Overlay Image

RESOURCES

CASE STUDIES

WHITE PAPERS

BROCHURES

PARTNERS

BLOG

VIDEOS

Back

SEE HOW THIS SINGLE-FAMILY REIT USES THE REMAAPᴬᴵ PLATFORM TO SUPPORT THE VALUATION PROCESS AND ASSET SECURITIZATION

Valuation process and asset securization

After purchasing thousands of single-family homes in various markets across the country, a Single-Family REIT leveraged NTrust’s REmaap software to validate the income streams that allow it to securitize its holdings.

The Issue

After purchasing the homes valued 35 to 40 percent below market value and leasing/managing them for the last five years, the Single-Family REIT was ready to implement its Asset Securitization Strategy.

The REIT had been using a large ERP to manage the properties, bill and collect rent, track maintenance costs, and needs, and report to shareholders on the returns. Because of the high volume of properties, there were data errors within the system. To be sure of the reporting it was going to create to support its Securitization Strategy, the REIT management turned to REmaap to audit the system’s data against the active lease documents, collections, billings, and rent stream projections.

Auditing Lease Data Quickly and Cost-Effectively

The REIT’s executive management knew it was a necessity to have tools that supported robust workflows and document management to coordinate the activities of their over 20 property managers and lease administrators. This meant having a flexible platform that would allow a quick audit of 2,000 leases vs. their system data and then determining if current system data would support the quality level needed for their securitization strategy or if further data clean up would be needed.

The management team initially considered using several different software solutions: one for project/workflow management, one for document management, and one for data entry and analysis. The executive management team was pointed to one platform that would serve all of these needs…REmaap.

Leveraging REmaap

After selecting REmaap, the REIT set up a very quick project timeline and wanted to complete the audit of 2,000 leases in just one week.

The REmaap team was able to do the following in one week:

  •      Created data screens
  •      Set up double-blind entry process to ensure new data was 100% accurate
  •      Implemented automated validations
  •      Configured the import templates to match the export file from the ERP system
  •      Set up lease data accuracy reports needed to analyze data accuracy and determine project next steps

Project Timeline

The REIT next hired NTrust to perform rapid lease abstractions. After the first week, the audit of 2,000 leases vs. the existing system data showed an error rate of just 10 percent. NTrust chose to perform data clean-up of all existing leases. REmaap was utilized as the project management and communications platform for the abstraction process and daily deliveries were reviewed by the REIT project team to make sure all issues were resolved daily.

The Bottom Line

REmaap makes sharing and developing reports easy. All senior management could see the project status and how many leases were in each stage of the abstraction process. This fast-paced project was possible because NTrust and REmaap required minimum IT resources, an integrated workflow and was easy and intuitive to use.