Beverly Hills-based proptech firm StackSource has transitioned into a SaaS platform. The announcement comes just a few months after boutique real estate advisory firm Max Benjamin Partners acquired StackSource back in April.
SaaS, which stands for software as a service, is a cloud-based model that allows users to connect and access applications over the internet, typically through a subscription.
According to a release, the intent of the transition is to provide borrowers and brokers premier lender data and parameters with relevant insight. StackSource will no longer be in the brokerage business.
“My intentions with the StackSource acquisition were always to convert it into a SaaS product,” Max Mellman, founder and managing partner of Max Benjamin Partners and the new chief executive of StackSource, said.
StackSource currently has data on more than 3,500 relevant lenders and investors. It will be the only SaaS platform to exclusively work with approved brokers and advisers while providing investors with relevant lending and investment data, according to a release.
The platform will have a vetting process to ensure lenders are receiving highly vetted deals from both brokers and sponsors.
“As the commercial real estate lending environment evolves, knowledge, data and certainty of execution are key to getting deals to the finish line,” Mellman said. “Our goal is to empower our brokers and borrowers with best-in-class technology and data. We are confident that this transition to a SaaS platform will significantly enhance the financing process for brokers, lenders and borrowers, offering them greater efficiency, transparency and reliability.”
Previously, StackSource operated as a traditional brokerage with a technology component. Repositioning the company into a software service allows the firm to stand out and utilize its background to now support other brokerages.
“We’re seeking mass adoption,” Mellman said. “Our goal is to really use technology to enhance our relationships and make this process even more streamlined than it is now. Our clients are excited.”
According to Mellman, benefits of the repositioning for brokers include an enhanced deal flow, access to a wide network and streamlined process, as well as the ability to uncover accurate and actionable information.
StackSource is also developing an algorithm that uses AI to improve its data which will be launching towards the end of this year.
“We’re more concerned about finding the right strategics than anything else, just given the demand,” Mellman said. “We’re excited to make an impact in commercial real estate finance. And again, we really want to lean into the brokerage community and provide them with the best-in-class tools to succeed and just really be the data and the technology while they are the relationship. I think that difference in our approach will really resonate with the commercial real estate industry itself.”
Max Benjamin Partners plans to open offices in New York and Miami this year.
