Commercial real estate lending can be broken down into commercial and residential categories. Although it’s the same industry, these two categories operate very differently. While residential lending is charging ahead as it embraced new technologies, commercial real estate lending is seriously lagging.
In 2015, only 20% of residential borrowers relied on websites, but currently, 92% begin by researching lenders online, 74% use an online portal to work with their lender and 43% complete their entire application online. In 2020, while the world quickly adjusted to new ways of doing things due to the pandemic, residential real estate lending was already ahead of the game with its adoption of digital.
Commercial real estate lending, on the other hand, has not changed in decades. It can take months for the loan approval process to be completed due to the archaic, manual methods of processing. Meanwhile, lenders and borrowers lose valuable time, miss opportunities for progress, and continue the frustrating back and forth of needing, giving, and waiting for information from both sides. It’s beyond time for commercial real estate lenders to adopt new technologies and catch up to their residential counterparts.
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