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Client Overview

Our client is one of the largest banks in the United States, offering a wide range of financial services to institutions, businesses, and individuals. This prominent financial institution uses CompStak for its underwriting and loan origination department. We had the privilege of speaking with their regional lending manager, who covers the East region of the US, along with a large portion of the bank’s lending portfolio. This manager has been at the bank for over 10 years and has extensive knowledge of commercial real estate lending. This testimonial delves into how this team uses CompStak in their new deal origination underwriting processes and in management of their existing loan portfolio.

The Challenge

When our client was first interested in CompStak, they were originating a lot of office loans primarily in major markets such as New York City. One of the biggest obstacles they faced was finding true market rents in order to diligently underwrite loans. What immediately drew them to CompStak was not only the ability to find those true market rents, but also access them at a granular level instantly. This large bank was able to obtain more curated and targeted data that they couldn’t find in “big picture” market reports. These reports typically record rent averages, which could lead to inaccurate calculations. Alternatively, CompStak’s reports provide both a macro and micro level view specific to each property, allowing them to gain a detailed understanding of an asset and determine where the market is positioned overall.

The Solution

Since using CompStak, our client has been able to become more granular and efficient in their underwriting through access to reliable and accurate comps with difficult to find data points such as Tenant Improvements and Free Rent concessions. On the asset management side, they are able to better monitor their portfolio with real-time notifications on any new activity on their assets. Their regional lending manager noted that they use CompStak in all of their office and industrial analyses, and CompStak has become an important part of both their underwriting and asset management process. Without CompStak, the team would still be spending an extensive amount of time calling brokers directly for crucial information, which was often an unfruitful endeavor. CompStak has eliminated the need to contact brokers directly, and helps this client get all the information they need, all in one place.

Key Takeaways

CompStak provides accurate and reliable CRE data collected right from the source: a trusted network of 35,000+ brokers, appraisers, and researchers who submit comps on a daily basis. These comps are then verified by our real estate analysts, adding  another layer of confidence that is essential for this large financial institution.

This client has chosen CompStak as their trusted source of CRE data since 2018, and as a result, has become more efficient and granular in their underwriting and asset management processes. Since using CompStak, they were able to:

  • Save significant time and resources in finding real-time market rents.
  • Use much more accurate information in their underwriting process, including hard to find data points such as Free Rent and Tenant Improvements.
  • Streamline their asset management with automated alerts on their portfolio and similar properties.