Dan Gorczycki is managing director at TrueRate, an online marketplace where lenders compete in real time to win the business of commercial real estate borrowers. Gorczycki is a former senior member of Avison Young’s debt and equity team and remains extremely active in the New Jersey market.
He talked about technology’s role in the CRE market.
“The next tech revolution in CRE will likely occur in the commercial financing markets, as most financing still occurs without the assistance of technology. Property owners and developers have long dreaded the cumbersome process of obtaining financing, with brokers trying to convince them that their one source is the best deal. The timing is right for an opaque marketplace where prospective borrowers can review a menu of options. The goal is to create a competitive process that encourages lenders to sharpen their pencils and give their absolute best terms from the outset. Looking ahead in our post-COVID world, technology will continue to facilitate more efficient processes across CRE, and financing is no exception — property owners and developers will demand such a marketplace because it saves time, money and leads to optimal results.”