Modernizing Commercial Real Estate Lending
Tech’s ability to build agility in an evolving market is well known, but not universally applied. In commercial real estate lending, for example, the current process reflects a bygone era of finding and closing financial deals. It takes, on average, 3 months to close a commercial real estate loan. Brokers are still expected to call individual banks in pursuit of deals. As late as 2019, 43% of US banks still used COBOL, a programming language older than the internet. Q2 2021 hedge fund letters, conferences and more Extended timetables for dealmaking aren’t merely annoying. When deals take month...