NEW COMMERCIAL REAL ESTATE FINANCING FINTECH PLATFORM REMISSARY MATCHES BORROWERS AND LENDERS
ONLINE MATCHMAKING ENGINE FOR REAL ESTATE CAPITAL TRANSFORMS AN ANTIQUATED INDUSTRY, LAUNCHING WITH $750 MILLION SOURCED IN FIRST 30 DAYS
NEW YORK – September 27, 2018– Commercial real estate finance industry veteran Adi Chugh announced the launch of Remissary, a revolutionary online commercial real estate financing platform that expertly matches borrowers with lenders through a proprietary algorithm and highly targeted “bullseye” approach. Launching with over $750 million sourced in its first month alone, the new platform will transform antiquated industry models by seamlessly combining a high-tech, streamlined digital system with high-touch personal service and years of proven expertise.
“Remissary was created to remove inefficiency in the commercial real estate finance business, improve information flow, and increase access,” said Mr. Chugh, president of Remissary. “We understand a buyer’s capital needs and what lenders look for; but equally important is the personal interaction and ability to quickly anticipate issues and navigate towards solutions. The team behind Remissary brings a combined 50 years of institutional knowledge and unmatched ability to create results for all parties.”
The first of its kind platform, accessed on www.remissary.com, introduces a robust centralized network for all capital needs – whether permanent financing, transitional cash flow loans, bridge loans, construction and land loans, equity, or even complex transactions which require outlier lenders.
Through the site’s easy-to-use interface, borrowers submit a financing request over a secure server, a highly qualified Remissary representative is immediately assigned and in contact with the borrower, overseeing the deal through completion for a cost-effective fee. Lenders equally benefit from opportunities created by the far-reaching network and can look to Remissary as a new and free source of origination with a highly targeted approach selecting the perfect match based on a lender’s profile. Since Remissary’s matches are highly customized, the financing request is sent only to a very select group of lenders, guaranteeing discretion and increasing the quality and likelihood of the matches. For all parties, Remissary provides greater efficiency, time management and connection only with deal-types that are of interest—at a time when the rest of the industry operates on a “spray and pray” approach.
“We have a long history of getting deals done successfully by surpassing industry standards and targeting only the best and most appropriate capital sources for each individual transaction; it’s the difference between a tailor-made suit and one bought at a chain store,” Mr. Chugh said. “Remissary is the first match-making platform of its kind to centralize borrowing and lending needs, making it a destination for real estate capital needs of all types. Borrowers and lenders may find matches for their unique deals and eliminate headaches associated with finding the right financing fit. The mortgage lending brokerage business started in 1893 and hasn’t changed since that time. For this industry to evolve, we must integrate technology slowly into the lending process while keeping a personal touch. Remissary has effectively removed inefficiencies in identifying the right match for a deal, while maintaining the human component. We are providing a progressive solution to systems that are decades old and will bring much needed efficiencies and change to the commercial real estate financing industry.”
Recent transactions completed by Mr. Chugh and his team include a $230 million loan for hotel construction in New York; an $89.5mm loan for a 200,000 square-foot office property in the Northeast; and a $66mm loan for a ground-up multi-family and retail development in the Midwest. Mr. Chugh and his team are on track to close $5 billion in transactions in 2018 for properties nationwide, including in New York, San Francisco, Los Angeles, Miami, Pittsburgh, Cincinnati and Cleveland.
Remissary is a revolutionary new matchmaking platform for commercial real estate borrowers and lenders, utilizing both in-person and digital elements to create highly targeted win-win transactions. Created to address an antiquated business model, and because the process of searching for capital can be daunting, Remissary is a “high-tech, high-touch” solution that can be used for a variety of deal-types and will ensure the successful funding of the loan.
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