CapMatch
The Operating System for $4.8 Trillion in CRE Debt
The CRE 'Uber' Opportunity
Commercial Real Estate lending is massive, fragmented, and ripe for disruption
This year, $957 billion in commercial real estate loans need refinancing. Yet the process hasn't changed since the 1980s. Here's how it works today:
The Key Players
Understanding the massive ecosystem that moves nearly $1 trillion annually
Borrowers
Property Owners & Developers
Borrowers are the property owners and developers who need to refinance or purchase a property.
They own an estimated 5 million+ apartment buildings (5+ units) across the U.S.
96% have active debt that needs constant refinancing.
Their biggest challenge: finding the right lender among 3,000+ options - 0.25% rate difference on a $50M loan costs $125,000/year.
Advisors
Loan Brokers & Originators
Advisors are licensed professionals who connect borrowers with lenders.
120,000 CRE brokers already have the license and the relationships to qualify as advisors.
Most of these CRE brokers don't even know that they can be placing debt.
Even the ones that do, still lack the tools required to do so efficiently.
Lenders
Banks, Funds & Agencies
Lenders are the institutions that provide the capital to borrowers. eg Wells Fargo, JPMorgan, etc.
They really want to deploy capital, but are limited by the deals that the advisors are bringing to them.
3,000+ lenders, each has different criteria, rates, and appetites-impossible to track manually.
With no standardization, it's impossible to efficiently compare deals from different brokers.
How Every Deal Dies Today
The broken 6 month journey that costs borrowers millions and kills half of all deals
Borrower Needs $10M
Week 1
A property owner needs to refinance or purchase, so they contact their trusted broker to find a lender.
No visibility into which of 3,000 lenders want their deal
Relationship Bottleneck
Weeks 1-2
Broker manually calls their limited network - maybe 5-10 lenders they know personally.
Missing 2,990+ other lenders who might offer better terms
Documents Chaos
Weeks 2-8
Creating the loan package (OM) takes 6–8 weeks of analyst time. Every update means starting over.
PDFs, spreadsheets, emails - no version control, no live updates
Deals Drag For Months
Months 3-6
Lender outreach, underwriting, and revisions stretch the process to ~6 months overall.
Half die due to poor matching; surviving deals often accept worse terms
The Hidden Reality
What industry insiders know but won't admit publicly
- There are no real CRE lending companies - just marquees with independent contractors working in silos.
- 50% of borrowers go direct to lenders - and miss better rates because they only know 1-2 banks.
- New debt funds emerged post-COVID - institutional investors created new lenders that borrowers don't even know exist.
- $100B+ in fees annually - yet delivered through phone calls, PDFs, and personal relationships.
CapMatch - The Complete Solution
Lead Generation
Activate 120k Brokers
- Instant lender network access - Every licensed broker gets immediate access to our 3,000+ verified lenders
- AI-powered deal matching - Our platform automatically matches broker deals with the right lenders
- Commission optimization - Streamlined process allows brokers to focus on relationships, not paperwork
Direct Borrower Connection
- Skip the middleman - Property owners connect directly with lenders when they need speed
- Real-time rate discovery - See live rates from multiple lenders instantly, not weeks later
- Transparent process - Track application status, requirements, and next steps in real-time
Operating System for the CRE Industry
One platform from first call to wire transfer
30-second OMs with live updates
AI predicts perfect matches
Customer Life Time Value
The $1 Trillion Market Opportunity
- Transaction Fees (1% of loan amount): Primary revenue stream across construction, bridge, perm and refi cycles. See Financial Metrics below for unit economics and payback.
- Platform Subscription Fees: We will offer a suite of subscription-based services, including:
- AI Markets Advisor: This subscription automates deal coordination, reducing client costs. It also enables us to manage deals internally, allowing us to capture 100% of the transaction fee-a significant increase from the 60% from brokered deals.
- White Glove Service: A premium service for clients who want a hands-on, managed experience.
- Refi Radar & Bloomberg of CRE: A data-driven service for lenders that identifies the optimal time to refinance.
