5 Best Commercial Real Estate Underwriting Software Platforms (2024 Reviews)

Real Estate Bees’ editorial team asked a number of industry-leading lenders to share their expertise on the best commercial loan underwriting software solutions to help our readers make a more educated purchase decision when researching available solutions.

With the help of the experts, we identified the best commercial real estate underwriting software platforms and evaluated their features, plans, and pricing information. Visiting retailers of the listed products by clicking links within our content may earn us commissions from your purchases, but we never receive any compensation for the inclusion of products and/or services in our consumer guides. Read our editorial guidelines to learn more about our review and rating process.

— Kimberly Anderson, Senior Creative Editor at Real Estate Bees

Blooma shines as a powerful commercial loan underwriting software, leveraging AI to streamline and automate the commercial real estate underwriting process.

The platform leverages machine learning to refine the tedious aspects of underwriting, reducing origination costs and enabling efficient deal prioritization.

As a premier commercial credit underwriting software platform, Blooma features a robust collection of tools designed for efficiency and accuracy.

Its robust feature set includes configurable workflows, document parsing and management, and portfolio management, streamlining operations for loan officers.

Features

Document Parsing and Management

Blooma brings efficiency to your document management. Thanks to its automated underwriting system, you can bypass manual data entry and upload documents in bulk.

Through intelligent parsing of financial documents, Blooma provides insights into borrowers’ cash flow, net worth, and liquidity, which support critical deal evaluations.

Deal Scoring

Blooma’s Deal Scoring feature equips you with the necessary data to make informed decisions about your portfolio.

Each deal is scored on a scale of 1 through 100 based on your unique lending preferences. This score is derived from how well the deal aligns with your chosen profile.

The software provides quick insights into potential ROI, all visualized in an intuitive interface.

Valuation Modeling

Dedicated to refining commercial credit underwriting practices, Blooma provides precise valuation modeling by using Direct Income Capitalization, NPV, and Sales Comparison methods.

With Blooma, you can build numerous valuations with speed and accuracy, and dive into comprehensive property valuations for a detailed breakdown of figures impacting your deal.

Customizable Templates

By using its intuitive interface, you can reformat existing deal templates to suit your viewing preferences for each deal.

This feature also allows straightforward export of data into Excel or your existing underwriting templates for ease.

Portfolio Management

Blooma’s CRE loan underwriting software also helps you manage your portfolio by tracking essential metrics such as loan-to-value ratios, debt service coverage ratios, and cash flows in real time.

With its in-depth reporting and analytics capabilities, you’ll be equipped to make data-driven decisions.

Plans and Pricing

Blooma follows a quote-based pricing strategy that’s confidential and only disclosed upon direct vendor contact. For actual pricing details, book a free demo or presentation on their website.

Pros and Cons

Pros

• Automated pre-flight deal process. The platform’s ability to automate the pre-flight process for each deal ensures no crucial data is overlooked. You’ll get a comprehensive real-time data snapshot to analyze deals, inclusive of the latest market trends and risk assessments.

• Ongoing deal monitoring. Blooma offers ongoing deal monitoring, stress testing, and borrower analysis, aiding risk management and strategic decision-making.

Cons

• Limited to commercial real estate. As a commercial credit underwriting software, Blooma’s sophisticated suite of features has its limitations. Presently, the platform serves exclusively the commercial real estate lending industry. As such, its utility to others outside of this specific market might be limited.

• Limited user reviews. Blooma is a relatively new platform and lacks first-hand customer reviews.

Integrations

• Salesforce
• nCino
• Cube Software
• DocuSign
• SharePoint
• Slack

SpaceQuant is a top-tier AI platform and commercial mortgage lending underwriting software solution that streamlines commercial property origination, underwriting, and asset management processes.

It enables lenders, financial institutions and underwriters to swiftly assess the value and risk of small-balance commercial real estate (CRE) deals by automating manual tasks and leveraging data insights at scale.

