We closed on our transaction with SitusAMC and have onboarded all the Closer employees, which brings our combined team to more than 30 people.
Next week I’ll be on the road to Nashville and New York to meet everyone in person and start planning how we combine our two platforms. We will take the best parts of both products and combine them into one killer app that appeals to every type of lender. I plan to meet all the Closer clients this fall and get input on our road map so we do everything in the right order.
Next week I’m also attending the CREFC Capital Markets conference in New York. It will be interesting to hear about the general state of the markets, and if the lower interest rates are fueling transaction volume. Also, I will see if they’ve determined the scope for the CMBS 4.0 project.
Because we don’t live by work alone, here’s Kurt Vile playing “How Lucky,” which he wrote with John Prine. Enjoy.
Finally, on this 23rd anniversary of the attack on 9/11, I want to say never forget the sacrifices that so many made that day.
Do great work, enjoy fine music and hold your loved ones close.
Jim
https://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.png00Lee McCormackhttps://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.pngLee McCormack2024-09-11 16:48:092024-09-11 17:02:43Backshop / CMBS.com doubles in size by adding Closer
Sausalito, CA (Aug. 20, 2024) – CMBS.com, owner of the industry leading Backshop commercial real estate loan origination, management and servicing platform, today announced a strategic partnership with SitusAMC, a leading provider of services and technology to the commercial and residential real estate finance industry. As part of the partnership, SitusAMC will transition ownership of CLOSER, its CRE origination system, to CMBS.com. Additionally, SitusAMC will leverage the Backshop platform for its U.S. asset management services.
Combining Backshop and CLOSER
The partnership combines Backshop’s robust origination, asset management and servicing capabilities with CLOSER’s origination capabilities to establish a best-in-class platform that enhances users’ ability to originate, manage, model, and analyze their CRE portfolios.
“We are excited to bring the CLOSER platform and its team to Backshop. Together we will be the No. 1 most used CRE software in the industry. We plan a new interface that incorporates the best of both products to cement our leadership position. In addition to expanding our presence in the agency lending business, the SitusAMC business strengthens our foothold in the servicing part of the industry. Now deal data will flow transparently from origination, through servicing all the way to the lender and our class-leading bond analysis tools.”
– Jim Flaherty, Founder & CEO, Backshop
“This partnership, along with the planned efforts to integrate the best of both platforms, will establish a new standard in CRE software, creating a powerful platform to support CRE lending and management activities. We are excited about the value this will bring to the market and look forward to supporting the future growth of Backshop.
– Michael Franco, CEO, SitusAMC
Backshop was the first web-based software application to model the entire deal stack including properties, debt, equity, and bonds. The platform’s underwriting and asset management capabilities bring transparency that enables lenders and investors to make smarter, faster and more profitable decisions.
CLOSER is a comprehensive loan origination system, streamlining the origination and management of commercial real estate secured debt. The platform has a strong hold in GSE and CMBS markets, supporting ~35% and 20%, respectively.
Enhancing SitusAMC’s Asset Management Offering
SitusAMC is a leader in commercial real estate debt servicing and asset management. The firm manages more than $433 billion of unpaid principal balance across the U.S. and Europe (as of 12/31/23). SitusAMC supports its clients which are comprised of top banks, insurance companies, pension funds, asset management firms, as well as REITS and Private Equity funds. As part of the partnership, SitusAMC will onboard the Backshop platform to support and enhance the firm’s asset management offering.
“Backshop’s robust asset management capabilities will provide the tools our asset managers need to support our clients’ portfolios and fuel strategic decision making. We look forward to onboarding the software and continuing to deliver exceptional outcomes for our clients.”
– Anne Jablonski, Head of CRE, SitusAMC
About SitusAMC
SitusAMC is the leading independent provider of innovative, trusted solutions that support the entire lifecycle of commercial and residential real estate finance, powering more efficient, effective, and agile businesses. For more information, visit www.SitusAMC.com.
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
https://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.png00Lee McCormackhttps://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.pngLee McCormack2024-08-21 16:00:362024-08-21 16:29:47Backshop owner CMBS.com expands its offerings in partnership with SitusAMC
I just returned from New York from the annual CREFC conference. Compared to the last gathering in January 2024 in Miami, the mood was generally glass-half-full.
Maybe everyone was in a good mood because the trade organization was celebrating 30 years, or because Trevor Noah did an amazing job talking about the power of diversity to a room full of bankers. But I think it had more to do with the CMBS new issuance market having its moment. With the banks and private lenders pulling back, the CMBS market has been filling the void and having a good year — especially traditional conduit. So, with all the concern about SASB losses and obsolete office buildings, the traditional conduit market remains open.
The most interesting thing was a new project called CMBS 4.0. From what I understand, CMBS 4.0 is the trade group looking at how it works and committing to improving. CREFC pursuing change is a very positive development. I will get involved to see if there is any appetite to include rent roll disclosure and an updated data format for the IRP as part of the project. Maybe the risk in office loans is enough to motivate the change?
