BROKERAGE, REAL ESTATE INVESTMENT
Businesswire | April 17, 2023
Built Technologies, one of the fastest growing construction and real estate software providers in the U.S., has announced a strategic investment from Citi through its SPRINT program.
Citi SPRINT (“Spread Products Investment Technologies”), the strategic investing arm of Citi’s Global Spread Products division (“GSP”), is part of Citi Institutional Strategic Investments (“ISI”). Citi SPRINT focuses on incubating innovative fintech companies that provide strategic relevance and next-generation solutions to the financial markets.
Built plans to use the investment to accelerate its growth in commercial real estate (“CRE”) asset management and enable further operational and technological enhancements. Through the utilization of Built’s platform, Citi will have the opportunity to introduce digitization solutions to other lenders, developers, and borrowers in the ecosystem.
“The investment from Citi SPRINT opens a new market opportunity for Built to gain traction with one of the largest U.S. financial institutions in the real estate industry,” said Chase Gilbert, CEO and Co-founder of Built. “Citi SPRINT's investment is a testament to Built's vision and the value Built delivers to its customers. The investment presents a unique opportunity, and one that will further accelerate our market reach.”
“GSP consistently seeks to drive value and enhance our client experience through innovative digitalization efforts with industry-leading software providers,” said Mickey Bhatia, Head of Global Spread Products at Citi. “Our investment in Built Technologies extends this commitment by helping to further modernize our Financing and Securitization franchise. With this partnership, we seek to cultivate higher standards of service for our clients and the broader market.”
Citi Community Capital, another business in GSP, provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire multifamily affordable housing across the country. It has been recognized as the number one affordable housing lender in the United States, according to Affordable Housing Finance magazine's annual ranking, for twelve consecutive years.
“Citi Community Capital is pleased to work with Built on enhancing Citi’s existing technology to better manage commercial real estate draws, expedite loan management reporting, and improve borrower experience,” said Jeremy Johnson, Co-Head of Citi Community Capital.
“Built has achieved strong growth due to its ability to help lenders achieve efficiencies, expedite revenue generation, and serve their customers more effectively,” said Katya Chupryna, Director, SPRINT. “By investing in Built and bringing their innovative solutions to Citi, we empower Citi Community Capital and other CRE lending businesses to grow faster and serve clients better,” she added.
Built Technologies’ innovative software platform streamlines the construction loan administration process by simplifying the management of funds and documentation, allowing lenders to administer their construction loans more efficiently. The company’s technology enables faster funding decisions and draws, while providing real-time transparency and visibility into the status of construction projects through Built’s CRE data model. More than 250 banks and private capital providers use Built’s cloud-based solution to create a centralized system of record and accelerate the flow of capital from lenders to borrowers, contractors, and vendors.
About Built Technologies
Built is the leading provider of construction and real estate finance technology. By providing a centralized platform for all stakeholders, Built enables increased efficiency, collaboration, transparency, and business agility—with decreased risk—allowing customers to improve the way that the communities around them are built and managed. The Built platform is used by more than 250 leading North American lenders and asset managers, and thousands of developers, home builders and contractors. To learn more, visit https://getbuilt.com/demo-request/.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | May 02, 2023
SentriLock, the official lockbox of the National Association of REALTORS®, and Rental Beast, the exclusive rental technology provider for the National Association of REALTORS®, have announced a partnership that will make Multiple Listing Service (MLS) platforms specifically compatible with managing rental listings, providing unprecedented functionality for renters, investors, and property owners.
Through this integration, SentriLock users will now have the added capability to conveniently assign electronic lockboxes to their rental property listings directly from the Rental Beast platform, which powers the MLSs' Add/Edit functionality. The integration provides these properties with the same enhanced control and security that SentriLock users have on their "For Sale" listings. Real estate professionals will know when potential renters have viewed the property and owners can easily coordinate with contractors and others needing access to the property, providing them with one-time "flex codes". The integration makes it easy to schedule showings, saving time for agents and property owners.
"Historically, the rental transaction market has been a fragmented and messy place. Our partnership with SentriLock is designed to make the agent or REALTOR® the power user as it pertains to rentals," said Ishay Grinberg, CEO and Founder of Rental Beast. "Because of this integration with SentriLock as the leader in the field of electronic lockboxes, we're creating a seamless ecosystem that empowers agents and property owners with the ability to continue building their long-term businesses."
"Our partnership with Rental Beast aligns perfectly with SentriLock's core values of providing innovative solutions to make the real estate industry more streamlined and user friendly," said Scott Fisher, CEO and Founder, SentriLock. "In solving a longstanding compatibility issue with MLS systems and rental properties, we know that renters, agents, and owners alike will benefit from having an interface tailored for their specific needs."
The partnered integration will roll out beginning with Triangle MLS™.
About SentriLock, LLC
SentriLock is a leading provider of electronic lockbox solutions for the real estate industry. SentriLock's lockboxes use advanced technology to ensure that only authorized individuals have access to properties and provide real-time access and activity reports. SentriLock is dedicated to providing its customers with the highest level of security and convenience.
