In our latest real estate tech entrepreneur interview, we’re speaking with the c0-founder and CEO of StackSource, Tim Milazzo. Tim was another founder I met in New York while attending the mipim summit.
Without further ado…
What do you do?
I’m the Co-founder & CEO at StackSource. We provide an online platform to find the right commercial real estate lenders for a given asset. We want property owners (borrowers) to think about us as the easiest way to set up their commercial mortgage, with multiple lenders competing for their business to provide a loan.
What problem does your product/service solve?
Typically when taking out a commercial mortgage, you’re either relying on your own network of lender contacts and expertise to negotiate the best financing, or you’re signing up with an old-school mortgage broker who has more connections and expertise, but lacks transparency and an efficient process you can trust. We’re bringing a modern platform model to the commercial mortgage lending space, linking borrowers with the best possible loan options among banks, credit unions, life insurance companies, CMBS, agency, and private loan options.
What are you most excited about right now?
We’re at a stage where we’re growing our team to meet demand, so it’s a special time that I know we’ll look back on. There are 25 commercial mortgage intermediaries across the country that arrange at least $1 Billion of loans each year, and not one of them is a tech company. Doesn’t that feel like something that needs to change?
What’s next for you?
Hiring some more people here in our New York office, and closing more loans for now. We definitely think there are more opportunities within commercial real estate finance to modernize, but this will keep us busy for a while. To that end though, we are building some new features that allow property owners to more intelligently structure their financing, while doing less work. The financing you obtain on your commercial real estate investment is a huge driver in your financial return, and we want to give our borrowers a leg up.
What’s a cause you’re passionate about and why?
I’m passionate about organizations addressing the problems of families and individuals dealing with unplanned pregnancies and children that they are not well equipped to provide for. I applaud charities that arm those people with support, information, and tangible help, while driving toward a great outcome for the child, whether that be adoption or life within the family. I think societies can be judged by how they treat the weakest among them, and these are one example. My wife and I have two children ourselves and are interested in adopting.
Thanks to Tim for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).