Snap.Build Doubles Loan Volume Year-over-Year, Scales Operational Footprint in Key Markets
Construction technology company enters 'growth phase' as industry embraces new model for financing
PONTE VEDRA BEACH, Fla., Feb. 21, 2023 /PRNewswire-PRWeb/ --Snap.Build, a best-in-class fintech company for the residential housing construction industry, has forecasted a year of growth in 2023, after doubling loan volume (105%) year-over-year between 2021 and 2022. The company will scale its footprint and sales presence in key markets, such as Austin, Texas and Atlanta, Georgia.
The Snap.Build proprietary loan automation platform accelerates the pace of transactions and empowers builders to kickstart more projects in their respective markets. The recent drop in housing inventory nationally has created opportunities for builders to launch new speculative projects, particularly in up-and-coming Sun Belt states in the southeastern portions of the U.S.
"Every financial institution is being disrupted by technology with the power to improve the way money moves, and that ripple effect has finally reached the construction industry," said Snap.Build Chief Executive Officer Lee Kaplan. "Our process isn't simply about speed, but ensuring that capital is regulated, monitored and accounted for with an automated ledger. Looking ahead the company has identified key markets across Florida, Texas and Georgia to fuel the development boom."
The company, based in Ponte Vedra Beach, Florida, expects to grow their workforce by 50% by year-end. This includes hiring veteran sales leaders to "run point" in burgeoning markets. Snap.Build has opened a satellite office in Austin, Texas.
Snap.Build has also restructured its leadership team, appointing Steve Stramm as Executive Vice President, Lending and Brad David as Executive Vice President, Development and Construction. The engineering and product teams will also expand, as the company builds out more robust features for its 2.0 platform to be launched in Q2.
"One of our greatest strengths is the partnership of our executive team and lead investors, with a shared vision for continued penetration of the market," said Stramm. "We have groundbreaking technology and financial flexibility, but want to make sure we continue to give builders every opportunity to be successful. No longer do builders need to sit idly and wait for institutional banks to rubber-stamp proposals."
Last year, according to S&P Global, construction lending expanded at its fastest clip in six years during Q1. U.S. banks and thrift institutions reported more than $92 billion in one- to four-family residential construction loans, a 5.3% quarter-over-quarter increase. With expectations of continued growth on the horizon, Snap.Build is in a position to carve out a larger market share with its non-traditional lending program.
About Snap.Build
Snap.Build is a groundbreaking fintech company serving the residential housing construction industry. The company specializes in non-recourse loans to small and medium-sized home builders for both speculative and pre-sold homes. Snap.Build utilizes proprietary technology allowing 24/7 access to all construction project activity and funding disbursement details, bridging the gap between the lender and the builder. Snap.Build provides the lender with added security, safety, and transparency; thereby, giving the builder greater access to capital and growing the lender's and the builder's businesses.
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Media Contact
Anthony Stipa, Bongo Consulting, 1 610-420-1724, [email protected]
SOURCE Snap.Build
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