SpaceQuant’s advanced features, such as property financial statement analysis and external data aggregation, make it a powerful automated commercial mortgage underwriting system, providing real-time decision tools for property valuation and risk assessment.

Features

Property Financial Analysis

SpaceQuant’s CRE underwriting software platform uses proprietary AI technology to extract and analyze unstructured and semi-structured data from financial documents.

This generates real-time financial and operational performance analyses.

Predictive Analytics and Risk Assessment

SpaceQuant’s mortgage originator software platform utilizes predictive modeling to assess property value and decline risk based on a 25-year performance history of similar properties.

It also provides you with a granular score for each property, estimating the likelihood of value depreciation during financial instability.

External Data Aggregation

SpaceQuant goes beyond standard financial analysis and automates the aggregation of essential external data such as location and market statistics.

Leveraging its robust data platform that houses metrics from more than 120 million buildings and locations, Spacequant combines traditional and alternative data sources into a comprehensive digital insight similar to what a local real estate broker would provide.

AI-Optimized Quotes

With SpaceQuant, real estate lenders can generate ultra-fast quotes and ensure certainty of execution, allowing them to beat their competition and close deals quickly.

The platform’s AI-powered algorithms can extract, standardize, and analyze data from property financials, automate bank reconciliations, and perform analyses to provide lenders with a comprehensive view of a borrower’s financial situation.

Plans and Pricing

Pricing for SpaceQuant’s commercial mortgage lending underwriting software solution is not publicly available.

If you are interested in learning more about the platform’s pricing, you can contact their sales department directly to book a demo.

Pros and Cons

Pros

• Enhanced risk management. This commercial mortgage origination software identifies potential red flags and irregularities in financial data early. By pulling data from various sources, both traditional and alternative, it offers a holistic view of the properties and the loan applicants.

• Property data aggregation. By providing real-time financial analysis coupled with extensive metrics on over 120+ million buildings and locations, SpaceQuant aggregates comprehensive and essential information into one centralized place, enabling faster and more accurate due diligence.

Cons

• Third-party integrations are difficult to set up. While the SpaceQuant API allows users to import or export data into their preferred system, the integration takes time to set up and requires coding.

• Low number of online reviews. There are no user reviews of the platform. Without some unbiased user feedback, it can be challenging for you to get an impartial view of the software’s capabilities and performance.

Integrations

SpaceQuant has no publicly disclosed third-party software integrations.

rDCF is a cloud-based commercial real estate underwriting software that enables users to build flexible discounted cash flow (DCF) models and automate loan underwriting calculations.

As an automated commercial underwriting tool, it offers Excel-based reporting, debt and equity modeling, integrated underwriting metrics, rapid file sharing, and comprehensive reports.

Features

Integrated Underwriting Workbook

This feature facilitates insightful Excel-based reporting and advanced underwriting. With this tool, you can create and analyze sophisticated debt and equity waterfall models.

You can also generate real-time valuation and underwriting metrics, and produce concise executive summaries of essential results.

Advanced Reporting

rDCF’s commercial investment underwriting software allows for the easy generation of a full suite of detailed audit reports to validate assumptions and calculations.

In just a few clicks, you can create professional, high-quality reports for pitch books and investor presentations. Additionally, you can analyze multiple scenarios or portfolios in a single view.

Data Import/Export

rDCF streamlines data handling by allowing import/export of files from Excel, third-party DCF or VTS files, and BI tools.

It minimizes data input errors and allows for the easy sensitization of assumptions and updating of variables for multiple properties.

File Sharing and Collaboration

With rDCF’s commercial loan underwriting software, you can effortlessly share files with anyone for free through a URL, eliminating the need for additional software installation.

You also have the option to save files to your network or upload them to an FTP site.

This feature promotes seamless collaboration on projects, as multiple users can work simultaneously on a shared file.

Plans and Pricing

rDCF offers two subscription plans: monthly and annual. The exact pricing details are not publicly disclosed, but new users have access to a free 30-day trial of the software.

