Organization Name: Builders Patch, Inc.
Project Title: Builders Patch, Inc
Project Location: Online (cloud based)
We created Builders Patch to help developers break ground faster. Pre-construction is complicated: securing funding and closing a deal often takes months. We decided to make the whole process simpler. Builders Patch is a software solution that combines deal management with underwriting and cross-team collaboration, built specifically for affordable housing developers. It digitizes and standardizes the deal closing process by providing a step-by-step guide to due diligence collection, automating repetitive tasks wherever possible. Its backbone is a secure, cloud-based data hub that stores and auto-updates all your deal information from asset details to pro formas. It enables managers and developers to focus on what’s important while monitoring progress on multiple deals in their pipeline. It also has a task management system with an in-built chat to make sure everyone is always on the same page. We know how busy developers are, so we made sure onboarding deals is easy, and definitely does not need months of training. Upload your deal; add company team or outside teams to collaborate; monitor tasks and data updates; complete due diligence ahead of time.
New York City is in the midst of an affordable housing crisis. Mission-driven developers and timely construction are a critical part of the solution. We believe Builders Patch is part of it, too. After all, it was built to speed things up! Currently, it takes 18–24 months of pre-development before the deal is closed and the foundation for the project is laid. On average, pre-construction costs eat up ⅓ of the total budget, when much of it can be rendered unnecessary with the right approach. Without an effective collaboration tool to cut down on delays, without an underwriting tool to spell out what all is required for a successful deal closing, without a management and analytics tool to oversee and compare the costs and timelines, speed cannot be achieved. Eliminating entrenched inefficiencies and wasteful practices in the pre-construction phase are crucial if we want to get more housing built faster.
We are eager to partner with like-minded developers and other innovators. Let’s join forces in solving the housing shortage crisis. You can learn more by visiting our website or contacting us.
Builders Patch was founded in 2017 by Kanan Ajmera, a seasoned real estate professional with over two decades of experience in affordable housing development, and underwriting finance. Backed by a team of tech and real estate professionals, Builders Patch provides a modern-day technology solution to the many challenges of affordable housing development. It simplifies and streamlines the pre-construction phase, and finance processes for your housing deal.
Pilot Customer: Xenolith Partners