Perfecting The Process

Episode 39 | The Construction Lending Podcast

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Get a behind-the-scenes look at the challenges and rewards of building and scaling a construction lending program—from the days of paper files to launching innovative programs at Churchill Mortgage that span multiple states and product types. Dana Solberg discusses everything from builder relationships and risk management to best practices for launching a successful program, all while weaving in memorable analogies and practical tips for thriving in this unique industry.

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Questions Answered

• What are some key strategies to “upgrade” or relaunch construction programs?
• How do you think technology has changed the construction lending process, and what benefits or challenges come from those changes?
• What are the key elements of building and maintaining strong relationships with builders in construction lending?
• What other factors impact builder loyalty, and how can lenders balance these needs with regulatory and risk requirements?
• What are some best practices for ensuring a healthy construction loan portfolio, and how can lenders spot “red flags” early?

Episode Recap

Creating Lasting Value in Construction Loan Programs

When most people picture their professional journey, working in construction finance rarely tops the list. As Dana Solberg, Director of Construction Finance at Churchill Mortgage, humorously points out in her conversation on The Construction Lending Podcast. Yet for Dana—and many others in the industry—a winding path through unexpected terrains leads to a career full of challenge, variety, and reward.

In this episode of The Construction Lending Podcast, we sit down with Dana for a candid discussion on her origin story, the evolution of construction lending at Churchill Mortgage, and how her team builds lasting value for both borrowers and builders. What follows is a deep dive into that conversation, highlighting the essential takeaways, best practices, and strategic advice for anyone navigating the world of construction loan programs.

Recognizing the Need for a Dedicated Point Person
Dana’s success at Churchill Mortgage is rooted in hard-won lessons from her earlier roles. One of her top recommendations for anyone starting or refining a construction loan program is unequivocal: “You need a person to be your point person. To be all things construction.”

Construction loan programs don’t run themselves. Policies, procedures, and checklists can only take you so far if you don’t have a passionate, experienced, and deeply invested leader to tailor the program, guide borrowers and builders, and handle the countless touchpoints unique to construction projects.

Investing in Technology on Day One
Equally essential, says Dana, is a robust construction loan management software for process management. “Day one—have it in place. Don’t mess around. Get the muscle memory around it, get the reporting, tracking, and the behavioral components started early.” The scale and complexity of construction loans, from draw schedules to lien releases to builder communications, make sophisticated software like Land Gorilla indispensable even for rookie programs. The alternative? Spreadsheets, paper filings, and email that quickly becomes unsustainable.

The Role of Training, Certification, and Sales Staff Buy-In
For Churchill Mortgage, growth only accelerated once their sales force was versed in the specific nuances of construction. Dana established a structured certification process that every loan officer must pass before originating construction loans. “You don’t get to play on my field unless you’re certified. And I’m a pretty hardcore ref. I set up the rules in the LOS. You’re not going to pass go unless you have my green check mark.”

The rationale for stringent training requirements is clear—miscommunication in sales calls can lead to costly misrepresentation, dissatisfied builders, lawsuits, and long-term program damage. Top-down support is crucial to reinforce this cultural standard.

Managing Builder Relationships
Builders, not just borrowers, are the key repeat clients in construction lending. As Dana explains, “borrowers aren’t going to build houses over and over. Builders are.” Growing—and maintaining—positive relationships with builders is therefore a strategic necessity.

Setting Clear Expectations Early (and Often)
One of the most common pitfalls Dana encountered was confusion about where responsibility fell in the draw process or when the next milestone was due. The solution? “Set those expectations as early as possible and things just get a lot smoother.” Repetition, reminders, and engagement are the tools that make the difference between a fraught process and a seamless one.

Tailoring Processes to Builder Needs
The “Churchill secret sauce,” according to Dana, is flexibility. While maintaining control and compliance, they strive to adapt workflows to the preferences of each builder whenever possible. “I don’t have a cookie-cutter that I need a builder to fit in. I say, show me the cookie you make, builder, and I will find a way to make it work for us.” Accommodating draw schedules, documentation flows, or communication styles yields loyalty and repeat business.

Speed and Simplicity Trump Everything
Time is money for builders. “Quick draws is going to be number one—draw turn times will always be one of the first builder asks: How fast can I get my money?” A close second? Minimal documentation requirements and user-friendly digital tools, such as e-signatures and online draw statements.

Risk Management and Portfolio Health
With construction lending, risk is baked into the business model: “You’re agreeing to lend a ton of money on something that doesn’t exist yet.” Dana’s priorities revolve around:

• Timelines: Is funding aligned with project progress?
• Documentation: Are all critical files and loan documents current and complete?
• Funded Amount vs. Time Remaining: “The biggest one I would look at is funded versus time left on the loan.”

A healthy construction loan portfolio is marked by close adherence to projected timelines, with minimal projects trailing far behind schedule or running over budget. Special considerations apply for modular, manufactured, or kit homes, which may have front- or back-loaded funding curves.

Expanding the Product Set: Adapting to Market Demands
Churchill Mortgage’s construction program initially focused exclusively on stick-built homes. Success with that core offering led to targeted expansion: manufactured housing, modular homes, and even creative “barndominiums” and “shouses” (shop houses). This strategic progression allowed the team to standardize, document, and train for new products while leveraging internal expertise and external builder relationships. As Dana puts it, “I love the modular and manufactured. I love all the new technology.”

The Human Side of Construction Lending
Construction lending is not for the faint of heart, but as Dana Solberg’s journey demonstrates, it rewards curiosity, adaptability, and a love of bringing projects to life. For Dana, the highlights are being there at the beginning—when excitement is high—and at the end, when a house becomes a home. 

In a world of complex regulations, evolving technology, and high-stakes relationships, it’s the human touch, institutional memory, and hunger for improvement that turn a brittle loan program into an industry leader. 

Whether you’re setting up your first construction program or optimizing a mature one, the lessons from Churchill Mortgage and Dana Solberg are clear: Lead with heart, innovate with technology, and never stop learning from every blueprint, builder, and borrower that crosses your path.

Connections

Dana Solberg LinkedIn

About Churchill Mortgage

Founded in 1992, Churchill Mortgage is a privately-owned company with over 400 employees. A full-service and financially sound leader in the mortgage industry, the company provides conventional, FHA, VA and USDA residential mortgages across 48 states and the District of Columbia. As heard on personal finance expert and author Dave Ramsey’s nationally syndicated radio show, the lender’s mission is to help borrowers achieve debt-free homeownership and build wealth through a smarter mortgage plan, regardless of their starting point. Churchill Mortgage is a wholly owned subsidiary of Churchill Holdings, Inc.Churchill Mortgage’s notable achievements include recognitions as a “National Top Workplace”, “Top Lender” by Scotsman Guide: Residential, an eleven-time “Top Workplace” by The Tennessean, one of the “Best Mortgage Companies to Work For” by National Mortgage News, “Top 50 Mortgage Companies in America in 2024” by Mortgage Executive Magazine and a “Fast 50” company, “Top 100 Private Company” and “Best in Business” by the Nashville Business Journal. For more information about Churchill Mortgage, visit churchillmortgage.com or follow the company on LinkedIn, Twitter @ChurchillMtg, Instagram, Pinterest and Facebook.