At Blooma, we believe that understanding our journey and the evolving landscape of commercial real estate (CRE) is crucial to appreciating the innovative solutions we bring to the table. Recently, we sat down with our co-founder and CEO Shayne Skaff, COO and Head of Product Tal Almog, and CTO Shy Blick for a fireside chat. In our conversation, we explore Blooma’s origins, the current challenges in the CRE industry, and how we’re poised to lead the way in technological innovation.
Dive into the discussion to learn how Blooma is reshaping the future of CRE lending and underwriting.
Lindsay Curry: Welcome, everyone, to our first “Fireside Chat” with the leadership team at Blooma. Hi, I’m Lindsay Curry, Head of Marketing here at Blooma and today, we’re joined by Shayne Skaff, our co-founder and CEO; Tal Almog, our COO and Head of Product; and Shy Blick, our CTO and resident AI-expert (although he’ll hate me saying that).
Six years after getting our start, we’re here to revisit Blooma’s origin story, our journey through a couple of really turbulent years and the evolving landscape of the commercial real estate industry, and — most importantly — how we’re positioned for the future. And with that, let’s get started.
Lindsay Curry: Shayne, can you kick things off by sharing how Blooma came to be?
Shayne Skaff: Absolutely. Back in January 2018, I had a conversation with Mike Persall, a good friend and the founder and chairman of ABP Capital. He mentioned some of the challenges he faced originating and auditing his loan portfolio which sparked an idea: what if we used AI to automate these processes? The CRE lending world was lagging behind residential real estate in technology adoption, so we saw a huge opportunity there.
Lindsay Curry: So it all began with a conversation. What was the next step in bringing this idea to life?
Shayne Skaff: I reached out to Shy, the best technologist I know. We had worked together before, and I knew he could help us create something innovative. Shy, do you remember that conversation?
Shy Blick: Absolutely. Shayne’s vision was crystal clear: use technology, including machine learning, to automate the manual, tedious parts of the lending process. We saw a chance to allow underwriters to focus on the more complex, decision-making aspects of their jobs—to bring them back to the art of their work. It was an exciting challenge, and we quickly got to work on it.
Lindsay Curry: Tal, how did you get involved?
Tal Almog: Shayne and Shy brought me in to help build out the product itself. We knew that to create something truly valuable, we needed to involve the end-users from the start. We partnered with several CRE lenders to understand their processes and pain points. This collaboration was crucial in shaping what Blooma ultimately became today.
Lindsay Curry: The CRE industry has seen significant changes recently. Shayne, how has this impacted Blooma?
Shayne Skaff: The macroeconomic challenges are significant, for sure, but what’s really promising is that many teams are beginning to see the light and recognize the need for innovation. They’re eager to adopt new technologies and improve efficiency. Now, the real challenge lies in the internal processes within banks that support this change.
Lindsay Curry: Can you elaborate on that?
Shayne Skaff: The culture within many CRE firms is shifting towards embracing technology, but the processes within these organizations hasn’t caught up to speed. Many CRE teams have cut headcount to the point where they can’t keep up without hiring back and bringing in technology to help them scale more efficiently. The outdated processes for buying and implementing new technologies are a major bottleneck. To truly innovate, banks need to streamline their internal processes to make it easier to adopt and integrate new tools.
Lindsay Curry: So, the challenge now is being able to move fast enough to make use of the tech?
Shayne Skaff: Right. But there are definitely still mental barriers, too. A big part of that resistance comes from a fear of regulatory scrutiny – which I would understand…if it was 2002. The reality is that, today, cloud-based solutions are far more secure than traditional on-prem systems.
Lindsay Curry: Shy, how has the technology strategy at Blooma evolved around these concerns?
Shy Blick: Decades ago, on-prem solutions were perceived as safe because they were “in my backyard,” but that was far from the truth since those systems were still connected online. SaaS solution companies like Blooma make security a core part of their business, ensuring each customer receives their own “fortress in the cloud” with continuous updates and robust protection against threats. This shift to the cloud offers not only enhanced security but also greater efficiency and scalability, making it the smarter choice for modern CRE operations.
Additionally, we’ve designed our platform with an underlying architecture that allows us to create modular and scalable solutions, ensuring our clients always have access to the best technology services available. This design enables us to continuously adapt to customer needs with a turnaround of weeks from a customer’s “can I?” to an in-production “yes, we can.” Our microservices infrastructure allows tight control over the cost of ownership and maintenance, providing a “zero tech debt” system, meaning every development dollar invested is aimed at fulfilling our customers’ needs.
Tal Almog: I’d like to circle back to this idea of changing the culture surrounding internal processes. We’ve focused a lot on educating our clients about the benefits of SaaS and setting realistic expectations, but this has been an evolving and very enlightening discourse. Many banks are moving towards innovation, but they need to overhaul their procurement and implementation processes to fully leverage new solutions. That’s a massive undertaking on its own and something that the tech companies and users of those solutions need to be more honest about. It’s on us as SaaS providers to deliver solutions that answer these concerns. But beyond the product itself, this process is an ongoing dialogue. We have to work together to make it work.
