Commercial Real Estate Tech Startup LOANtuitive Launches GPT-3-Based AI Assistant to Help Brokers Connect With Alternative Capital Sources and Create Loan Packages
After successfully helping brokers and lenders process thousands of commercial real estate loan requests totaling over $6 billion in 2022, Seattle commercial real estate tech startup LOANtuitive has integrated GPT-3 to offer commercial real estate brokers their own AI assistant for finding new lenders and creating loan packages.
SEATTLE, February 22, 2023 (Newswire.com) - LOANtuitive, a Seattle-based commercial real estate technology startup that empowers commercial real estate mortgage brokers to match loan requests with lenders, announced today its AI assistant, leveraging OpenAI's GPT-3.
"Brokers and lenders can now engage with LOANtuitive conversationally to build a loan package, create an executive summary or find an alternative capital source," says Dave Siegfried, CEO and co-founder. "By pairing OpenAI's GPT-3 with our proprietary lender information, historical data, and industry knowledge, we're able to understand a request within the broker or lender's own context and instantly build a path forward, saving hours of back-and-forth research and storytelling. Think of it as ChatGPT for commercial real estate. Instead of generating images or song lyrics, it's interpreting a loan request, emulating the type of conversation a broker might have with a lender, and then building a story and suggesting new lenders to place deals faster.
"We believe brokers are the gatekeepers to a successful commercial real estate transaction. We don't expect brokers to completely rely on AI but, just like other industries, use it to enhance and supercharge their productivity. When brokers have more time to focus on relationships and zero in on the nuances of a deal, everyone wins."
Further describing the technology, LOANtuitive CTO and co-founder Jason Maddocks explains. "We believe our approach is novel because we're utilizing what's best about large language models combined with our battle-tested evaluation engines. We're leveraging their creativity and flexibility when dealing with language in a whole range of formats, then fine-tuning GPT-3 models with our own structured data, historical data, CRE context, lender data, search parameters, report context and calculations to map into our structured world and give us a supercharged intelligent CRE platform like no other."
Founded in 2020 by a team of commercial real estate and technology entrepreneurs, LOANtuitive is an AI-powered, SaaS-enabled marketplace that empowers commercial mortgage brokers to connect with lenders while streamlining the origination process.