About the Client
The company empowers commercial real estate finance professionals to create more industry connections and close more deals by streamlining, prioritizing, and analyzing their loan activities and lender relations on one platform.
RealAtom has been on the US real estate market for more than five years. Located in Arlington, VA, it helps lenders and borrowers make fast and legal deals throughout the USA.
Project Overview
The team of RealAtom had an idea to create the nation’s first end-to-end platform for commercial real estate loans powered by algorithms to get the best user experience.
Our task was to create a design for the UX platform and landing pages for borrowers and lenders.
Challenges
There were several challenges our team faced while working on the project:
- Long search of a lender for a specific type of financing;
- Intermediaries in the form of banks and other organizations;
- Long procedure to obtain a loan from the bank;
- Long search for the borrowers who meet the criteria for lending; -
Inability to negotiate loan terms;
- Uncertainty on the borrower’s creditworthiness;
- Inability of the borrowers to determine loan conditions;
- The platform didn’t seem reliable;
- Long login process for lenders and borrowers.
Role and Scope
The project scope outlines the goals that need to be achieved when delivering the final product or service. Our goals were to offer practical solutions to the existing problems and satisfy the audience’s needs.
Work Process
- Before starting the design process, we did UX research, including User Personas, User Journey, Mind Map. As a result, we created two portraits of the service users — a Borrower and a Lander.
- After discovery meetings and an asset audit, we created mood boards and then collaborated to produce a visual direction. Having determined the problems, target audience, resources, and budget, we started the project development process.
- A Mind Map and wireframes helped us to arrange the information architecture and create perfect solutions.
- The Design Process itself took us 6-8 months to complete. During this time, we were developing the project step-by-step, taking into account the smallest details.
Results
The main aim of this project was to solve the existing problems and to strengthen the weaknesses. Therefore, the results are the following:
- Lending without intermediaries. We made a user-friendly platform that easily connects borrowers and lenders.
- An easy choice for loan terms. As the project contained vast amounts of data (e.g., the loan conditions from lenders, terms of rent, etc.), we suggested organizing it in the form of tables. It makes it possible for both lenders and borrowers to compare their offers and conclude a transaction on the most favorable terms.
- Confidential money and document exchange. We ensured that the parties can agree on loan conditions and exchange documents without worrying about the confidentiality of information.
- Communication 24/7. The presence of internal chat makes communication between borrowers and lenders efficient, providing the 24/7 access for communication at any convenient time.
Team Composition:
- 2 UI/UX Designers
- Business Analyst
- Front End Developer
- Back End Developer
- QA Engineer
- Illustrator
- Project Manager
Tech Stack:
Word Press, PHP, MySQL, Nginx, jQuery, Live chat, Bootstrap