SeeCares, which has an AI-enabled data platform for commercial real estate workflows, announced that it was partnering with Northmarq.
“Northmarq is incorporating SeeCares technology to significantly reduce the processing time to prepare and deliver loan quotes, the press release said. “Lowering that time from days or weeks to a few minutes enables Northmarq to provide an even greater speed of service for their clients.”
Putting artificial intelligence to work in property valuations has been gaining steam for a while. A growing number of companies have entered the proptech space with offerings to bring big data and the type of artificial intelligence algorithms called machine learning to help quicken the pace of identifying and preparing valuations.
Firms have been applying machine learning combined with significant pools of data to offer quick valuations. The intent is not to eliminate human valuation or to treat programmatic analysis as definitive, but to give investment teams something to begin considering as a starting point. Such systems can be the equivalent of a first draft that a human analysis examines, considering whether to reinterpret data or override suggestions.
SeeCare’s software “automatically looks at the document, understands what you generally are looking for and want to match to your model, then it matches it for you,” Evan Chesir, the company’s head of business development, told GlobeSt.com in August 2021. “But it also learns over time. As they use it more often, it’s more accurate in its ability to calculate something like loss-to-lease.”
“The SeeCares technology is revolutionizing this process at Northmarq, which will enable us to harness data and automation to streamline this strategic area of our business,” Jay Donaldson, president—Fannie Mae and FHA at Northmarq says in prepared remarks. “We look forward to continue collaborating with the SeeCares team and believe that harnessing data and automation to get clients smarter quotes faster will allow Northmarq to beat the experience and terms of any other commercial real estate lender in the market.”
Time becomes of the essence. Closing deals requires being able to act on them before competitors do. Automation can help a company move faster but just as importantly it can provide a first screening, knocking out the majority of opportunities that don’t fit a company’s parameters.
“The SeeCares platform will leverage data analytics compiled from hundreds of data sources, making them accessible and usable via AI technology,” said the release. “As a result, Northmarq’s unique models will be filled with relevant market data to produce loan quotes within minutes.”