Regions Bank has adopted Blooma’s commercial real estate lending solution, a cloud-based platform that automates manual portions of the lending workflow and connects various tools and data sources to support investor and developer clients with more efficient financing options in the commercial real estate space.
Regions’ teams have observed efficiency gains in the pre-screening review of multifamily, office, industrial and retail transactions and collection of market data as the Blooma system has come online. Some components of the process workflow have been reduced from days to hours, allowing Regions to communicate lending decisions to clients faster, the companies say.
“Regions Bank is consistently investing in its specialty capabilities, delivering a more seamless and intuitive client experience that’s backed by the dedication of our experienced banking teams,” says Scott Rhoad, income property finance segment executive for Regions. “Speed, certainty of execution and innovation are all key components of our value proposition, and combining our financial experience with Blooma’s technology supports an even more seamless client experience.”
The collaboration with Blooma allows Regions to evaluate CRE loans against a wide range of configurable parameters, quickly parse offering memoranda for key deal information, analyze and automatically classify borrower and/or guarantor financials, and normalize multiple market data sources through a combination of data and analytics.
“It was immediately evident in our first meeting with Regions that leadership was proactive and intentional about their pursuit to adopt technology to help advance the business,” says Blooma CEO Shayne Skaff. “Together, we are building tomorrow’s CRE lending technology.”
