Our Q&A series is an opportunity for our North American team to discuss all things PropTech, Start-ups, and Career with different founders from across the region. Each week we will ask PropTech innovators burning questions and quiz them about their product, we hope you find it insightful and enjoy getting to know the founders as much as we have.
nxtCRE is Private Equity funded Open-Banking CRE fintech platform. In an exclusive partnership with CRE lenders across the nation, we collect the immediate exchange needs of Tens of Thousands of Must-Buy Investors and provide to those who have CRE listings, an early, easy, efficient, and free access to those investors.
My background is in CRE capital markets. I was a member of the Senior Management Committee at GMAC-CM and ran the Equity Transaction Market. We at that time had a servicing portfolio of over $300B. Many of our borrowers who were selling their properties and wanted to reinvest the cash from the sale to acquire another property were challenged by finding the right opportunity within a very short time as required by the 1031 exchange rules.
The biggest challenge we had in helping our borrowers was the lack of efficiently gathering and communicating information. With today’s technology, we have an ability to communicate information at lighting speed which will allow us to create greater efficiency and transparency for the $400B/year exchange acquisition market.
There is no one today doing what we’re doing. In fact, other than technology making more places available for MBI to look for opportunities, the model of searching many places to find the right opportunity within a very short time, has been the same for 100s of years. It’s even more so true for property sellers. Unless a broker brings them a MBI, there is no place for them to go and find MBIs. Because of our capabilities of providing sellers a platform where they can go and find multiple MBI for their properties, we can help them reduce marketing time and costs.
The current climate, which is raising rates and less capital available then what has been the case in recent years has increased the value of our services. For property sellers, today’s market creates uncertainty and providing greater certainty is what MBI offer.
Our plan for the next year is to increase our list of lender partners. We’re actively recruiting talented people to our lender liaison team. Building brand awareness is part of that plan.
Not an export on all things pro-tech. Most pro-tech today are solving operational/management issues. nxtCRE mostly straddles the PropTech and FinTech.
If they’re in CRE capital markets, we encourage and advise them consider joining nxtCRE.
We’re not an expert PropTech fundraising. Although we’ve been founder funded, we recently accepted an offer to invest in nxtCRE from a private equity firm that will provide a strategy in helping us sign more lenders.
LMRE are specialist PropTech recruiters, if you need help growing your business or making any key hires please get in touch via the form below!