Strategic Direction

The Stool
LoanBoss is aiming to grow into borrowers, brokers, and lenders - given the informational and workflow overlaps between the people in those 3 categories.
We pursued borrowers first because they were most responsive and were able to quickly say yes, whereas brokers and lenders are much more skeptical and bureaucratic.
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Resulting Misalignment
Because we pursued the borrower leg first, current functionality faces misalignment with brokers and lenders. While borrowers are focused on managing the details of their loan provisions post-close, brokers are more focused on business generation.
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Examples of misalignment:
Layout of deals - borrowers are familiar with photos of their properties (the default view) and do want to see 300 fields with pdf references to their documents, while brokers would rather see a sortable/filterable list of deals and the top 10-30 things about that deal.
Onboarding effort - we asked for the loan documents from Greystone during onboarding, but they have little familiarity with the docs, are missing a ton of them, don’t know how to answer questions around discrepancies, and they don’t care about the 200th field anyway.
Revenue generation - while the tools in LoanBoss today help borrowers feel like they have more power over their data, brokers are focused more on finding new business. The tools today aren’t perfectly geared towards helping them do that.
Effort requirement - reminders are extremely manual to set up, which is why we do it for our users. This won’t jive with brokers because of how sensitive they are to taking the path of least resistance.
The Stability of the Stool
Underneath the stool is core functionalities contributing to the stability and makeup of the stool itself.
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This stuff gets strategic focus since it contributes to the stability of the LoanBoss stool.

Security
Basic
MFA
SSO
API
Data
Permissions/RBAC
The Seat of the Stool
The #1 capability overarching all of the legs is structured data - turning the under-utilized, overlooked, and decentralized resources into structures we can make actionable and easy to use.
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Data Sources
The Broker Leg
Within the broker leg, there are 4 main workflow steps (inside and outside of LoanBoss). Brokers seek leads, reach out about them, engage clients on deals, and then close them - and once a deal is closed, it later becomes a prospect for refi.
Right now, brokers treat this day-to-day workflow as a mostly linear process. LoanBoss can help them make it a cycle by:
Helping them proactively get in front of deals they had previously worked on that are nearing maturity.
Utilizing the SREOs received to complete step 4 as a data resource to feed step 1.
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Partners
There are several brokers out there who see opportunity to align with us and address their needs around The Broker Leg.
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Greystone has expressed interest in an API for prepayments and in SREOs as lead gen.
Newmark has expressed interest in an API for maturity dates.
Berkadia has expressed interest in the pipeline functionality.
CBRE has expressed interest in SREOs as lead gen.
Abundance has expressed interest in the pipeline, SREOs as lead gen, and CRM integrations.
Bellwether has expressed interest in SREOs as lead gen.

Common Concerns from Brokers
Stale / incomplete data
Confidentiality
Inconsistent formatting
Risks & Considerations
We are lucky to have the kind of partners that don’t need or expect us to be 100% perfect out the gate, but there are things we have to be mindful of delivering/considering.
🖱️ Ease of Use
If anything we build is not easy to use, a broker will eject. It has to be easy to upload data, navigate the data, and then export to transition to their workflow outside LB.
♾️ Volume
A broker could fall in love with the Lead Gen concept and sending us 2,000 SREOs per year - effectively drowning the Loan Specialist team. Then we are at risk of 3 brokers falling in love and sending us up to 6,000 SREOs per year. We need to be able to answer how we can handle a massive increase in data.
🤝 Sales Challenges
The sales cycle with enterprise companies is extremely slow, often taking around 5 years. Some major challenges within that cycle include getting sign off from management (hard to get the attention of) and maintaining the correct lingo so they think we have built them a solution they can trust does the right stuff.
🏆 Competition
A lot of big shops have the internal teams and financial resources to throw money at internal projects. Most of them have a custom-built Salesforce instance, and some are considering starting down the path of lead gen tool because they think no one else is doing it.
We are also competing against the brokers’ inertia - what they do works, so any competition has to be 10x better than their current workflow.
⏭️ Anticipating Future State
Anything we build needs to be mindful of enhancements that will come - there will be things built on top of MVP, and everything in LoanBoss is meant to connect and build an ecosystem.
Timing
We will only be able to keep the attention of these shops briefly, and at some point they may just decide to build their own thing. There are several pilot programs that will wrap up at EOY, and current state LoanBoss is too misaligned for them to want to continue after that.
Can we be mindful of easy wins, like a slimmed deal view for brokers?
Broker MVP
General stability (i.e. security)
APIs - Database fields that would drive notifications & prepayments
Step 1 - Lead Gen tools
Deal Lite (slimmed deal view)
Smart A/R
Batch email at a specific day & time
Dashboard
Client Profile
We should do this in a way that we can later make other 3rd parties into objects (such as lenders)
SREO upload & basic mapping (ETL)
Hotstack
Deal Statuses (snooze, dismiss, etc.)
Basic (ex: LTV)

There could be easy wins within this MVP definition (ex: Smart A/R is valuable standalone that wouldn’t need Hotstack functionality to start adding value).

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Not on the above image:
Set default A/R assumptions
Set default refi assumptions
Edit assumptions by client
Dashboard
Viewing SREO ledger
Broker Band-Aid
Concern: If Broker MVP is almost a year off from today, leaving the current layout of LoanBoss in place meantime may be so clunky and far from ideal that brokers will eject. What we don’t want to hear is “call me back when it’s redesigned.”
Question: Is there an opportunity for layout rearrangement with no net new functionalities? The gap is wide enough between where it is and where it should be that a stepping stone could help us bridge towards MVP state.
Strategically: We are going to collect SREOs from brokers we have the attention of and build up the deals, before waiting for MVP completion. We have the infrastructure to do it, even if it’s not perfect. We also need plenty of lead time for the brokers to locate and send, as well as for our team to build them up.

What could we streamline quickly?
Dashboard
Remove photo view
Move groupings elsewhere to allow more List View columns
Provide clearer organization/structure, such as alphabetical sorting
Add more data to the List View
Deal Name, Property Type, Maturity Date, Lender, Balance, Debt Yield, All-In Rate OR Debt Service if rate is not available, Rate Type
Deal Page
Condense the information from 3 places and put it in a more intuitive order
Condense Reminders and Alerts into Notifications
Remove Change Status, Lender Reports, and PDF
Relabel Metrics & Analysis to Prepayment and just launch that calculator module on click
Jake and Greystone both agree the refi calculator is overcomplicated and they wouldn’t use it right now

The goal for any band-aid updates we can make would be November 15.

Roadmap
Capacity
There are several capacity options in discussion right now.
Kingsman
Slalom
Offshoring
Hiring more people
Current internal team

But it’s tough to allocate resources until we understand the effort. If it’s huge and complex, it could be best to get a big third party shop. If it’s more straightforward, we could just position the roadmap so that we are using the internal feature team.

Leadership & Architecture - Jenny, JB
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