Built Technologies, a real estate lending and construction finance service provider, today announced acquiring commercial deal management platform Nativ, according to a press release.
The company says the acquisition will enhance its existing product suite for commercial lenders, and enable improved underwriting and asset management capabilities across “construction, traditional and stabilized assets.”
Built says that commercial real estate (CRE) lenders often deal with siloed information which takes expensive manual labor to manage, and says that Nativ’s platform combats this through a centralized, collaborative system to synchronize deal data.
It says that by enabling lenders to integrate portfolio management within “native workflows”, such as spreadsheets or common loan origination services, it can now deliver flexible portfolio analytics, reporting and monitoring of risks across each loan stage.
“After years working with top real estate lenders in the US and Canada, our customers began voicing their desire for us to help them solve new problems beyond just managing their construction loans. Our customers were experiencing difficulties with the underwriting and asset-management of loans as well as with aggregate portfolio management and reporting,” stated Chase Gilbert, Built co-founder and CEO.
When we were introduced to Nativ, the powerful tools to streamline these very processes were an obvious fit. This acquisition will also give Built access to a rich data set for how various real estate assets are performing, allowing us to provide innovative risk intelligence products to our customers over time,” Gilbert said.
As a result of the acquisition, Nativ co-founder and co-CEO Jeff Saul will join Built, alongside co-founder Adam Kerr. Built says the deal brings its total headcount to over 430 team members and expands its presence into New York City. The company also noted it now serves over 220 lenders, including non-bank lenders such as AllianceBernstein, Prime Finance and Benefit Street Partners.
“Joining forces with Built will fundamentally change how lenders and owners work together. Lenders have long been underserved by a lack of modern, industry-specific tools to speed the process of closing and managing loans. Together, we will change the way lenders and owners transact in the entire ‘built’ world,” Saul noted in the release.
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