REAL ESTATE ADVICE
Stewart | September 22, 2022
Stewart Information Services Corporation today announced that Stewart Valuation Intelligence, LLC (SVI) has been verified to support Freddie Mac’s new Property Data Report (PDR) with VALIDITY Pro and its national panel of highly trained real estate brokers and agents.
VALIDITY is the company’s family of inspection applications, optimized for mobile phones or tablets. With VALIDITY Pro, an SVI broker or agent conducts a full property inspection to collect Freddie Mac’s required data for the PDR.
“Being an Appraisal Management Company (AMC) with the technology and dedicated broker network needed to complete the reports for our clients is a huge advantage, Our customers don’t have to rely on unknown third-party providers. All our PDRs are produced with our network partners using our Freddie Mac verified VALIDITY Pro application.”
-Aaron Fowler, President of Stewart Valuation Intelligence, LLC
Starting in July, Freddie Mac transitioned from offering automated collateral evaluation (ACE) appraisal waivers to offering ACE+ PDR for cash-out refinance and certain “no cash-out” refinance Mortgages. This change will allow Sellers and Borrowers to continue to benefit from loans originated without a traditional field appraisal while mitigating risks.
In accordance with Freddie Mac’s requirements, VALIDITY collects all needed information and data including digital floor plans with dimensions and calculations, comprehensive sets of subject property photographs, property characteristics represented in the property data set, and adverse property conditions that require repairs, alterations, or an inspection by a trained professional, added Fowler.
Stewart is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success.
REAL ESTATE ADVICE
United Real Estate | July 25, 2022
United® Real Estate (United) announced today that Pearson Smith Realty has merged with United's national network. The alliance expands United's and Pearson Smith's service footprint in Metro DC, Maryland, Virginia and West Virginia.
The dynamic partnership brings together Pearson Smith Realty, the youngest company ranking among the Top 100 real estate companies in the nation, and United Real Estate, the 7th largest and fastest growing independent real estate operation in the nation. Pearson Smith Realty is a top ten market share leader and an Inc. 5000 fastest-growing company, moving from 17 agents in 2014 to more than 1,000 agents today. The merger increases United's network to more than 21,000 agents in 630 offices globally.
"Pearson Smith Realty and United Real Estate share the same agent-centric model where support and culture are at the heart of our operations. By combining our programs, resources and talent, we are creating exciting opportunities for our agents to serve their clients with excellence. Our agents are our stars, and we will continue to work to make them shine in our marketplace," stated Eric Pearson, Chief Executive Officer and Co-Founder of Pearson Smith Realty.
"We are thrilled to welcome Pearson Smith Realty and their incredible team of agents, brokers and staff to the United Real Estate organization. From our initial meetings with Eric and Chuck nearly a year ago, to attending and seeing first-hand the energy and excitement of Pearson Smith's agents at their St. Patrick's Day Agent Awards and Recognition celebration, it was apparent that our organizations are culturally aligned and well-positioned for the future with our agents as our North Star," stated Dan Duffy, Chief Executive Officer of United Real Estate Group. "For every ten brokerages we consider investing in, we move forward with less than one. We are really excited to incorporate a number of Pearson Smith Realty's best-in-class offerings into our national agent and broker programs. It is rewarding to see the excitement of Eric and his team as they discover the advantages of being part of United and determine how best to leverage our resources and technology to strengthen their offering in the markets they currently serve."
"Eric and his team are a powerful force. They have developed processes and systems we are busily integrating with United's to benefit our national network. When two fast-growing, dominant companies combine their tools, resources, leadership and agent talent, it becomes a catalyst for growth for both. While other companies are shrinking or pulling back on expansion, United continues to make the necessary investments for smart growth into the future. Our alliance greatly strengthens our existing operations along the East Coast," said Rick Haase, President of United Real Estate.
Together, Pearson Smith Realty and United's DC Metro Region office will now serve clients in the multi-state region. Pearson Smith Realty will retain its company name and leadership team moving forward, but now with the national reach, referral network, technology and breadth of resources of United's national network. In turn, United benefits from Pearson Smith Realty's deep well of talent and powerful programs that have fueled its growth.
"United Real Estate's vision is continuous growth with a focus on adding value for agents and their clients. Welcoming Pearson Smith Realty to our national network strengthens us regionally and nationwide with proven systems and an extended service footprint. I look forward to what the future holds for our agents and clients," said Zhanneta Nekrich, Regional Vice President of United DC Metro Region.
