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Built with Billd: How Inefficiencies Upstream Impact the Entire Construction Payment Cycle with Rabbet’s Will Mitchell

Published: December 16, 2020
Last updated: November 04, 2022
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Summary

Rabbet CEO Will Mitchell joined Chris Doyle, CEO of Billd, on the Built with Billd podcast to talk about how payments in the construction industry are notorious for being late and the impact that has on the entire supply chain.

Will opens by discussing how he began to fall in love with construction from a young age and considers himself to be a construction guy who happened to start a real estate tech company. He got AutoCAD in 7th grade as a Christmas gift and that inspired him to go to school to study Architecture and Structural Engineering. 

Unsatisfied, he came out of college and dove right into the world of construction. After several years of working in the construction industry, he noticed a lack of technology throughout the industry and was not content with the options that were available. 

Being the ambitious entrepreneur he is, Will moved to Austin to pursue a career in construction technology, working with heavy-hitters across the nation, including the likes of Goldman Sachs. From there, he created Rabbet as a solution for managing project finances.

Will and Chris go on to discuss how inefficient lending processes cause slow payments. As the loan packages continue to develop, it can drastically impact late payments across the construction industry, hurting everybody in the supply chain. 

“The general aging of the construction industry is allowing the next generation of executives to come in with a technology first approach. That will continue to encourage the industry as a whole to adopt technology.” – Will Mitchell

About Billd: Billd stands alone as a partner that truly champions the subcontractor. Founders Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance, witnessed the detrimental impact to subcontractors of the longstanding broken payment cycle in construction. Their time in the trades inspired them to launch Billd in 2018, bringing the financial power of Wall Street to the construction job site. Billd's financial and payment products empower subcontractors to bypass project hurdles by providing access to upfront funds to cover their most pressing costs, including materials and labor. Unlike traditional financing outlets, Billd provides flexible lines of credit to accommodate the unpredictability of cash flow in construction, and extends their customers up to 120-day terms to align with industry payment standards. Billd knows traditional credit metrics are poor predictors for risk and has built a variety of industry-specific, proprietary analytic and financing tools to allow subcontractors to stabilize cash flow and more effectively grow their businesses.

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