About Rental Beast
Rental Beast is a leading real estate technology firm with an end-to-end SaaS platform designed to empower real estate professionals and the nation's most comprehensive database of nearly eleven million rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Globenewswire | May 16, 2023
Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”, “the Company”) and Ohmyhome Property Inc. (“Ohmyhome Philippines”) are pleased to announce the signing of a Memorandum of Understanding (MOU) of a strategic investment by Ohmyhome Ltd. into Ohmyhome Property Inc.’s Philippines operations, marking Ohmyhome’s plan of expanding in the large and growing Philippines market.
“Philippines has always been a great market for property transactions. The quality of developers and their projects have improved significantly over the decades, and the country’s economy has seen a strong rebound from COVID with a flourishing digital economy,” said Rhonda Wong, Chief Executive Officer “Many companies have set up their Business Process Outsourcing (BPO) and technology teams here, creating job opportunities and income for families. The growing Overseas Filipino Workers (OFWs) have also been a strong pillar of growth of the real estate industry. We believe that there are ample opportunities for a data-driven technology platform like us to help homebuyers, home sellers, and developers transact their properties.” added Ms. Wong.
Philippines as a Southeast Asia Growth Opportunity
The company’s move into the Philippines market provides robust business growth opportunities. With a record pace of 7.6% in 2022, Philippines is amongst the world's fastest growing emerging markets according to S&P Global. The population growth remains one of the strongest in Southeast Asia with a fertility rate of 2.78 in 2020, and the median age of 25.3 years as compared to 41.8 of Singapore and 38.1 of United States. The Philippines is also a country with one of the highest English-speaking populations in Southeast Asia, making it ripe for international businesses.
Overseas Filipino Workers (OFWs) are also increasingly contributing to the economy and the housing market in the Philippines. The total number of OFWs was estimated at 1.83 million in 2021, up by 3% compared to 2020. Total personal cash remittances grew 3.6% to USD 36.14 billion in 2022, accounting for 8.9% of the Philippines’ gross domestic product. The robust inward remittances reflected the increasing demand for OFWs amid the reopening of economies, and also presents great opportunities for families to upgrade their homes back in the Philippines.
“Ohmyhome’s vision is to be the most trusted and comprehensive property solution for everyone, and the Philippines currently lacks a platform that provides exceptional customer service that Ohmyhome is providing to our customers in the Singapore market,” said Herzon Garland, Founder of Ohmyhome Property Inc. “We believe that with this collaboration, we will be able to provide first class service to our customer base and bring the best Philippines properties to Filipinos here and around the globe.”
Strategic Partnership Provides Synergies
The core component of the collaboration and integration between Ohmyhome and Ohmyhome Philippines, will bring core technologies of Ohmyhome in closing transactions and its MATCH algorithm to complement Ohmyhome Philippines operations in property transactions. Additionally, the partnership will provide resources on both sides to allow for the ease of cross-border property transactions.
The integration of Ohmyhome Philippines’ huge portfolio of properties and units will allow interested buyers and investors of Philippines properties to select from a wide range of units that fit their needs and will be serviced by a dedicated team that works across Singapore, Malaysia, and the Philippines. myElite.pro, an exclusive members-only property network developed by Ohmyhome Philippines for salespersons and referral partners in the Philippines and beyond, could also potentially be deployed in other geographies to partner with trustworthy licensed salespersons and referral partners to serve both homebuyers and sellers who can access all information and services from a single platform on their fingertips.
“This MOU further solidifies our position as the go-to platform for property seekers and sellers to come. We hope to be able to bring our solutions to the millions of families in Southeast Asia, and bring speed, ease, and reliability to property related services in the region.” commented Race Wong, Chief Operating Officer.
The agreement will allow the Company to service the thousands of homeowners and homebuyers across Singapore, Malaysia, and the Philippines as a united team and a dedicated platform that ensures quality services and acts in the best interest of customers.
About Ohmyhome Property Inc.
Originally established by a few business partners who believed in similar visions of the founders of the Company, Ohmyhome Property Inc. was established to expand Ohmyhome’s branding and building partnerships in the Philippines and was provided with Ohmyhome’s branding and the support of web and mobile platforms.
Within a short span of 3 years since its inception, Ohmyhome Philippines has grown the brand into one of the leading property platforms in the Philippines. The business team has also secured partnerships with more than 150 developers with over 80,000 properties for customers to choose from. Ohmyhome Philippines has since become the platform with the largest and most comprehensive property inventory in the nation.
Separately, to leverage on the strong social networks of Filipinos across the country and globally, Ohmyhome Philippines has developed and launched in 2022 myElite.pro with close to 5,000 verified members. myElite.pro is a members-only property network where verified referral partners and salespersons are able to access the most comprehensive property inventory in the Philippines and refer buyers to the network and earn incentives upon successful close. This taps onto the informal network of Filipinos across the country and the world and allows clients to be served by verified partnering salespersons everywhere without incurring additional headcount.
Ohmyhome is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services for buying, selling, renting, and renovating homes. Since its launch in 2016, Ohmyhome has transacted over 13,100 properties. It is also the highest rated property transaction platform with more than 8,000 genuine reviews with an average rating of 4.9 out of 5 stars.
Today, Ohmyhome is the first Singaporean company listed in the US in 2023 and the first women-only founded Proptech company listed in the US.
Ohmyhome is dedicated to bringing speed, ease, and reliability to the property-related services, and to become the most trusted and comprehensive property solution for everyone.