A Quick Overview of TermStreet's Tech
The team at TermStreet has spent three years developing technology tools that ensure that you get the best available loan terms in the shortest period of time. We’ve taken the best elements of powerful platforms like LinkedIn, Salesforce, Dropbox, and Slack and rebuilt them for a modern transactional marketplace.
One of our strengths is our ability to expose you to the wide world of lenders out there, including lenders you would have found on your own and lenders you wouldn’t have. A central part of our platform is crowd underwriting—the ability to engage all of the lenders assigned to your deal at the same time.
Before we zero in on crowd underwriting, we’ll introduce you to three core features of our technology tools.
By real estate experts, for real estate experts
Our platform was born out of our own experience in the real estate financing domain. We know real estate finance. That’s why our tech is designed to plug into the multifamily lending community in a way that actually works and in a way that eliminates all conflicts of interest.
Everything we’ve built has the real estate transactional experience in mind and is designed to create an efficient process, from your initial loan application all the way to loan closing. Let’s take a look at a few of our most important tools.
1- File Manager
File sharing is an important part of the lending process. But so are privacy and security. Our file manager is designed to give you strong sharing capabilities and robust privacy controls. You can securely share files while still controlling who has access to what and when.
2 - Lender Management
It’s your loan. You should be in charge. That’s why our lender management tools keep you in the know about which lenders have access to your deal. Plus, you can monitor their file downloads, site activity, and page views. Can you imagine knowing which lenders are actually digging into your deal with a click of a mouse?
3 - Quote Review
TermStreet aims to give you access to the widest possible range of potential lenders. But, admittedly, that access could lead to a little bit of information overload. To help you tame the overwhelm, we set it up so that all of your quotes are automatically populated into a quote matrix for easy review.
Streamline communication with crowd underwriting
File management, lender management, and quote review are three key components of our technology tools. But the real differentiation in how we handle your deal at TermStreet stems from our enhanced communication tools, which enable crowd underwriting.
Rather than having to wade through hundreds of separate emails and conversations, we allow you to engage all of the lenders assigned to your deal at once. You can answer questions and provide diligence requests on your terms – that means respond to a question or request privately, publicly, or with a small group of trusted and engaged lenders. No matter what, you are always in control of how your message is delivered and to whom. It is underwriting powered by the crowd, but with the level of privacy and confidentiality you determine.
Naturally, the more information you can share publicly, the more efficient the process will be. But you will have exacting control over the privacy of each and every communication and diligence item throughout the entire process. Additionally, once you’ve picked a lender, they can hand off all of their communication and all files shared with their underwriting team. This means you get a clean handoff every time.
At TermStreet, our tools are built to empower you to do more. To do more deals. To engage more lenders. To make more money. And to pay less in brokerage. Get started with a demo today.
I'm a lender, how does Crowd Underwriting Benefit me?
We hear from some lenders that believe Crowd Underwriting might be negative from their perspective. At TermStreet, we disagree. Yes, sometimes you might be the lender that does more of the underwriting work and it might not pay off for you (ie. you might lose the deal). However, over time, Crowd Underwriting helps all lenders get to the final answer more quickly. Sometimes you might take a leading role and on other deals you might come to the party a little late and take advantage of other participants work. We value our lender participants and will find ways to reward our most active lenders in the years to come.