Once a Deal has been created, Blooma will automatically begin to pull sales and rent comparables based on the subject property address and asset type. Blooma pulls comparables at the component level. Although a CRE Loan is typically secured by one or more collateral properties, those collateral properties could consist of multiple components which will need to be valued differently. This is the case with mixed-use properties, where one component of the property could be ground-floor office or retail, while the remainder of the property is residential. In that example, Blooma would value that ground-floor office/retail space differently than the multi-family space, pulling specific comps for each component.
Blooma utilizes filters in selecting comps such as sales date ranges, square footage boundaries, and distance. Default comp search criteria are established at initial site deployment and implementation.
Once the comps have been pulled, Blooma automatically displays the best sales and rent comps (based on the set scoring criteria) on the component comparables page.
Average comp values are calculated from the included comps list. The included list will initially be based on the comps that were displayed by Blooma, but can be completely customized by the user. The summarized comp data will populate the summary valuation table and will then be applied to the subject component to determine sales and proforma income valuations.
The total value for any collateral property consists of the sum of the components of that collateral property. In many cases, a collateral property will only have one component, however mixed-use properties will include at least two components that have separate valuations (ex. mixed-use property with 50 apartment units on top of ground-floor office space.) The Summary page will display the individual component valuations, and will present one aggregate valuation for the collateral securing the financing request.