Jim Flaherty
https://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.png00Lee McCormackhttps://www.cmbs.com/wp-content/uploads/2019/03/cmbslogo030619.pngLee McCormack2024-06-14 17:26:482024-08-07 17:52:19CMBS 4.0 project announced at CREFC Conference, which was surprisingly upbeat
Backshop / CMBS.com doubles in size by adding Closer
/0 Comments/in Company history /by Lee McCormackWe closed on our transaction with SitusAMC and have onboarded all the Closer employees, which brings our combined team to more than 30 people.
Next week I’ll be on the road to Nashville and New York to meet everyone in person and start planning how we combine our two platforms. We will take the best parts of both products and combine them into one killer app that appeals to every type of lender. I plan to meet all the Closer clients this fall and get input on our road map so we do everything in the right order.
Next week I’m also attending the CREFC Capital Markets conference in New York. It will be interesting to hear about the general state of the markets, and if the lower interest rates are fueling transaction volume. Also, I will see if they’ve determined the scope for the CMBS 4.0 project.
Because we don’t live by work alone, here’s Kurt Vile playing “How Lucky,” which he wrote with John Prine. Enjoy.
Finally, on this 23rd anniversary of the attack on 9/11, I want to say never forget the sacrifices that so many made that day.
Do great work, enjoy fine music and hold your loved ones close.
Jim
Backshop owner CMBS.com expands its offerings in partnership with SitusAMC
/0 Comments/in Company history, Industry news /by Lee McCormackSausalito, CA (Aug. 20, 2024) – CMBS.com, owner of the industry leading Backshop commercial real estate loan origination, management and servicing platform, today announced a strategic partnership with SitusAMC, a leading provider of services and technology to the commercial and residential real estate finance industry. As part of the partnership, SitusAMC will transition ownership of CLOSER, its CRE origination system, to CMBS.com. Additionally, SitusAMC will leverage the Backshop platform for its U.S. asset management services.
Combining Backshop and CLOSER
The partnership combines Backshop’s robust origination, asset management and servicing capabilities with CLOSER’s origination capabilities to establish a best-in-class platform that enhances users’ ability to originate, manage, model, and analyze their CRE portfolios.
“We are excited to bring the CLOSER platform and its team to Backshop. Together we will be the No. 1 most used CRE software in the industry. We plan a new interface that incorporates the best of both products to cement our leadership position. In addition to expanding our presence in the agency lending business, the SitusAMC business strengthens our foothold in the servicing part of the industry. Now deal data will flow transparently from origination, through servicing all the way to the lender and our class-leading bond analysis tools.”
– Jim Flaherty, Founder & CEO, Backshop
“This partnership, along with the planned efforts to integrate the best of both platforms, will establish a new standard in CRE software, creating a powerful platform to support CRE lending and management activities. We are excited about the value this will bring to the market and look forward to supporting the future growth of Backshop.
– Michael Franco, CEO, SitusAMC
Backshop was the first web-based software application to model the entire deal stack including properties, debt, equity, and bonds. The platform’s underwriting and asset management capabilities bring transparency that enables lenders and investors to make smarter, faster and more profitable decisions.
CLOSER is a comprehensive loan origination system, streamlining the origination and management of commercial real estate secured debt. The platform has a strong hold in GSE and CMBS markets, supporting ~35% and 20%, respectively.
Enhancing SitusAMC’s Asset Management Offering
SitusAMC is a leader in commercial real estate debt servicing and asset management. The firm manages more than $433 billion of unpaid principal balance across the U.S. and Europe (as of 12/31/23). SitusAMC supports its clients which are comprised of top banks, insurance companies, pension funds, asset management firms, as well as REITS and Private Equity funds. As part of the partnership, SitusAMC will onboard the Backshop platform to support and enhance the firm’s asset management offering.
“Backshop’s robust asset management capabilities will provide the tools our asset managers need to support our clients’ portfolios and fuel strategic decision making. We look forward to onboarding the software and continuing to deliver exceptional outcomes for our clients.”
– Anne Jablonski, Head of CRE, SitusAMC
About SitusAMC
SitusAMC is the leading independent provider of innovative, trusted solutions that support the entire lifecycle of commercial and residential real estate finance, powering more efficient, effective, and agile businesses. For more information, visit www.SitusAMC.com.
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
Contact
Jim Flaherty
Founder & CEO, Backshop
jim@cmbs.com
CMBS 4.0 project announced at CREFC Conference, which was surprisingly upbeat
/0 Comments/in Industry news /by Lee McCormackI just returned from New York from the annual CREFC conference. Compared to the last gathering in January 2024 in Miami, the mood was generally glass-half-full.
Maybe everyone was in a good mood because the trade organization was celebrating 30 years, or because Trevor Noah did an amazing job talking about the power of diversity to a room full of bankers. But I think it had more to do with the CMBS new issuance market having its moment. With the banks and private lenders pulling back, the CMBS market has been filling the void and having a good year — especially traditional conduit. So, with all the concern about SASB losses and obsolete office buildings, the traditional conduit market remains open.
The most interesting thing was a new project called CMBS 4.0. From what I understand, CMBS 4.0 is the trade group looking at how it works and committing to improving. CREFC pursuing change is a very positive development. I will get involved to see if there is any appetite to include rent roll disclosure and an updated data format for the IRP as part of the project. Maybe the risk in office loans is enough to motivate the change?
Jim Flaherty