Pros and Cons

Pros

• Transparency. The software provides transparency by displaying exposed formulas, eliminating the “black box” approach, and showing the calculation process. Its minimal modeling policy switches also reduce the chance of inadvertently altering results. The detailed audit log traces every file change, documenting who made the corrections and when, leading to improved accountability.

• 30-day free trial. New users can try the software for free for up to 30 days.

• Advanced reporting features. This commercial investment underwriting software is equipped with advanced reporting features, enabling users to generate precise transaction models that integrate leveraged cash flow projections with detailed property reports for comprehensive underwriting analysis.

Cons

• Low number of reviews. Unlike tested and trusted software tools, there are currently limited unbiased reviews of the rDCF software.

• Training is required. While the software is user-friendly, there is a learning curve, primarily for those unfamiliar with discounted cash flow modeling.

• Limited integrations. rDCF doesn’t integrate with third-party loan origination or mortgage servicing rights software tools.

Integrations

• Microsoft Excel

Clik.ai is an automated CRE underwriting software platform designed to accelerate underwriting and asset management processes.

Key features include customizable Excel-based financial models, auto-underwriting, and document extraction.

By utilizing this mortgage banking software, users can quickly execute deal valuations, enhancing their underwriting capabilities up to 10 times faster and growing their lending business.

Features

Automated Underwriting

Clik.ai’s auto-underwriting solution addresses the time-consuming manual process of commercial real estate property valuation.

By automatically extracting data from relevant documents, such as operating statements and rent rolls, the software creates tailored loan sizing or cash flow underwriting spreadsheets for you.

You can download an Excel-based financial model complete with various parameters, like cash flow (CF), CF summary, Trailing Twelve Months (TTM), Rent Roll tab, etc., in just a few minutes.

Intelligent Dashboard

This commercial lending system streamlines loan sizing by transforming financial models into interactive web dashboards.

This enables users to obtain quick insights and make data-driven decisions about their commercial real estate investments.

This user-friendly interface simplifies analysis, accelerating the underwriting process and providing valuable information in different areas, such as cash flow summaries, rent roll analysis, and lease turnover, vacancy, and rent trends.

Document Extraction

Clik.ai incorporates proprietary document extraction technology capable of accurately parsing data from a wide variety of file formats, including PDF, XLS, and scanned documents.

This makes integrating AI into daily business operations seamless while ensuring efficiency.

Asset Management

The platform helps you find key information across a vast collection of documents without manual browsing.

Regular maintenance tasks, such as keeping property finances up to date, validating new lease agreements, setting up trigger alerts for insurance, and updating essential records are all streamlined with Clik.ai’s software.

Plans and Pricing

Clik.ai has not publicly disclosed pricing information. Interested users can schedule a demo.

During the demo, you can ask the sales team about pricing and get a quote for your specific needs.

Pros and Cons

Pros

• Auto-generated deal reports and charts. Clik.ai automatically generates comprehensive deal reports and visual charts, providing users with an intuitive and precise overview of the financial details involved.

• Streamlined data import and classification. Clik.ai’s artificial intelligence processes large volumes of data from financial documents such as rent rolls and income statements. Its drag-and-drop feature makes it effortless to extract and analyze data from Excel and PDF files, quickly determining property risk, value, and estimated cash flows, digitizing them into a database.

• Continuous platform improvements. Through a consistent feedback loop with customers, Clik.ai continually improves its platform to better suit customer needs.

Cons

• Commercial real estate focus. This loan underwriting system is specifically designed for the commercial real estate industry, limiting its applicability for other types of real estate processes.

• Integration challenges. To accommodate various software platforms that require an API for integration, users must book a meeting with a member of the Clik.ai customer care team. This leads to potential delays and increased complexity in the onboarding process.

• No real user reviews. There are no published reviews of the Clik.ai platform. This makes it hard to assess usability and pricing before purchasing.

