CRED iQ and Cherre Partner on CRE Data
The two proptech startups make big data bigger with integration.
By Philip Russo March 15, 2022 9:00 am
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Betting on the commercial real estate industry’s growing desire for data, CRED iQ and Cherre have announced that they are partnering to integrate their commercial real estate data platforms.
The partnership will add CRED iQ’s loan, property, valuation and ownership contact data to Cherre’s existing integrated real estate database and allow clients of either company to access all the data.
“This is an early, first-stage partnership where clients of CRED iQ and Cherre will be able to access our loan property, ownership contact and valuation data through Cherre’s API connections,” said Mike Haas, co-founder and managing partner of Radnor, Penn.-based CRED iQ. Haas declined to comment on next steps in the partnership process.
Founded in May 2020, CRED iQ has 10 full-time employees and has raised “an early round of financing from private investors,” said Haas, who would not provide the funding amount.
CRED iQ provides data, analytics and valuation for commercial mortgage-backed securities, or CMBS, loans, as well as Freddie Mac, Fannie Mae and Ginnie Mae loans, and other loan and property data, tracking them on a monthly basis, he said. (The company also provides regular data to Commercial Observer.)
Prior to co-founding CRED iQ, Haas and Bill Petersen were with Kroll Bond Rating Agency, where they built the company’s CMBS surveillance system, Haas said. The duo also worked at Morningstar and Realpoint earlier in their careers.
“The idea of CRED iQ came about because we wanted to aggregate as much commercial real estate data, including all the CMBS data, and make it more readily available to the wider market, including commercial real estate brokers, lenders and investors,” Haas said.
“In today’s fast-paced real estate market, actionable intelligence based on data is redefining the way CRE brokers, lenders and investors make decisions,” said L.D. Salmanson, CEO of Cherre, a leading real estate data integration startup. “Integrating CRED IQ’s real estate, analytics and valuation data into Cherre’s platform provides our mutual customers with data and insights on maturing loans, expiring leases and upcoming foreclosures so that users can make quick, informed decisions and beat competition to deals.”
The CRED iQ platform is based on more than $2 trillion of CMBS; CRE collateralized loan obligation; single asset single borrower, and government sponsored enterprise loan and property data, according to the company.
CRED iQ tracks maturing loans, expiring leases, financial operating statements, delinquent loans, newly issued loans, foreclosures, and real estate owned properties. It also maintains borrower and ownership contact information including names, phone numbers, emails and addresses.
Philip Russo can be reached at prusso@commercialobserver.com.
