Built Technologies has launched an AI agent designed to streamline the draw request process in construction financing. This innovation comes as a response to the traditionally cumbersome approval methods that often take days or weeks for lenders to process, involving extensive documentation and risk assessment. The Draw Agent aims to significantly reduce this time, providing approvals in as few as three minutes. The AI system has been tested with select lenders, including Anchor Loans, and claims to enhance risk detection by 400% compared to human evaluations, while ensuring strict adherence to lender policies. The company, which reached a $1.5 billion valuation in 2021, has been focused on improving capital management for construction projects. Built's existing clients include major banks like U.S. Bank and Citi, and its technology has already facilitated payments to various stakeholders in the construction process. The new AI agent processes vast amounts of construction draw data—trillions of dollars' worth—accumulated over the past decade, allowing it to operate with high compliance and efficiency. Initial reports from companies using the AI agent indicate a return on investment between 300% to 500%, even for smaller portfolios of around 500 loans. This is primarily due to the automation of tasks that previously required significant manual effort, allowing lenders to maintain or even reduce their workforce while increasing operational efficiency. Chase Gilbert, the CEO of Built Technologies, emphasizes the transformative potential of the AI agent in connecting stakeholders and optimizing the draw request process in the construction finance ecosystem.