Integrations

• SmartExtract
• Zapier
• Slack
• Mailchimp
• PandaDoc

Designed specifically for commercial real estate lenders and financial institutions, Docsumo is an AI-based commercial loan underwriting software that streamlines document processing.

With an impressive accuracy rate of over 98%, this innovative platform extracts critical information from a multitude of diverse document layouts.

Its unique auto-classification feature streamlines document classification, revolutionizing CRE underwriting.

With the capacity to feed structured data into software such as QuickBooks, Xero, and Tally, Docsumo eliminates the need for manual data entry, empowering users to accelerate their document processing workflow.

Features

Auto-Spreading of CRE Loan Documents

Docsumo’s commercial underwriter software minimizes risk by intelligently auto-spreading and standardizing commercial real estate (CRE) documents.

It can handle multifamily, retail, or commercial loans, and can easily auto-spread complex documents like T12 operating statements, rent rolls, and offering memorandums.

This feature also allows you to specify field-level confidence thresholds to further minimize underwriting risk.

Advanced OCR

Docsumo’s AI-driven OCR system goes beyond typical OCR functionalities. It contextually scans, understands, and categorizes complex real estate data, regardless of its location in the document.

Docsumo can ingest and parse data from multiple sources, including email inboxes, scanners, or other document management systems.

It enables pre-processing and automatic document classification while maintaining high image quality.

Trained API

Docsumo provides pre-trained APIs, sparing you from training ML models manually.

However, if you can’t find the API you need, Docsumo allows you to create custom ML models by training them on your data sets.

You can track performance through the analytics screen and compare models in terms of accuracy, precision, recall value, and F1 score.

Risk Model Data Population and Aggregation

Docsumo facilitates the easy integration of data into your risk models. You can acquire the processed data in Excel spreadsheets, perfectly compatible with models focused on cash flows, trailing 12 months, property size/acreage, loan-to-value, sensitivity analysis, etc.

Human-in-the-Loop Data Validation

Any calculations or aggregations that require manual review can be instantly checked within your existing workflow with Docsumo’s “Human-in-the-Loop” feature.

Plans and Pricing

Docsumo offers three pricing plans. They include:

Growth

Priced at $500/month. This plan is ideal for startups and can accommodate only 3 users at a time.

Features include pre-trained APIs for invoices, purchase orders, and ID cards, data accuracy confidence scores, machine-learning capability, table vision, and handwritten text extraction.

There’s a 14-day free trial for new users on this plan.

Business

Pricing for the Business plan is based on a custom quote. It is perfect for businesses that need to capture specific data points from documents and train on their data.

Features include everything In the Growth plan, plus bank statements, tax returns, insurance, certificates, email parsing, and the ability to train custom ML models.

Enterprise

Pricing is also quote-based. This plan accommodates unlimited users.

It is ideal for enterprises that need to process multiple document types, train on their data, and implement custom workflows.

Features include everything in the Business plan, plus advanced validation and analytics, table categorization, and auto-classification of documents.

Pros and Cons

Pros

• User-friendly interface. Docsumo offers a user-friendly interface that is easy to navigate.

• Seamless integration with existing systems. Docsumo seamlessly integrates with mortgage lead management systems, ERPs, and in-house software. It can export data in popular output formats like MS Excel and JSON, making it easy to incorporate into existing workflows.

• Document classification automation. Docsumo distinguishes itself by automating document classification. Users can set up custom rules and workflows to sort and categorize documents based on their content, which simplifies search and retrieval operations.

Cons

• Learning curve. A notable drawback reported by users is the software’s steep learning curve. Users have found that learning how to utilize Docsumo’s full capabilities, especially setting up custom workflows and rules, demands considerable time and effort.

• Limited underwriting feature set. Docsumo, although sufficient for basic tasks, might be restrictive if your business requires advanced underwriting functionalities.

Integrations

• Google Sheets
• Salesforce
• Jotform
• Yardi
• Chargebee
• Zapier
• AppSheet
• Box
• Xero
• QuickBooks Online Advanced

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About the Author:

Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.