How long does it take for Blooma to deliver a newly created deal?
Blooma takes an average of 40 minutes to parse and spread financial documents. Depending on the complexity within the documents and number of properties collateralizing the loan, it may take longer to complete the process.
Why are my deal documents taking so long to be processed?
Complex documents provided may take longer than the normal 30-120 minute processing time. The processing time is directly correlated to the complexity of the uploaded documents and can take up to 120 minutes to complete.
Do I have the ability to edit/adjust fields within Blooma after they have been parsed by AI?
Yes, everything can be edited/adjusted within Blooma even after being parsed by the intelligent AI.
Which asset types are supported?
Multifamily, Retail, Office, Flex Office, Industrial, and Distribution Warehouse are fully supported. Hotel, Senior Housing, Self-Storage, Land, and Special Purpose properties are supported with limited capabilities. Special Purpose can be used if Blooma doesn’t support the asset type you are reviewing. Selecting this asset type will allow you to create a deal, but Blooma will not be able to pull any comparable or submarket data.
Which documents can be uploaded and parsed into the system?
Collateral: Rent Roll, P&L, and OM. Borrower/Guarantor: Tax Returns, Personal Financial Statements, and Schedules of Real Estate Owned.
What Types of Files can I upload into Blooma?
Below is a list of acceptable file types that can be uploaded via the document upload center, uploaded at deal creation, or uploaded to the deal folders themselves. All other file types will be blocked from upload.
Acceptable File Types:
- .doc
- .xlsx
- .csv
- .jpg
- .png
- .xlsm
- .txt
Can I still create a deal if I don’t have all the loan and property details?
Yes, all you need to create a deal is the deal name, asset type, and loan type. Simply submit the deal with all information available and the deal will be created. Additional information received can be added following deal creation.
Why am I being logged out of Blooma?
Users will be automatically logged out of the Blooma platform after 20 continuous minutes of idle activity (no mouse movement, scrolling, clicking, etc.).
How do I create a deal with multiple collaterals or component types?
If a Deal is submitted using intelligent deal creation, then the AI can create multiple collaterals or component types based off the information provided in the supporting documents. The user just needs to initiate deal creation with one address or component type and the other attributes will be added. The user can also manually add multiple collaterals or component types by selecting the Add Collateral or Add Component hyperlinks located on the summary page of the deal.
How does a unit mix impact my analysis in Blooma?
The bed/bath count and square footage within the unit mix drives sales, rental, and expense comp assumptions which are included in Property Income Valuations.
Why would I want to upload my client P&Ls?
Uploading client P&Ls into Blooma eliminates manual data entry, reduces time to standardization through auto-standardizing line items, and streamlines the process of pulling data into your template.
Why can’t I edit the Market Income?
Market Income data is collected from Moody's CRE data provider, if you want to edit market income data you can duplicate the market income valuation and edit from there.
What document types can be parsed at deal creation or in the bulk upload center?
Collateral: Rent Roll, P&L, and OM
Borrower/Guarantor: Tax Returns, Personal Financial Statements, and Schedules of Real Estate Owned
How accurate is Blooma OCR technology?
We believe that anything below 99.9% accuracy is not good enough. Our dedicated team of analysts serves as a “human in the loop” to ensure data integrity, so you can feel confident documents are always parsed accurately.
Which documents can be uploaded and parsed into the system from the document upload center?
Collateral: Rent Roll, P&L, and OM
Borrower/Guarantor: Tax Returns, Personal Financial Statements, and Schedules of Real Estate Owned
How long does it take a document to complete parsing?
Complex documents provided may take longer than the normal 30-120 minute processing time. The processing time is directly correlated to the complexity of the uploaded documents and can take up to 120 minutes to complete.
How will I know my document has been completed and is ready for review?
Users will receive an email notification as well as a notification directly on the Blooma site when uploaded documents have been completed and are ready for review. You can see your notifications in the notifications center.
What fields from Blooma can be mapped to your template?
Any field in Blooma can be mapped into our Custom Template, reach out to your Customer Success representative to discuss any changes.
Why is information not populating in my template?
Data points in Blooma are mapped to each underwriting template to facilitate the population of the template upon exporting it from Blooma. If a field within Blooma has been mapped but is not populating in the template, this is likely because this information has not been entered in Blooma. For example, if you are expecting LTC to populate in your template, the Total Project Costs field would need to be populated in Blooma (this drives the LTC calculation). If this field is not populated in Blooma or mapped within the template, then LTC will return a null value within the template.
