CRE Life Kit: ‘Screening & Screaming’ Loses A Deal

Hi Screaming, 

Where is the hold-up in your screening process? Is it data entry? Cash flow analysis? Inconsistent processes? Aggregating data? If you’re doing this manually, I can see where the holdup is. And frankly, I’d yell at my computer, too, if my CRE tech stack was flatter than the paper I was pushing.  

You know what they say, “an ounce of prevention is worth a pound of cure” – and in this case, you can prevent all that suffering with just a small dose of tech. Blooma can help you streamline the screening process by eliminating manual tasks (hint: that means you get to LOI significantly faster). Keep reading to see how it works. 

With Blooma, originators, underwriters and analysts end up spending less time on manual tasks and more time on evaluating and managing the best deals possible. Sure, saving time is great, but it also means you can get to ‘no’ (or in this case, ‘yes’) faster than your competition. 

In your case, and if we’re talking specifically about deal screening, the real benefit comes in the automated data extraction. Today, and for most people in your situation, the process of extracting CRE loan data from documents is laborious and very time consuming (causing you to lose out on deals!) This is due to several factors: 

• CRE data is complex (loan structure, rent roll, unit mix, cash flow, etc.) 
• That data resides in various file formats
• It is often both structured (e.g., in tables) and unstructured (e.g., in an OM) 
• Data in documents is often incomplete and needs to be paired with 3rd party data

Today, there are a couple of options to extract data to size your deals: 

1. Completely manually: Time consuming 
2. Outsourcing (oftentimes offshore): Expensive and less* time consuming
3. Using data extraction automation software (like Blooma!)  

*This may be less time consuming, but it still often requires pre-work and post-processing checks on behalf of users, mitigating any gains to be had. Not ideal.

A quick note on data extraction software: Not all solutions produce the accurate and useful results that you are looking for. What makes Blooma different is that the platform offers a hybrid solution that takes extraction / AI technology, and pairs it with a ‘human in the loop’ (i.e., a team of CRE data analysts). That means that the technology parses the data in just minutes and CRE analysts quickly audit the results. In doing this, users receive an output that’s 100% accurate and the AI models are trained by any corrections made. That’s important because it means that the program gets better and better over time. 

Oftentimes, deals are ready to be reviewed in less than an hour – that’s where you come in. The system will automatically present a ‘deal score’ giving you an immediate read on the quality of the deal (we’ll write another post about this later, but the important thing to note here is that this score is based on any number of unique user profiles configured by you). Outside of the initial scoring, data and workflow capabilities of the system produce efficient calculation and presentation of multiple underwriting scenarios, which means you can quickly assess cash flows, market rental and sales comps, and build out different income and sales valuations. The platform also allows you to test a full spectrum of outcomes and create real-time insights and loan scenarios via modifiable data. And that’s just the start of what the platform can do for you. 

When you’re ready to present your deal, flexible export options to excel-based templates, reports or direct integration to your CRM / LOS, automate and streamline analysis and reporting. TLDR: anything that goes into Blooma, is just as easily pushed out – in whatever format you need. TLDR2: You won’t lose another deal, because you’ll be the fastest gun in town. 

With Blooma, you’ll go from screaming to singing. 

Hopefully that helps!

Rachel 

Interested in a demo? Contact info@blooma.ai to set one up and see for yourself.

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Meet Rachel.

Rachel Gammons started her career as an underwriting analyst at Greystone, eventually taking the lead as an Underwriter for their agency lending platform. Today, she is a Client Engagement Director at Blooma and helps users solve for business challenges in real time.