Greystone Financial Masters Commercial Real Estate Data with Profisee MDM
Using MDM to boost sales and speed up loan rating and underwriting.
in total loan originations across the United States
in primary and specialty loan servicing portfolio
commercial real estate experts
Name: Greystone Financial
Headquarters: New York, NY
Industry: Real Estate
Customer: Since 2023
Data Types Mastered with Profisee
- Property data
- Property owner data
- Lender data
Founded in 1988, Greystone is a private commercial real estate finance and investment company with experience in debt, equity, investment sales and loan servicing solutions. Greystone is the number-one overall HUD multifamily and healthcare lender by firm commitments and a top 10 Fannie Mae and Freddie Mac multifamily real estate lender.
As a commercial real estate finance and investment company, Greystone must solve many complex problems.
On the lending and loan servicing side of Greystone’s business, loans are the primary business drivers. These are typically associated with two or more properties, one or more lenders or investment funds and the corporation receiving the loan.
On the sales side of the business, commercial and multi-family properties are the primary business drivers. Such properties may or may not be part of Greystone’s portfolio, which relies heavily on multiple third-party data sources to gather information about properties.
The critical data that defines the total business not only spans 33 different systems, but also includes third-party data. This means the fundamental challenge facing Greystone was not only incomplete or missing data, but also data that was inconsistent across internal systems and third-party sources.
These data challenges were impacting almost every aspect of the business.
On the sales side of the business, the sales teams were unable to identify when a key contact moved to another company. In a relationship-driven business, this put existing loans affiliated with that contact at risk come renewal and also led to missed opportunities to secure new business with that contact at their new employer. When prospecting for new business, the sales teams also had no way to know if a prospective property was an active customer, a former customer or a net new customer, or when an active customer acquired a new property. This made prospecting for new business time consuming and less effective.
In commercial finance, new customer on-boarding and new loan origination are complex processes, and incomplete data, missing relationships between properties and owners or inconsistent data only exacerbated these challenges. The lending teams had no way to know if the loan holder was an existing or former customer or if the property was part of an existing customer’s property portfolio or related to a net new customer during new loan origination.
This could result in redundant know-your-customer due diligence, require significant manual research and slow down the entire loan origination process. For loan servicing, the team was challenged with knowing when specific loans on specific properties were coming to term and which owners or loan holders were impacted and at risk of churn.
Greystone realized that data challenges were leading to real business impacts:
- Missed new sales opportunities
- Slower loan origination processes
- Redundant customer on-boarding due-diligence
- Excess manual efforts to research and remediate data across all business functions
It also realized that its sales function would remain property-centric and continue to rely upon external data, while the lending and servicing functions would remain loan-centric.
Facing these challenges, Greystone knew it had to find a way to unify and harmonize critical data about properties, property owners and lenders across functions and systems, despite the differences in operation and the reality of multiple data silos and sources.
The Solution
Greystone decided to use the Profisee MDM platform to remove the data barriers impeding its business and to streamline operations across both sales and lending/servicing functions. On the sales side, Greystone uses Profisee to match third-party property data with internal property data.
With Profisee’s intelligent matching, Greystone can use the third-party data to enrich and augment its in-house property data without creating duplicates. Greystone also uses Profisee’s matching to identify prior and existing properties under loan or servicing contracts versus properties that could be prospects for new business.
On the servicing side, Greystone uses Profisee to enrich and validate the property data for both loan origination and loan servicing. Comprehensive, up-to-date and accurate property data is particularly critical for loan underwriting, but it also assists the servicing team when engaging property owners and lenders.
The Wins
With reliable and comprehensive multi-family property data for most of the United States — including full visibility into properties that are already under management or were previously under management — Greystone’s sales and marketing teams can prospect for high-propensity targets accurately and reliably. This increases the efficiency of both teams, while also yielding improved prospect engagement rates, improved lead conversion rates, reduced cost of customer acquisition and overall improved sales.
For the loan origination and loan servicing teams, the comprehensive and up-to-date data on each property accelerates the loan rating and underwriting process and gives lenders increased confidence. Faster loan origination increases customer satisfaction, improves conversion rates and provides a competitive advantage.
Looking forward, Greystone plans to expand its Profisee solution to other critical domains, including lenders/fund, loan and property owner. Mastering these additional data types will improve operations even more in addition to empowering AI-driven analytical insights for the leadership team.
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