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Technology has thoroughly permeated commercial real estate, enhancing, streamlining or revolutionizing business models and processes. Although industry professionals sometimes criticize their peers’ resistance to update legacy systems and change standard operating procedure, leadership teams have recognized new software's importance and adopted them to remain competitive.
Digitization has facilitated searching, communicating and ultimately transacting, and has now made securing a loan, one of the last holdouts to ascend to the cloud, a completely virtual experience.
It may seem surprising that the loan, an indispensible component of almost every deal and representative of a tremendous dollar volume, has been so late to automate. But loans are complex, regulated financial instruments requiring disclosure of sensitive information, which may have intimidated other would-be innovators.
StackSource CEO and co-founder Tim Milazzo is an alumnus of Google and Facebook and is passionate about uniting tech and real estate. He now wants to raise awareness about his new venture’s key service and its benefits.
Milazzo and his team took the top spot at a premier real estate tech competition in North America and presented at the world's largest financial technology conference. StackSource's disruptive model is building momentum through recognition and a growing user base.
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“Owners submit a loan request through StackSource’s interactive portal. Lenders then review the information and make offers,” Milazzo said. “Before, portfolio managers had to approach a number of banks and lending institutions themselves or hire a traditional mortgage broker, which was a costly and time-intensive process.”
According to Milazzo, reaching top national lenders through StackSource takes 10 minutes because it lets property owners submit the requisite financial and building info to multiple lenders simultaneously. Lenders benefit from the standardized presentation of information.
StackSource facilitates financing for all major asset classes across the U.S. Property owners can find construction loans, bridge or permanent financing.
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