What are the limitations of exporting data in Blooma to underwriting templates?
There are a number of scenarios which are currently not supported:
Mixed Use properties (can sometimes pull high level second component data)
Maximum number of underwriting scenarios per collateral
Exporting Data: Once data is exported into an underwriting template, updates in Blooma will not refresh. Any updates made in Blooma after the initial template export will require a second export out to your template. Conversely, any revisions made within the exported template will not translate back into Blooma.
Why is my Market Summary blank?
The Market Summary is driven by the asset class and submarket of the subject property. If this information is blank, it means our data providers did not generate a market summary for the asset class and submarket for the subject property.
How often is the data in Blooma refreshed?
Blooma updates data fields including tenant and property info, comparables, market details, commercial risk and location scores, etc. If you notice some information in your deal has changed since you most recently accessed it, then a data refresh was likely executed. Data in Blooma is refreshed on a weekly, monthly, or quarterly basis depending on the data field and source.
Can Blooma integrate with other data sources?
If you have a preferred data source, we are always open to integrating with other partners, provided they can do so via an API.
How can I edit LTV and/or LTC?
You can change the Primary Valuation utilized to calculate LTV. Automatically, the Market Valuation is selected as the “Primary Valuation”. To change this, you need to navigate to the Property Income Valuation section and select a new “Primary Valuation” through the desired P&L’s Edit Valuation button.
To measure LTC, you can go into the Deal Details section and change either “Loan Amount” or “Total Project Cost”.
Why is Blooma not delivering the desired calculations, risk metrics, cash flow analysis, etc.?
Various fields are required to be populated for deal metrics to calculate. Fields such as Loan Amount, Term, Payment Structure, Amortization Term, Rate Type, Index Rate, Rate Spread, and Total Project Cost will impact deal metrics and can be viewed or edited within the Edit Deal Details section.
Deal metrics (LTV, LTC, DSCR, and Debt Yield) are calculated based on the “Default” Cash Flow selected within the Property Income Valuations section.
Why aren't DSCR and Cash Return populating?
To ensure DSCR and Cash Return are populating, make sure you have entered values for Loan Amount, NOI, Interest Rate, and Loan Term.
What if I’m lacking comparable market data within my rental or sales comp sets, and/or certain metrics are not being provided?
Verify the property unit mix is complete.
Add comps manually from external data sources.
Adjust property attributes to increase the scope of data sourcing. (year built, year renovated, square footage, etc.)
What does the letter grade on each comp represent and can I see the grade breakdown?
Blooma will attempt to pull up to 100 comparables, the system will rank each comparable based on it's similarity to the subject property and based on the comp ranking profile (by asset type) of your institution. Each comparable will be assigned a letter grade that you can click on to see an in depth breakdown. Reach out to your Customer Success representative to adjust any comp ranking profiles.
Do you pull personal or business credit?
No, credit data can be manually entered from the contact page.
How do I edit the contact details after a contact is created?
Navigate to the contact page and click the three vertical dots to access the "General Details" contact page.
How can I change the address once I've created a Deal?
Best practice for changing the address on a Deal would be to add a new collateral with the correct address, then you can go back and delete the old address with the incorrect address. Be sure to upload any documents to the new collateral before deleting as the documents and edits attached to the old collateral will disappear upon deletion.
I can't find my Deal in Blooma using the search bar
If you are having trouble locating a Deal using the search functionality, try adding quotations to the specific term you are looking for.
Is there a quick way to view only my deals?
You can quickly select "My Deals" from the Deal dropdown at the top of the Blooma Pipeline home page.
How can I reach out with a question or issue?
Anytime a user has a question or issue, they can contact a Blooma representative directly through the feedback button located at the bottom right corner of every page on the platform.
How do you categorize a deal after it has been originated?
Once a deal has been approved and funded, then you can move the deal from the pipeline to the portfolio folder by selecting the Originate Deal button on the top right-hand side of the deal summary page. A pop-up will ask if you are sure you want to change the status to Portfolio and you can select “OK”. The deal can then be accessed from the Portfolio section of the Blooma landing page.
How can you categorize a deal after it has been declined, or you are no longer pursuing it?
You can move any deal you are no longer pursuing to the Rejected Deals folder. The Rejected Deals folder can be found by clicking on the three dots located on the top right-hand side of the deal summary page or on the landing page on the right-hand side of the corresponding deal highlight.