Team BuildPay Ride for RoswellBUFFALO, NY March 26th 2019 – Here in Upstate New York, Spring is just barely starting; you can see it peeking up through the leftover snowbanks and washing away the salt and winter-grime on the roads, which is good because BuildPay’s training has begun for the Ride for Roswell!

Every June, Roswell Park Comprehensive Cancer Center hosts the ‘Ride for Roswell’ – a bike ride that raises money for research for cancer patients that come to Western New York for treatment. The ride has gotten bigger every year, with new routes and distances, and more ambitious fundraising goals to help more and more patients.

Three years ago, one of BuildPay’s own was diagnosed with Acute Myeloid Leukemia and was given a less than 50% chance of survival. After a successful Bone Marrow Transplant at Roswell, Leah is returning again in 2019 with Team BuildPay to celebrate her survivorship and help make a difference for new cancer patients being treated at Roswell.

Ride for RoswellIt’s a cause that we at BuildPay care about very much,” said Leah. “It’s our chance to get outside to ride, celebrate our accomplishments, and let the patients that are currently undergoing treatment know that we’re rooting for them.”

BuildPay’s fundraising efforts are well-underway. The biggest team that’s ever been recruited for BuildPay – 14 members – has so far raised $11,951 and is currently ranked the 8th top fundraising team.

Contribute to Team BuildPay’s ride here by clicking on a team member to donate to.


About BuildPay

BuildPay offers patent pending financial technology to construction-funding institutions to connect the entire construction payment chain; enabling fast, direct payments, quicker build times and more competitive pricing without liens and delays tied to accounts receivable. Construction the way it should be. #GotPaid

About Leah

Leah Hennessey is the VP of Marketing and Product Development for BuildPay, tasked with setting a strategy to grow the startup’s financial technology for the construction industry. She was diagnosed with AML in 2016, was treated at Roswell Park, and has been in remission ever since. Send her a direct message at [email protected]

Contact Us

Lenders: Competitive Advantage

The golden rule sums up lenders’ advantage the best. “Whoever has the gold, makes the rules.”  While the bank has the gold, they compete with other banks, who also have the gold.  Their rules are necessary, they do not need to be changed.  There are many companies that argue the execution of the rules are inefficient, but efficiency really does not substantially improve protections for banks or add construction success for customers.  A shared ledger allows banks - as the trusted source of project funding - to set the rules for project payment releases, monitor the project health and all but eliminate any chance of lien.  Cash-flow-lubricated projects attract competition to accelerate work at more competitive prices with superior protections for virtually every player in the chain.

Insurance: Competitive Advantage

Insurers’ obligation to pay is the most potentially powerful tool insurers have, but is very difficult to systematize and scale given the daunting challenges of insurers collaborating with a huge, highly fragmented and complex construction industry.   Since all construction has chronic payment risk and inadequate cash flow, it makes sense for property insurers to use their irrevocable obligation to pay to attract the construction industry.  Since cash flow is most attractive at the project level, inter-industrywide collaboration between insurers and the titans of construction is less important than mechanizing a platform that can be scaled from one project to many thousands of projects.

Government: Competitive Advantage

In some cases, opportunity for small subcontractors (with limited financial wherewithal) is only one part of the total equation.  Some very talented and well run companies still cannot automatically get the trade credit, working capital and cash flow they need to keep pace.  The struggle is unnecessary when the government funding source can allocate contractor-planned and approved payouts directly to these subs.  Similarly, the subs themselves can allocate material budgets to the ledger to enable them to procure all the materials they need without the material provider taking on risk.  Working capital constraints are greatly alleviated, cash flow accelerates and there is no need for trade credit.  Government agencies can see activity on the ledger for each bid project.  Bids improve.  

Why would construction lenders need to change their highly refined processes?

Success for construction lenders means providing their customer with the funds needed to build the project they want.  To protect the bank’s interests, protective draw schedules are put in place to assure the project is done – and done without liens.  Albeit necessary protection, slow draws cost project time and money.  Some oversight, work and material providers avoid working on bank-funded projects, charge more or require large owner-deposits. This is especially true for classes of product that are fabricated offsite and installed after fabrication is complete, when providers are still not paid until after the next draw.  Customers pay interest on capital needed for construction, with process requirements attached that add to the construction cost and delay project delivery.  In a world where settled business models (think taxis) can be unsettled in months (think Uber), this one probably has disrupters’ attention.

Why do property insurers need to change?

Success for property insurers is making their customer whole as quickly as possible and protecting their loss ratio from significantly inflated reconstruction payouts; especially overblown demand-surge prices following disasters.  Insurance reconstruction is the most inflated of any type of institutionally funded work and is getting worse.  Claim departments are startled by the rate of new disadvantages to mitigate, using tools that have not been substantially redesigned in decades.

Why would government funded projects need payment changes?

Many government entities endeavor to help smaller subcontractors and material providers have the opportunity to be awarded contracts.  In some states women and minority owned enterprises are guaranteed a portion of publically funded construction.  Most contractors we talk to are supportive of this mandate, but it comes with unique challenges.  Providing opportunity alone does little to help solve problems with deficient working capital, trade credit at material providers and enough rapid cash-flow to keep up with fast-paced project schedules.  In some cases contractors help these subs as much as possible, but obviously there are some challenges beyond their control.  These problems work their way to the top like air bubbles in concrete.