Hunt Real Estate Capital, which offers financing for all types of commercial real estate, will soon have a new underwriting system to help it originate those loans, as the company is buying a proprietary loan underwriting system from RealtyMogul.
RealtyMogul offers a real estate crowdfunding platform, through which more than $2 billion has been invested in real estate in the last six years. But beyond that, the company also has a research and development lab, which is where the loan underwriting software was created.
And now, the company is selling the software to Hunt, which plans to use it in its commercial real estate lending business that includes financing for multifamily properties, including small balance; affordable housing; office; retail; manufactured housing; healthcare/senior living; industrial; and self-storage facilities.
“We are excited to implement this proprietary loan underwriting software that Realty Mogul has developed and continue to build our commercial real estate lending business,” said Tyler Griffin, Hunt Real Estate Capital’s chief operating officer.
The deal was all-cash transaction, but the companies did not disclose any financial details beyond that.
“We have always prided ourselves on building cutting edge technology at RealtyMogul,” RealtyMogul CEO Jilliene Helman said. “We learn an incredible amount about what markets to invest in and what specific properties to invest in because of our technology. We are thrilled Hunt is going to deploy it to an even larger piece of the commercial real estate market with their lending business.”
