The Challenge
When SCP undertook a $528 million development loan in Honolulu, Hawaii, they knew they would need a streamlined and efficient way to handle due diligence tracking across all parties involved. For such a large deal, which would take twelve months to close, it was imperative to have all due diligence in one place. They knew that using traditional methods like email would slow down the deal and with a borrower and many third parties involved, SCP needed to be as efficient as possible.
The Solution
SCP uses ProDeal on all originations as a more efficient way to intake and track due diligence, as well as distribute documents to relevant parties. On a large transaction like this, ProDeal is essential to getting the deal closed in a timely manner. The SCP team created a ProDeal room at the onset of their underwriting. They used ProDeal to send a virtual checklist of underwriting requirements to their borrower and immediately began receiving documents in a centralized and secure location.
The Result
“With a large deal like this, and the amount of time that it took to close, the value that ProDeal added was having both the borrower and our team be organized throughout the whole transaction. It just made the whole process easier and more organized. Being able to assign different folders to specific people held everyone accountable. We could have used something like Dropbox or Box, but it’d be way less organized and a little chaotic. ProDeal is specifically oriented towards the real estate industry” - Cameron Parker, Associate, Silverstein Capital Partners
What’s Next?
Now that the transaction has closed, construction is just beginning. SCP knows that ProDeal will play a big part in the ongoing construction process, and they love that their borrower is already familiar with ProDeal. This will provide their Borrower with the ease of uploading to a familiar platform even post-loan closing.
Compared to Box or Dropbox, ProDeal is specifically oriented towards the real estate industry. It’s nice to be able to check the boxes within ProDeal, I didn’t have that ability in other platforms I’ve used.