Lindsay Curry: Tal, if you could, expand on this a bit more…what can we do to better support CRE teams through this sea change? What do they need to know about buying technology to truly make the most of it?
Tal Almog: Great question. First, it’s important to manage expectations. CRE teams need to understand that technology adoption is a journey. It won’t solve every problem overnight, but it will gradually improve efficiency and effectiveness. They need to look for solutions that integrate seamlessly with their existing systems to minimize disruption. Also, starting with a pilot group can help iron out any issues before a full-scale rollout.
Shayne Skaff: Another important aspect of this conversation is continuous feedback for us as technology providers. We need to listen to our clients and make improvements based on their experiences. This iterative process ensures that the technology evolves in line with the users’ needs. It’s also crucial to communicate the strategic advantages of new technologies, such as improved regulatory compliance and better risk management. How nimble we are as a business has a lot to do with how closely we’re listening to our clients. What’s working and what isn’t? What predictions can we make based on how they’re using the product?
Lindsay Curry: Let’s shift gears a bit. Shayne, you mentioned earlier the idea of addressing gaps in the industry as a whole. Can you elaborate on that?
Shayne Skaff: Sure. One of the significant gaps we’ve identified in the CRE industry is the lack of connectivity and digitization. The traditional processes are slow, inefficient, and involve a lot of manual work. Many banks and financial institutions are using a mix of legacy systems, Excel, and newer fintech tools. This “frankenstack” works, but not very well. That’s primarily why we’re working hard not to be an LOS. We’re not trying to reinvent the wheel, we’re trying to build a rocket.
Lindsay Curry: Tal, how do you see addressing these gaps impacting the industry?
Tal Almog: Addressing these gaps will be transformative. Improving connectivity and digitizing key processes can significantly reduce the time and costs involved. Our goal at Blooma is to release easy-to-implement, noninvasive solutions that enable faster, smarter decisions. We don’t want to create a technology that just rips and replaces what’s already there. Instead, we want to create something lighter and more nimble that enhances and uplifts existing systems.
Shy Blick: Exactly. From a technology standpoint, our approach is about creating tools that integrate seamlessly with what banks are already using. Our goal is to look at the banks’ “production line” and identify any tasks that don’t require human thought, experience, or artistry. This includes tasks like copying and pasting information, gathering data from multiple sources, and curating information to find the important details within a vast amount of data.
You can keep using Excel and other tools you’re familiar with, but we ensure that all the information entering these tools is gathered from numerous sources that would take a human days to collect. We curate that data so that only what is true and important gets through. Additionally, if information changes or you need data to be different, we automatically cascade those changes to the right places.
Lindsay Curry: Shayne, what lies ahead for us in this journey?
Shayne Skaff: The road ahead is challenging but exciting. We have a lot of work to do in transforming these entrenched processes and overcoming resistance to change. It’s about more than just implementing technology—it’s about changing mindsets and workflows. We need to work closely with our clients to help them see the benefits of these changes and support them through the transition. The ultimate goal is to create a more efficient, transparent, and resilient CRE industry. Blooma is a tool, yes, but we’re building something here that has the potential to bring together all the players in the industry in a way that’s never been done before.
Lindsay Curry: Sounds like you’re teasing something big… What can CRE teams do now to start preparing for this shift?
Shayne Skaff: I am. When we built Blooma initially, yes, we were looking to solve for an acute need in the lending process. But it doesn’t make sense to go through all that effort and just stop there. The disconnect is happening at the organizational and industry level. Blooma has the potential to solve for both and we’re really excited about leading that change in partnership with our clients.
Tal Almog: The preparation is really important though and the macro factors at play — and regulatory scrutiny — reinforce this need. CRE teams should begin by evaluating their current processes and identifying areas where technology can have the most significant impact. It’s also crucial to stay informed about new developments in the industry and be open to adopting new tools that can enhance efficiency and connectivity. Partnering with technology providers like Blooma can help bridge the gap and ensure a smooth transition to more modern, effective workflows.
Our conversation today reveals a clear thesis: the future of commercial real estate hinges on embracing technological innovation and cultural transformation. Bloom’s inception underscores the urgent need for modernization in an industry traditionally resistant to change, but true progress requires more than just implementing new tools—it demands a shift in mindset towards continuous improvement and adaptability. The conversation converges on the idea that leadership must champion this cultural shift, fostering an environment where technology enhances, rather than disrupts, existing workflows. Blooma emerges not just as a technology provider but as a catalyst for this necessary evolution, positioning itself to lead CRE into a more efficient, data-driven future. This chat underscores that the path forward for CRE is one of integration, education, and a relentless pursuit of innovation. Stay tuned for more insights and updates from Blooma.