Regions Bank and Blooma team up to modernise lending workflow

By Leandra Monteiro

Regions Bank announced its adoption of Blooma’s commercial real estate (CRE) lending solution, a cloud-based platform that automates manual portions of the lending workflow and connects various tools and data sources to support investor and developer clients with more efficient financing options.

“Regions Bank is consistently investing in its specialty capabilities, delivering a more seamless and intuitive client experience that’s backed by the dedication of our experienced banking teams,” said Scott Rhoad, Income Property Finance segment executive, Regions. “Speed, certainty of execution, and innovation are all key components of our value proposition and combining our financial experience with Blooma’s technology supports an even more seamless client experience. It’s another way we’re leveraging digital transformation to connect Regions’ commercial real estate clients with tailored options and valuable guidance.”

Regions’ Real Estate Banking teams have observed efficiency gains in the pre-screening review of multi-family, office, industrial, and retail transactions and collection of market data as the Blooma system has come online. Some components of the process workflow have been reduced from days to hours, allowing Regions to communicate lending decisions to clients faster.

The collaboration with Blooma simplifies processes, improves operational infrastructure, and allows Regions to:

• Evaluate CRE loans against a wide range of configurable parameters
• Quickly parse offering memoranda for key deal information
• Analyze and automatically classify borrower and/or guarantor financials
• Normalize multiple market data sources through a combination of data and analytics

“Blooma is continuously looking for new, innovative ways to automate CRE pre-flight and portfolio monitoring,” said Blooma, CEO, Shayne Skaff. “It’s always refreshing to meet a commercial bank that is actively looking for avenues to further automate traditionally manual processes within their bank. It was immediately evident in our first meeting with Regions that leadership was proactive and intentional about their pursuit to adopt technology to help advance the business. Together, we are building tomorrow’s CRE lending technology.”

The digital solution offers clients an enhanced banking experience and aligns with Regions’ goal of innovating through technology that makes banking easier. Blooma is not a system or platform that interacts directly with clients; rather, it is a process improvement initiative within Regions’ operations that is helping the bank deliver a simplified and faster client experience.