Speed, Accuracy, and Easy Adoption: Taking Loan Time From Days to Hours

Meet Breakout Finance

Breakout Finance, with offices in Tysons, VA and Charleston, SC, is a nimble and innovative lending firm that provides customized financial products to small businesses across the United States.

The company has carved out a niche in the competitive lending market by offering rapid turnaround times - sometimes funding loans within a single business day. This speed is crucial in an industry where timing can make or break a deal. 

Breakout Finance's ability to quickly evaluate, approve, and fund loans has made them a go-to option for businesses needing fast, flexible financing solutions. And the company trusts Wrangle to help them deliver on that promise.

Wrangle helps us process loans in hours, not days. In fact, it takes other processes that used to take hours and has dropped them to minutes.

How Breakout Finance Uses Wrangle

Enhanced Accuracy and Error Reduction 

Breakout Finance implemented a Wrangle-powered workflow at the beginning of their closing process to double-check key aspects of the application. This has streamlined their funding workflow, minimized discrepancies, and ultimately helped win deals.

The centralized source of truth provided by Wrangle reduces errors throughout the entire loan process, from initial application to final funding, directly impacting profitability.

In an industry based on speed and numerical accuracy, avoiding a single error can be worth thousands of dollars; in this sense, Wrangle pays for itself.

Streamlining Complex, Multi-Step Workflows 

Breakout Finance deals with intricate loan processes that involve multiple departments and steps. Without Wrangle, managing these complex workflows would be challenging. 

Now, Wrangle allows team members to focus on their specific tasks while maintaining visibility of the overall process. This is particularly valuable for cross-functional teams. For instance, when closing a loan, Wrangle ensures that each department - from sales to underwriting to finance - completes their part accurately and on time. 

This streamlined process has significantly reduced the time from loan application to funding, enhancing customer experience and allowing Breakout Finance to handle a higher volume of loans.

“Wrangle has become an indispensable tool in our daily operations at Breakout Finance. It's helped us maintain our competitive edge by improving speed, accuracy, and efficiency across our loan processing workflows.”

Rapid Implementation of New Products and Processes 

As a dynamic lending firm, Breakout Finance is keen to introduce new loan products and funding facilities. Wrangle's flexibility allows them to easily update and customize workflows to accommodate these changes. 

For example, when the company launched a new bridge loan product, they quickly created a custom Wrangle workflow to handle the unique aspects of this offering. This agility enables Breakout Finance to respond rapidly to market demands and maintain their competitive edge. 

Moreover, Wrangle serves as a platform to quickly implement and test new workflows without significant investment. This approach gives Breakout Finance the flexibility to iterate and improve their processes continuously, ensuring they stay at the forefront of the lending industry.

In Their Own Words: Why Breakout Chose Wrangle

We asked Ian Bradley, Breakout Finance’s SVP and Head of Operations, and Caitlyn Wagner, its VP of Credit, for the top 5 reasons why they love Wrangle. Here's what they said:

1. We’ve taken processes from days to hours. 

Wrangle has become an indispensable tool in our daily operations at Breakout Finance. It's helped us maintain our competitive edge by improving speed, accuracy, and efficiency across our loan processing workflows.

What used to take days now takes mere hours. We're processing loans faster than ever before, with some incremental processes dropping from hours to minutes. 

If Wrangle disappeared tomorrow, we'd have to significantly increase processing time for some of our core functionalities.

2. It’s easy for us to create workflows with conversational design and true low-code functionality. 

One of Wrangle's standout features is its intuitive interface. If we can describe a process verbally, we can typically map it in Wrangle with ease. This simplicity has led to widespread adoption across our team. 

Wrangle has become the go-to tool for innovation in our tech stack. Unlike complex, intimidating systems, Wrangle encourages experimentation, curiosity, and problem-solving across all departments.

“In an industry based on speed and numerical accuracy, avoiding a single error can be worth thousands of dollars; in this sense, Wrangle pays for itself.”

3. We are all looking at a single, reliable source of truth.

Team members can access and update information in real-time, which is key for clear communication and reducing confusion across departments. Without Wrangle, we would be significantly less organized, and it would negatively impact our operations.

4. We’ve grown more accountable and more error-resistant. In the lending business, accuracy is paramount. Errors can impact our profitability and customer experience.

Catching issues early in the process helps us avoid larger problems down the line. 

From the initial loan application to the final funding, Wrangle helps us make sure we’re lending money the right way. We’ve removed the dreaded confusion of "Oh, I thought someone else was handling that."

5. We get a team focused on continuous improvement and experimentation. The Wrangle team's responsiveness to our needs has been exceptional. They've been receptive to our feedback and quick to implement new features that enhance our efficiency. 

Moreover, Wrangle serves as an excellent Minimum Viable Product for new processes. It allows us to quickly implement and test new workflows without significant investment, giving us the flexibility to iterate and improve our processes continuously.

Wrangle is a rare find: a tool that does exactly what it promises, at a price that makes sense, without any hidden surprises.