Integrated technologiesa provider of mortgage lending and construction finance services, today announced the acquisition of a commercial transaction management platform Nativeaccording to a press release.
The company says the acquisition will enhance its existing product lineup for commercial lenders and provide enhanced underwriting and asset management capabilities for “construction, traditional and stabilized assets.”
Built says commercial real estate (CRE) lenders often deal with siled information that requires expensive manual work to manage, and says Nativ’s platform combats this with a centralized, collaborative system to sync transaction data.
It says that by allowing lenders to integrate portfolio management into “native workflows”, such as spreadsheets or common loan origination services, it can now provide flexible portfolio analytics, reporting and risk monitoring at every stage of the loan.
“After years of working with top home lenders in the United States and Canada, our clients have begun to express their desire for us to help them solve new problems beyond just managing their construction loans. Our clients were experiencing challenges with loan underwriting and asset management as well as overall portfolio management and reporting,” said Chase Gilbert, co-founder and CEO of Built.
When we discovered Nativ, the powerful tools to streamline these processes were a no-brainer. This acquisition will also give Built access to a rich set of data on the performance of various real estate assets, allowing us to provide our clients with innovative risk intelligence products over time,” said Gilbert.
Following 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 more than 430 team members and expands its presence in New York. The company also said it now serves more than 220 lenders, including non-bank lenders such as AllianceBernstein, Premium Finance and Benefit Street Partners.
“Joining forces with Built will fundamentally change the way lenders and landlords work together. Lenders have long been underserved by a lack of modern, industry-specific tools to speed up the loan closing and management process. Together, we will change the way lenders and landlords transact across the entire ‘built’ world,” Saul noted in the statement.
In other recent proptech news, PriceLabs secured an investment of $30 million from Summit Partners to evolve its vacation rental revenue management platform. Inhabit the IQ also appointed two new supervisors to its leave division.