Money follows opportunity. As technology continues to positively impact the real estate industry, capital finds its way into these new opportunities.
Fixing Lending Ineffeciencies
For years, developers and real estate investors have had to suffer the inefficiencies of the industry. Because of the infusion of new capital, Rabbet (formerly known as Contract Simply) is advancing construction finance technology to streamline development projects.
According to a recent article from Housingwire.com, the company’s CEO and co-founder, Will Mitchell noted, “Our commitment is to strengthening connections in the real estate industry and fueling today’s connected construction economy. Through intelligent automation, our platform provides operational efficiency, improved customer experience and faster payments, representing a $21 billion opportunity for lenders and borrowers.”
Wall Street giant, Goldman Sachs’ Principal Strategic Investments group, QED Investors, and Camber Creek all took part in its Series A, $8 million fund raise. The cash raised will enable Rabbet to “use machine learning to make the construction process simpler by reducing “administrative burden,” ensuring “instant compliance and faster decision-making” for real estate lenders and developers.