"Our model has always been to hire great agents and to support them with the best resources and tools. We firmly believe that our partnership with United Real Estate will take us to the next level in providing that support. We look forward to working with the United Team to help our agents win in this very competitive market,"
Chuck Smith, Chief Financial Officer and Co-Founder of Pearson Smith Realty
The merger with Pearson Smith Realty follows previous mergers with Platinum Realty, Leading Edge Real Estate Group, Texas United Realty, Virtual Properties Realty, Benchmark Realty, Charles Rutenberg Realty Fort Lauderdale and others yet to be announced.
About United Real Estate
United Real Estate (United) – a division of United Real Estate Group – was founded with the purpose of offering solutions to real estate brokers and agents in the rapidly changing real estate brokerage industry. United provides the latest training, marketing and technology tools to agents and brokers under a flat-fee, transaction-based agent commission model. By leveraging the company's proprietary cloud-based Bullseye™ Agent & Broker Productivity Platform, United delivers a more profitable outcome for agents and brokers. United Real Estate operates in 32 states with 139 offices and more than 17,500 agents. The company produced over $21.5 billion in sales volume in 2021.
About Pearson Smith Realty
Pearson Smith Realty is a full-service brokerage serving Virginia, Maryland, DC, and West Virginia. Since its founding in 2014, it has grown from 17 agents to nearly 1,000 agents today. Eric Pearson and Chuck Smith founded the firm based on a core set of values: customer focus and commitment to deliver value with respect, honesty, and personal accountability. Pearson Smith Realty provides professional representation for residential real estate, new homes, land and property management.
About United Real Estate Group
United Real Estate Group (UREG) operates United Real Estate and United Country Real Estate, addressing the unique market needs of suburban, major metropolitan urban and rural markets. Utilizing the cloud-based Bullseye™ Agent & Broker Productivity Platform, UREG offers the latest training, marketing and technology tools producing a significant competitive advantage. The platform realizes a decade-long investment in virtual agent and brokerage technology services and is powered by a 2.1 million listings data warehouse generating over 3 million monthly visitors and 30,000 leads per year. Together, the United Real Estate Group supports more than 630 offices and over 21,000 real estate and auction professionals across four continents. United Real Estate Group produced over $27.1 billion in 2021. Through its in-house advertising agency, UREG offers differentiating marketing support and collateral for specialized lifestyle property websites as well as access to a 650,000+ opt-in buyer database.
REAL ESTATE TECHNOLOGY
Ready Capital | July 14, 2022
Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced Starz Real Estate (Starz), a pan-European commercial real estate lending platform has formed a new joint venture with Ready Capital Corporation (NYSE: RC), a commercial mortgage REIT headquartered in New York, to originate circa €300m of new commercial real estate loans over the next two years.
The new joint venture will focus on deploying commercial real estate bridge and term loans between €10m and €40m in size across the UK, Benelux, Dach Region, Italy and Portugal with up to 75% LTV across sectors including office, residential, mixed use, student housing, logistics, self-storage, and selective retail and hotel opportunities. The joint venture can also offer construction lending in the above mentioned continental European locations.
The deal reflects further institutional confidence in Starz, following backing from a Middle East Sovereign Wealth Fund at the end of last year to originate €900m of loans with the latest transaction in that fund comprising a €68.5m senior facility to Union Street Investments for a multi-office investment platform in the Netherlands.
"This partnership with Ready Capital will significantly expand our capability to service the increasing demand for agile, mid-market capital across the UK and Europe, bolstering our existing lending strategy."
David Arzi, CEO of Starz
"We are working in a challenging yet exciting landscape in the wake of the pandemic, with new opportunities as assets change hands or need repurposing to suit new demands. We are pleased to have an institutional investor of this calibre backing us, with our streamlined underwriting processes ensuring we can take capital to market in an efficient and decisive manner."
"This new JV partnership with Starz follows through on our commitment to expand Ready Capital's commercial real estate lending business internationally," said Thomas Capasse, CEO of Ready Capital. "With a history of sourcing high quality loans from strong sponsors, the team at Starz has an investment philosophy that aligns well with the credit foundation of Ready Capital's lending strategies, plus they share our hands-on approach to loan servicing and asset management." Ready Capital is externally managed by Waterfall Asset Management, LLC.
Launched in July 2018, Starz is a commercial real estate lender focused on middle-market loans throughout Europe. With a balance sheet built for the long haul, Starz is a flexible and reliable source of capital for real estate investors. Starz provides collaborative lending solutions coupled with streamlined underwriting processes that ensures seamless service. https://starzrealestate.com/
About Ready Capital
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including multifamily agency, stabilized and bridge financing, as well as government guaranteed business loans. Ready Capital and its affiliates also provide alternative lending, construction lending, and low-income housing finance as well as residential mortgages. Headquartered in New York, Ready Capital employs more than 600 lending professionals nationwide. The company is externally managed by Waterfall Asset Management, LLC.