Integrations with 3rd party softwares & incorporating AI for CRE loan closings

Effective flow of data in and out of your current systems & how to include AI solutions

Blanka Szabo
Builders Patch Staff

The three groups of software tools needed to manage multifamily finance

In this digital era of multifamily finance, there’s no organization, large or small, that’s not currently using a mix of software tools. Some of these tools you can’t live without, such as cloud-based document storage and online collaboration tools. These are essential for day-to-day operations at Housing Finance Agencies (HFAs), banks and any other large lending institutions.

Other important tools that let you oversee your entire portfolio include: budget forecasts and analysis, pipeline management, portfolio analytics and reports. Every organization today needs some form of these database management tools. It could be a data lake where all your different deals’ data is collected and standardized.

A third group of tools offers something novel: workflow automation, automatic document summaries, reports that write themselves… you got it right. It’s a new generation of software that taps into generative AI and machine learning. As you can see, there's a suite of proptech integrations out there and each have their own pros and cons.

At Builders Patch, we’ve created something that combines what all these three groups offer. The base layer of our software offers cloud storage and online collaboration seamlessly. We do the heavy lifting by onboarding and standardizing all your current and past data to create useful reports and analytics in minutes.

First group: cloud storage and collaboration tools

Whether you are using OneDrive, Google Drive, Dropbox, or some other service, document storage on the cloud has become indispensable for the largest and smallest organizations alike. The pandemic pushed this trend further. Online collaboration tools to communicate with colleagues, hold meetings, hand out instructions, manage tasks, etc became the new norm. These requirements are now considered fundamental, and our platform offers them all.

Organizing data and maintaining naming conventions

In mainstream cloud storage services, it’s up to the individual to organize files and data into well-structured folders. We at Builders Patch are sticklers for organization: neat folders and categories, consistent naming conventions, tags for easier findability, we do it all! But what happens when the docs keep piling up? Suddenly, it stops to matter where you drop your file as long as you know it’s saved somewhere.

Automate the way your data is organized and moves throughout the lifecycle of the deal

At Builders Patch, everything is centered around your deal, and every piece of information is collected organically through the platform as your deal progresses.

Seamless communication with internal and external team members

With us, all back-and-forth communications, comments, notes, tasks can be made as granular as a single document, and all of it happens on the platform.

Second group: data lake, data standardization, analytics

Let’s say it’s two hundred documents per deal. The number of data points collected through the deal lifecycle will be tens of thousands. Maintaining data hygiene across your portfolio is a challenging task if you are working in different Excel sheets.

Comparative analytics requires standardized data at scale - what does it take?

Once the data is standardized and all put together, you can create analytics dashboards within your software or feed it into yet another system like PowerBI or Tableau.

How is Builders Patch different?

Builders Patch is specific to multifamily housing finance and affordable housing finance, so it understands what’s in your books; your portfolio data is not only automatically onboarded and cleaned up, it immediately surfaces the analytics you need on them.

Third group: AI-integrations for automated workflows and analytics

Once you have your deal data and documents in a standardized and structured database, the Builders Patch helps you speed up your processes and eliminate repetitive manual tasks through automation, intelligent analytics, and generative AI.

Our personal experience in multifamily housing finance shaped our product

Our philosophy is to ensure that no same data point should be entered twice! Given the sheer size of portfolios we are handling, this is going to become more and more the industry standard.

Fourth (bonus) group: two-way interaction between lenders and borrowers

Digitizing the application and approval processes are crucial. Builders Patch has made it its mission to make it easier for everyone to navigate the complexities of CRE and affordable housing finance, providing a streamlined experience for both lenders and borrowers.

Final thoughts

We hope this blog has offered you more clarity on how to assess your current systems and their functions and what alternative ways of doing business exist out there. Builders Patch stands out by consolidating essential tools for CRE deal management, offering a unified solution with automated data organization and AI-driven workflows.

WRITTEN BY

Blanka Szabo
Builders Patch Staff
Blanka is a product designer with a background in political science and public administration. She is a key member of our team...