REAL ESTATE TECHNOLOGY,MORTGAGE AND LENDING
3650 REIT | January 04, 2023
3650 REIT, a national commercial real estate lender with a $13.1 billion loan portfolio for relationship borrowers, has announced the launch of its new Transitional Lending platform. The main goal of the new platform is to make transitional loans for borrowers who want to do recapitalization or certain other transactions.
With the platform launch, 3650 will now be able to provide borrowers with a complete range of financing options across the property life cycle in a market where banks and other alternative lenders are pulling back.
The Transitional Lending platform is a new addition to 3650's existing Bridge and Event Driven (BED) and Stable Cash Flow platforms. It offers flexible loan structures for cash-flowing or newly built projects with a clear path to stabilization. About $500 million in transitional loans are expected to be made through the new platform in 2023.
3650 REIT said that in today's uncertain capital markets, the company must give borrowers various loan options to cover the wide range of deals being made. This new platform is an important and exciting step forward to help the growth process.
In this real estate cycle, transitional lending fills borrowers' financing gaps. Those who take these loans will also get customized short-term financing options and business plans for each property. 3650, which has the infrastructure and staff to fund these projects, will book its first loan on the new platform in 2023.
In terms of loans originating via its BED and Stable Cash Flow platforms, 3650 had $1.66 billion by the end of 2022.
About 3650 REIT
3650 REIT is a commercial lender that makes portfolio loans and takes care of them for relationship borrowers all over the country. Because of its unique way of investing, national scale, vertically integrated platform, and status as a rated special servicer, it can offer customized financing options, high-touch service, and reliable results that are centered on the customer. Meanwhile, 3650 REIT manages its portfolio efficiently by retaining investment risk.
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REAL ESTATE TECHNOLOGY, MORTGAGE AND LENDING
Lower and Opendoor | January 19, 2023
The financial services company Lower recently announced the launch of its brand new mortgage-as-a-service (MaaS) platform, which makes it simple for consumer brands to provide mortgage solutions to clients.
After conducting a successful test of the service, Opendoor, the industry-leading e-commerce platform for residential real estate transactions, has decided to outsource all its mortgage fulfillment to Lower.
Setting up an in-house mortgage lending operation has been a time-consuming task for many companies in the past. Lower's MaaS platform allows the consumer finance, banking, and real estate industries to offer a digital-first home financing experience quickly and easily, with white-labeling possibilities. It is possible to integrate it into the customer journey of the partner by using APIs and other no-code methods.
Opendoor's early adoption of Lower demonstrates that the service's distinctive combination of human skill and technology has proven successful for the Lower team.
Chelsea Wagner, newly appointed as SVP of Partnerships to oversee the new platform, remarks, "Nearly every proptech and fintech company we talk to has some version of home lending on their roadmap. It's a natural value add, but until now there wasn't a solution. Our infrastructure and expertise make us uniquely positioned to accelerate a new mortgage offering.” She further added, "We believe the demand will be high for this product as a new, easily implemented product offering for companies."
(Source – Cision PR Newswire)
In context to the new platform, Co-Founder and CEO Dan Snyder continued, "We've taken our years of mortgage experience and processes, and allowed any business to offer mortgage to its customers. This is a big step for brands that have captive audiences but not the means or experience to offer such products. It allows companies like Opendoor to stay focused on what they do best, while adding a new product that lives up to their brand promise and expand their reach."
(Source – Cision PR Newswire)
The MaaS solution enables businesses to immediately offer home finance choices to their customers while increasing their lending presence to more than 93% of the US population. Customers will get access to Lower's full array of products, which will allow them to personalize lending solutions to their unique needs.
About Lower
Lower's multi-channel financial platform assists clients in building wealth through homeownership, regardless of where they are in life's path. The company's mortgage, banking, insurance, and real estate solutions offer customers a straightforward environment to simplify their homeownership aspirations, whether it's their first or last house.
About Opendoor
Opendoor, founded in 2014, empowers everyone with the freedom to move. The company wants to create a digital, end-to-end customer experience that makes purchasing and selling a home simple, certain, and fast. The company has developed a varied staff to serve more than 100,000 houses it has bought and dealt with, as well as the consumers who have trusted it to handle one of their most significant financial transactions.
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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Side | January 30, 2023
Robust Real Estate, a client-centric residential sales and leasing firm, recently announced its partnership with Side, a real estate technology company. The collaboration will ensure that the relationship-driven firm of Robust Real Estate is powered by the industry's most advanced platform.
Corey Nelson founded Robust Real Estate to assist Southern California homebuyers and sellers achieve their real estate objectives. With a total transaction volume of approximately $300 million, Nelson and his team earned a spot on the Los Angeles magazine Real Estate All-Stars list for 2023 and the RealTrends list of America's top real estate professionals in 2022. In addition, the team has 100 five-star Zillow ratings and many satisfied clients who support its referral-based business.
Partnering with Side will ensure that Robust Real Estate remains at the forefront of the evolving real estate market and continues to provide its clients with premium services. Side supports Robust Real Estate with a one-of-a-kind brokerage platform consisting of proprietary technology, branding and marketing services, transaction management, public relations, lead generation, vendor management, legal support, and infrastructure solutions. In addition, Robust Real Estate will join an exclusive group of Side partners, gaining access to an expansive network.
Corey Nelson, Founder of Robust Real Estate, shared, "I've dreamed of opening my own brokerage since obtaining my broker license in 2015, but I was hesitant to move forward because of the overhead, complexity, and liability." He adds, "Side solves many of my concerns by providing my team and me with access to state-of-the-art marketing, technology, administrative, and legal services, so we can spend more time delivering best-in-class service to our clients."
(Source – PRWeb)
About Side
Headquartered in San Francisco (California) and founded in 2017, Side is a real estate brokerage platform empowering agents, teams, and independent brokers to establish and expand their boutique brands. The company works in the background to provide its partners with time-saving technology and superior support so brokers can work without worrying about the time, cost, or risk of operating a brokerage. Its proprietary technology platform and support solutions enable agent partners to increase productivity and expand their businesses. As a result, Side has helped launch more than 500 real estate companies across the country.
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