2020 has been a turbulent year that required businesses to adapt to the digital world. Asset Based Lending is no different, looking into different technologies to keep staff and borrowers safe throughout the lending process. One of the ways ABL took precautions was by adopting the use of an app called Truepic, which is a video and photo verification platform that aims to bolster the value of authentic images while removing deceptive ones. By using Truepic for draw inspections, ABL has increased the safety and speed of our draw management process.
What Truepic Does
Truepic is a very simple app for new users: its design and use are like the other camera apps that smart phones come with. You open the app, point your phone’s camera at the point of reference, and click the familiar camera shutter button. This is where the app’s patented technology comes in, as the moment the user clicks the shutter starts a process of image verification that creates a unique identifier for the picture, almost like a digital thumbprint. The picture rapidly undergoes twenty separate verification tests, with the image and test results stored in perpetuity in Truepic’s vault so users and recipients can reference it whenever they need to. For additional security, the image and verification results are written to a third-party publicly distributed ledger as an unchangeable document.
There are several key safety steps- seven to be exact- that the application uses to ensure that the data is verified and secure from start to finish.
- Device Integrity– This lets us know if the phone is jailbroken or if they are modifying the metadata to provide falsified images
- Data Transfer– This confirms the data security coming in from the sender
- Time and Date– Confirms that the file transfer was instant, and that the borrower didn’t have time to alter the photos
- Location– Confirms that photo was taken at the correct work site
- Image Analysis– Verifies if the photo is a true live photo and not a photo of another photo
- Image Search– Does a search across the internet to see if it was an image downloaded from another source
- Blockchain– Logs the photo into their database for security and organization, allowing for reference and ease of access
What This Means For Borrowers
“It’s a great tool because it allows us to process draws quicker than sending out the inspector: we can complete a draw from request to wire in less than a day.”
Not only did this new adaptation prove to be safer for borrowers and inspectors alike, but its an efficient process that allows ABL to provide draw funds faster than ever. “It’s a great tool because it allows us to process draws quicker than sending out the inspector: we can complete a draw from request to wire in less than a day, so the borrower can request at noon and get their wire at 4pm same day,” says Sam Oster, Operations Analyst at Asset Based Lending. “With projects that are underway before the loan closes, if the appraisal is a month old let’s say, we can use Truepic to get the borrower funds right after closing for work that’s already completed.”
ABL is able to use Truepic as a backup option for appraisals as well. There’s been several instances in 2020 where appraisers have had scheduling issues due to cases of COVID, putting extra stress on time sensitive deals. Having the technology to circumvent scheduling issues as a backup plan helps ABL ensure our funding process remains reliable and timely.
“Additionally, we felt there was little we can do when an appraiser’s schedule for the week is full and maybe can’t schedule an inspection with our borrower as quickly as usual. With Truepic, it gives us this additional added comfort due to the fraud detection embedded in the software and enables us to speed up the inspection process if the borrower is in a bind because and of this we are now able to be even more flexible when it comes to getting these types of inspections,” said Michael Basciano, Vice President of Operations.
Asset Based Lending is always looking for ways to make the lending process easier for our borrowers- and in the era of COVID, looking for ways to improve safety for everyone. Truepic has allowed us to further streamline our draw management process and make appraisals and draws contactless where appropriate. We are excited to see what other technologies we can utilize to further modernize our process to continue pushing ABL to the cutting edge of hard money lenders.
Reach out and let us know what other methods you’ve been using to modernize your real estate investment business!