Once you’ve decided to build your dream home, you’re probably wondering how the process will work. When you choose to work with BankSouth, you are assured that your project is in good hands.
Managing the building process with BankSouth is especially easy if you live out of town and cannot make regular visits to the construction site. We specialize in keeping the construction process hassle- and headache-free. Read on to see how BankSouth keeps your home construction process running smooth.
Manage your construction budget, payments, and inspections with our simplified technology.
BankLabs is an online construction servicing software that allows you to stay informed and monitor your construction project 24/7 from your computer or smartphone anywhere in the world. The features available provide the ability to service your construction project including inspection requests, draw disbursements, and document retention.
BankLabs keeps your project moving fast! BankSouth inspectors utilize BankLabs to track the progress of your project and to calculate your available construction draw. As soon as our inspector saves your inspection report, the draw is calculated, and a notification is sent to you via email and/or text message. The lightning speed of this software allows for draw requests to be available immediately and sometimes approved before the inspector has even left your project!
When draw requests are received, BankSouth will send an inspector to your property. After the inspection, your draw will be calculated based on the work completed. By having access to BankLabs you can approve the draw within the system or BankSouth will send you a draw approval by email. Once the draw is approved, the funds will be deposited into your construction account for you to write a check directly to your builder. If your builder has a BankSouth account, the draw can be transferred to the builder’s account with your approval.
A good rule of thumb is to have your draw request in by Tuesday afternoon for funding to take place by Friday.
Please note that the bank’s inspector’s job is to verify the percentage of the job that has been completed. The inspector does not verify that the work completed matches your plans or quality standards. Therefore, you control the funds once the draw has been made.
Credit and collateral are subject to approval. Terms and conditions apply.