Seattle-based LOANtuitive announced a new high-tech addition to its commercial real estate lending platform.
The company works to help corporate real estate brokers securely collect, evaluate and place loan requests with lenders, according to its LinkedIn profile. Its artificial intelligence-powered, SaaS-enabled marketplace works to help these parties increase transaction volume, reduce overall costs and streamline the loan origination process.
LOANtuitive announced on Wednesday its new AI assistant, Jarvis. The bot is built on OpenAI’s GPT-3 machine learning, or ML, model, the same system that powers ChatGPT. The latter has been quickly gaining traction within the artificial intelligence space, and it’s garnered attention from consumers and competitors alike.
Leveraging this ML model as well as LOANtuitive’s lender information, historical data and industry knowledge, Jarvis is able to learn how to interpret loan requests and engage with brokers and lenders conversationally. The bot can help them build a loan package, create an executive summary or find an alternative capital source, according to Dave Siegfried, LOANtuitive’s CEO and co-founder.
“We believe brokers are the gatekeepers to a successful commercial real estate transaction. We don’t expect brokers to completely rely on AI but, just like other industries, use it to enhance and supercharge their productivity,” Siegfried said in a statement. “When brokers have more time to focus on relationships and zero in on the nuances of a deal, everyone wins.”
