Meet Caleb Lewallen, the Director of Product for LoanBoss. Caleb has been with LoanBoss since the very beginning — he knows it like the back of his hand! Here’s his take on what sets LoanBoss apart from others.
Q: Tell us a little bit about your background and how you ended up at LoanBoss.
I worked with JP at a company called Pensford Financial Group on interest rate risk management strategies for Commercial Real Estate borrowers. We decided to create a technology platform to assist our customers and that eventually ballooned into a full debt management platform.
Q: Why did you decide to leave traditional consulting and move into tech?
Traditional consulting only allows a limited scope of services for our clients and the potential of a tech platform is to offer our clients a broader range of services more efficiently. It empowers our customers with more information about their own debt portfolios.
Q: What do you think is the best product feature LoanBoss has built so far?
For me, that’s definitely our prepayment penalty platform. I believe it’s unparalleled in the current market; I don’t know of any other offering that can do what this does.
The feature that has blown me away, by the amount of positive feedback from our users, has to be the Loan Doc Viewer— instant, one-click access to a loan document reference. No more rifling through loan docs to find one small section.
Q: Is there anything on the horizon we should watch out for?
We’re working on an entire set of features that borrowers can use to optimize their debt portfolios — identifying opportunities to refinance their debt into larger or cheaper loans.
Q: How does LoanBoss help CRE firms today?
LoanBoss provides breadth and depth to a customer’s debt portfolio. This means wide access to all of your loan information in just a few clicks, but also a deep insight into the current status of the loan(s). Information like live LTV, DSCR, Debt Yield, Prepayment Penalties, Cashflows, etc. all calculated daily and at your fingertips.
Q: What does a CRE firm miss out on by not leveraging technology like LoanBoss? Without a comprehensive debt platform, firms stand to lose a competitive edge. Lack of transparency and human error sometimes leads to deals going sideways because of bad information. You can also miss out on new opportunities because you don’t have a complete understanding of your debt portfolio.
Read more on what you're missing out on without tech here.
Q: Anything else you want to add about LoanBoss? Yes — last thing I would add is something that is difficult to convey until you see LoanBoss. It’s just different. LoanBoss doesn’t look or feel like commercial real estate software. It looks and behaves like you would imagine good software to function. Sure, we’re not perfect, we’re learning every day how to make it better, but there’s an X factor that makes the LoanBoss software feel like something you want to use to get the job done, rather than something you have to use.