- Direct Arbitrage: By targeting real estate borrowers directly, we eliminate broker referral fees, increasing our margins.
- No Cold Start Problem: The founding team's long-term, established relationships and deep history in recruiting allow us to overcome the cold start problem by onboarding a critical mass of lenders and borrowers from day one, ensuring immediate platform activity.
- Regulatory Risk Assessment: Our top-tier legal team has prepared a robust compliance framework. Key areas of focus include:
- Lending Licensing: Proactively securing necessary licenses, like the California Financing Law (CFL), for compliant operation in every state.
- Fair Lending Laws (ECOA): Rigorous auditing of our AI matchmaking algorithm to prevent bias and ensure equitable outcomes.
- Data Privacy (GDPR/CCPA): Ensuring enterprise-grade data protection and privacy compliance to build trust and expand into international markets.
- Recurring Value & High Switching Costs: All communication and data live on our platform. Once a deal is done, the data remains, making it seamless to execute future transactions like takeout financing and refinancing, resulting in low churn.
- Two-Sided Network Effects: By solving the cold start problem, we can quickly generate powerful network effects, where every new borrower adds value for lenders, and every new lender adds value for borrowers.
- Data Moat Deepens Daily: Each transaction trains our AI, creating a powerful data moat that makes our platform smarter and more valuable over time.
- Winner-Take-Most Dynamics: Like Uber or Airbnb, the CRE lending market will consolidate around one or two platforms. Our first-mover advantage and ability to scale quickly position us to become the dominant player, putting us 18 months ahead of any potential competition.
Financial Metrics & Unit Economics
CAC, Payback, and LTV assumptions grounded in CRE refinance cycles
Competitive Positioning: We Own the Future
AI-DRIVEN
MANUAL
FRAGMENTED
UNIFIED
Traditional Brokers
Competitors do lending OR software. We're building the operating system for all CRE capital markets.
Leadership Team
$6B+ in combined transaction volume and 20+ years of expertise in real estate, lending, and technology.
Dr. Jeff Richmond
Co-Founder & CEO
- Drove $2B+ in annual transaction volume through strategic business development and growth leadership at eXp Realty.
- Co-founder of CapMatch and OZ Listings, delivering AI-powered capital markets solutions for multifamily and Opportunity Zone investments.
- Chief Operating Partner at ACARA Management, a private equity firm focused on OZ development and capital structuring.
Current Team size: 10
Roles filled: Chief Market Advisor, Head of Growth, Head of Communications, VP Communications, VP Engineering, Head of Investor Relations
Operating System for $100B CRE Debt
$3.5M Pre-Seed Round
Use of Funds
To support the technical team to build out very good existing proof of concept models into production grade products.
Setting up the marketing and communication infrastructure to onboard most of the customers onto the platform.
For information about every lender in the US, every borrower in the US, and every building in the US. This data will be used to build out our communication and customer targeting mechanisms.
Funds allocated to building a dedicated sales team and customer success function to ensure the success and expansion of initial customers. This investment enables scalable customer acquisition and retention.
Ensuring we operate in a compliance-friendly manner from the very beginning and minimizing OpEx costs for the business.
Reserved for unexpected needs, market opportunities, and to provide flexibility for rapid market changes.
18-Month Timeline (Accelerated for Ready Customers)
Platform Rush
Month 1
- Platform MVP, first deals, refine from real data
Data Integration
Months 2-4
- Integrate proprietary data and customer acquisition
Expansion
Months 5-12
- Scale to 30+ customers with marketing ramp-up
Scaling
Months 13-18
- 50+ customers, market leadership
| Timeline | Customer Goal | Deal Volume Goal |
|---|---|---|
| Month 1 | 3 customers processing | $150M+ volume |
| Month 4 | 15 active customers | $750M+ volume |
| Month 12 | 30+ active customers | $1.5B+ volume |
| Month 18 | 50+ customers | $2.5B+ volume |
Primary Funding Needs
Schedule a call to see how we're already processing real deals with committed lenders and borrowers.