Quote from @Jay Hinrichs:
Quote from @Cameron K.:
Quote from @Jay Hinrichs:
Quote from @Cameron K.:
I'm working on a project called Propradar which might be helpful. At the moment, our data is only available for Philadelphia. The platform's main focus is processing mortgage documents in their raw form to extract specific financing terms for all properties in the city. It also identifies signer names within the documents, allowing you to uncover the owners behind the ownership entities.
Currently, lenders primarily utilize the platform to monitor client and bank activity, but we're exploring options to tailor the tools for investors. If you're interested in Philadelphia County data, just send me a PM, and I can help get you off the waitlist!
@Sean OToole this is an interesting post Sean.
It is worth noting that this is a completely different product from Sean's. We have no interest in contact data gathering, as that space has been well developed.
Morning Cameron, so who are you targeting for your product. Is this for props that have a foreclosure filing against them so you can get to the actual owners for a pre foreclosure purchase ? or market to Lenders for refi's ? Knowing the average bP buy and hold investor this type of information would be for advanced investors that deal in the back end of real estate not the front end like most who just want to buy a house for under market rehab refi rent or flip. So curious as to what you see in the way of utilization of this information..
I know out here on the West coast with our digitalized title plants that each title company has it would be a matter of a few clicks for customer service department to transmit a copy of the mortgage to me.. Then I would have to do a little digging on the signers.. so if you can do the digging on the signers to get to them that I can see would have value.. Just wondering how many folks would really use this that are like I said not really educated on how title and escrow works and I find East coast folks to be highly reliant on closing attornies and have very little knowledge of title and escrow functions.. Not all but a vast majority based on my doing deals in PA NJ WV OH SC etc etc.
The direct appeal is to lenders (primarily commercial lenders closing in the $5M-$100M territory). At a high level, the system ingests raw documents from the recorder's offices, building permits, zoning permits, market data, and other auxiliary datasets. This information is then linked in the database—think of techniques like pulling signatures from mortgage documents and extracting unit counts/construction types from building permits.
This allows you to search my name and instantly see all of the rental properties and construction projects I own, even though they are well covered by holding companies. You can also see total loan exposure, every loan ever pulled, every property ever owed, every co-signing partner from every project, permits, etc... It's been illuminating to see who the valid owner of each property is; there's a landlord leaderboard on the site.
The direct value proposition allows lenders to track a list of clients or companies in real time. For example, if I purchase a site entitled to 100 dwelling units under a newly formed holding company and the only thing linking me to it is a shared PO box mailing address on the holding entity, the lender gets alerted. That level of diligence isn't possible with human effort or even traditional data processing techniques.
I would like to expand to investors in the future but this technology is very new.
