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If you have ever tried to secure a commercial real estate loan, you’ve probably used multiple technologies to share loan documents. The most common way is to do it as an email attachment. Then there are Box.com, Dropbox, even IntraLinks. But none of these are secure enough or industry-specific enough to meet the requirements of sharing the CRE loan package.
That’s why we are incredibly excited to announce our new product – DealRooms. Already available at no extra cost to our subscribers.
DealRooms empower all parties involved in transactions to efficiently collaborate, share, and store loan documents based on checklists provided directly by your lender. All within a secure environment on the RealAtom platform.
Whether you are an industry veteran or a newcomer, running a CRE deal involves responding to multiple document checklists and sharing confidential documents with more than one party. RealAtom’s deal room is purpose-built to handle this kind of serious sharing, with ALL the features built to support complex CRE financing transactions. Lender checklists, data storage, diligence tracking, and communication tools, all found in one integrated smart data room.
Lenders—whether there are three or three dozen—need a convenient, efficient platform to analyze loan requests, ask clarifying questions, request missing documents, submit offers, comment on the attached documents and collaborate on the project with the brokers. As a broker you need a robust, technologically advanced data room that will meet the expectations of diverse, demanding partners.
One of the Deal Room’s strongest points is a seamless integration into RealAtom’s robust CRE loan management platform. Data sharing is secure and flexible. You can manage your security settings on your own through extended customization with multi-factor authentication and access controls. The Activity Log also stores all file information, for streamlined tracking of lender engagement.
Why choose RealAtom’s Virtual Deal Room?
- Actionable Due Diligence Checklists. Origination officers, underwriters, or closers can create multiple checklists with assigned due dates. When documents are submitted, they are marked as complete. If documents are rejected, the reasoning is provided in the deal room and in notifications to the broker.
- Comprehensive status reporting. Make data-driven predictions that give you visibility over the behavior of your lending counterpart. This enables you to report accurate status back to your borrower.
- Integrated communication tools. Chat with the lender in real-time to discuss any outstanding documents, ask questions, and communicate just about anything in the context of the deal.
How does it work?
- Lender creates one or multiple checklists. Checklist items have due dates assigned to them by the lender.
- Your deal room has an up-to-date status for the completion of document collection and closing date.
- Attach files for each of the checklist items. You can attach files from your computer or from loan documents.
- As you upload your documents, the lender can mark checklist items complete, or mark documents as rejected and provide a reason.
- Review document rejection reason and upload accurate information for lender review.
- Chat with your lender or your team about documents that are being requested.
- When a lender is satisfied with the document collection he/she will mark all the checklist items as complete and deal room status changes to 100%. Congratulations, you did great!!
The winning strategy when it comes to optimizing due diligence is pairing interactive lender checklists with secure document sharing. This pairing enables you to track the real-time status of the underwriting, while still maintaining control over the documents that matter to you, at the same time prioritizing outreach to and follow-up with the lender and 3d parties who are more engaged.
We’d love to hear from you. If you have any questions or feedback about how we could make things better for you and your team, please contact us.
