Noelle Tomlin
Published on:
February 29, 2024
min. read

How Devnull closes retail deals faster on Lev

Devnull, LLC and its affiliates are real estate investment companies with properties in New York City, New Jersey, and Central Florida, focusing on mixed-use and commercial developments. Jason Consorti, a manager at Devnull, transitioned from focusing on multifamily to navigating the more challenging retail investment landscape, so he turned to Lev to power his financing process.

Streamlining the deal launch process

Jason found traditional lender search methods to be time-consuming and they left him uncertain about whether he was engaging with the right lenders. Jason turned to Lev, the digital platform that uses AI to match borrowers with exactly the right lenders for their deals. 

"Lev’s ability to aggregate lenders that are the best fit for me is incredibly valuable," said Jason. 

Using Lev significantly reduced the time he spent researching potential lenders, while ensuring he connected with lenders he had the highest probability of success with. Lev's AI capabilities further streamlined Jason's process by generating comprehensive OMs in a few minutes, saving him time while ensuring the quality and professionalism of his deal materials.

Navigating retail market complexity 

One observation Jason shared is that lenders’ appetites in the current market are often focused on asset classes like multifamily, so he knew finding retail lenders would be challenging. However, with Lev's support, he successfully connected with lenders who were actively financing retail deals. Jason recalled the first retail deal he tried to finance before using Lev: 

“I was running into a lot of lenders that were looking to finance owner-occupied properties, so when I explained to them the realities of my deal many of them ended up passing, which wasted a lot of my time. Lev’s matching technology meant I never ran into issues like that.” 

Eliminating doubt with Lev

One of the most significant benefits Jason shared was the confidence that he was getting the best terms. Lev provided Jason with clarity and assurance throughout the borrowing process. 

"In previous deals, I always walked away with the sense of not really being aware of what opportunities were out there. With Lev, I feel a lot more confident that I am getting the best possible terms."