Here are some of the frequently asked questions we get from Commercial Real Estate Professionals about LoanBoss.
Q: How does information get into LoanBoss?
- Regardless of whether it’s the initial onboarding or ongoing loan closings, all you do is send us your documents. We take care of the rest! Our in-house team of loan specialists will abstract every piece of data so your team can focus on the next deal. Each loan goes through a rigorous, multi-step QA process to ensure accuracy in each and every loan abstract.
Q: Who puts information into LoanBoss and how often is it updated?
- If it's information from property management software, it is updated as often as you'd like.
- Most clients update their own budget information quarterly or semi-annually.
- If it’s loan data – that’s all us!
Q: What do you do with our information?
- We take privacy very seriously and will never sell your data to third party firms. We reserve the right to anonymize and aggregate data, but only so all of our customers can benefit. This is your data and intended for your eyes only.
Q: How is LoanBoss' application security?
- We are fully committed to protecting our customer's data. LoanBoss is hosted on AWS, our MySQL database is hosted on a restricted RDS instance with nightly backup, and we have automated Jenkins deployment of common application code.
Q: Do you have enhanced security?
- Yes, we do offer an Enterprise package with independently containerized and deployed application in Kubernetes namespace, an independent MySQL RDS instance, a unique URL, and whitelisted IPs. However, for the shops with less than 1,000 deals, this may not make the most sense. To these companies, we ask "Do you host your ADP (or other payroll application) on an independent server?".
Q: How long will onboarding take after we sign up?
- It depends on the size and complexity of your portfolio. The Freddie shop with 20-30 deals is up within 2 weeks, whereas the construction/value-add shop with 300 deals takes more like two to three months. We will have a timeline chat while discussing the specifics of your portfolio so there's clarity going in. Some of the timeline will also depend on several other factors (whether there are important missing documents, how deeply you'd like to discuss your line-by-line abstract preferences, if it's difficult for your team to make time for data validation, etc.). But at the end of the day, we will work with you to get everything up as efficiently and accurately as possible so that we can get you implementing your data!
Q: Are you integrated with accounting software?
- We have implementations with Yardi, RealPage, and MRI and are constantly adding new vendors.
Q: What if we have a request to add a feature?
- Great! LoanBoss was built with the help and guidance of firms just like yours, so we love suggestions! If you have an idea for a feature, let’s talk about it. We generally prioritize based on importance and how much it will help other customers.
Q: What does the support team look like?
- Even though this is software, real estate is a relationship business. You will have a team of real estate professionals to help you out. From your first kick off call, you will have a single Onboarding Coordinator to coordinate all the documentation and organization. From there, you will be handed off to the Implementation Team to ensure proper training. You will also have a dedicated Account Manager to contact with any questions, and we are obsessed with responsiveness. You will hear back from us within two hours – promise!
Q: Do you have references I can talk to?
- Yep! We will typically chat with you to understand your portfolio and then refer you to a few companies that are most similar to yours, so you can chat with them about whether LB does what they need it to do. But of course if you want to hear some of the feedback before chatting with our team, feel free to visit our review page: LoanBoss Reviews
Q: How much effort will it take from our team?
- It definitely takes some effort, but isn't that the case for anything worth doing? More importantly, we will do the heavy lifting!
Q: If I'm interested, is there anything I can give my team so they can learn a bit more about LoanBoss?
- Absolutely! Give a download to our Smarter Way to Grow PDF, where we break down our core functionality, typical day to day usage, client testimonials, and more. And of course feel free to book a demo with us.
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