking and how to build structures that can be repurposed as people increasingly ditch their cars.
McWhinney Vice President of Development Ashley Stiles said she recently attended a Bisnow event in South Beach, where a former parking structure had been converted into event space.
“Everybody is starting to realize that half of the people [in our buildings] have cars and half do not,” Stiles said.
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