A local commercial real estate-focused tech platform aims to change the way brokers, lenders and property owners do business.
Finneo, founded in 2020 by Amar Nijjar, was created to help streamline financing in commercial real estate through innovation. Truman Hooker, Finneo assistant vice president of debt advisory services, said the Charlotte-based startup's patent-pending software uses an algorithm to provide the best lender matches for each specific client.
"For specific deals, the algorithm is designed to pinpoint lenders most likely to make offers and at the most competitive rates," Hooker said. "This information is very valuable for debt advisors because otherwise they could send a deal to a lender that does not have the credit appetite or portfolio allocation towards that specific deal."
The platform tracks historical lending patterns based on categories like asset type, loan amount and geographic location from a variety of financial institutions. It also pulls information from more than 20 data sources and data companies in the United States and Canada. Hooker said Finneo's CRE debt advisors use the software to provide clients with market intelligence reports, real-time lender activity tracking and predictive analytics, all of which help them find the best lender fit.
"Finneo advisors assist clients with enormous efficiencies that are generated through its technology and workflow tools to help execute on property financing in an efficient and transparent manner," he said. "As part of the platform, clients can manage the lifecycle of loans and conduct annual loan reviews with the lenders, which is traditionally very tedious for property owners."
Spencer Crigler, co-founder and director of brokerage services at One Alliance Cos., said his Cornelius-based firm began using Finneo earlier this year.
"What I felt was attractive was just how tech-advanced they are compared to the rest of the industry. I think the CRE industry, as a whole, lags behind in terms of tech, and (Finneo) seem to be a game changer in the space for the lending arm." Crigler added, "Being able to provide thousands of lending options is power, in my opinion, especially when we’re coming into a market where it’s become much more difficult to find good financing."
The startup has raised $1.3 million in equity since 2020, according to Crunchbase. It has 22 employees and is eyeing rapid growth, Hooker said. Over the next 12 months, Finneo leaders plan to expand into the top 20 North American markets.
Hooker said the startup's platform has facilitated more than $3 billion in loans, spanning 300 deals, since its inception.
Article:
https://www.bizjournals.com/charlotte/inno/stories/profiles/2022/09/23/finneo-software-technology-commercial-real-estate.htm
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