Today at TechCrunch Disrupt NY, S’moretgage kicked off its service that aims to get more real estate data to real estate investors more quickly.
The more you know, the better choices you can make, and because it can be difficult to obtain certain public mortgage data by hand, S’moretgage wants to make that information far easier to access.
S’moretgage wants to bring real estate data for pros and consumers alike. The company launched a preview version today with data pertaining to New York City. According to S’moretgage, the information will include “individual mortgage-level detail on loans recorded in New York City,” including such data points as a loan’s interest rate and the date when it began.
S’moretgage’s plan is to fully build out its New York dataset before expanding to other large cities like Chicago. Founder Patrick Browne told TechCrunch that the idea for the company was born when he had to track down reams of real estate records by hand, which was painfully time-consuming.
What’s the company’s secret sauce? Technology that can scan publicly available mortgage documents and rip out the key information. The company then organizes the data, providing what it calls a “real-time overview of market transactions.” This will help people spot new hot areas, trends in lending rates, and so forth.
S’moretgage has been bootstrapped to date, but intends to start raising outside capital within the next quarter.
From whence the name? It’s a play to make the word “mortgage” less weighty and ponderous. According to Browne, the company thought that “S’moretgage could be a nice way to make that word sound a bit less intimidating.” Once you learn how to spell it, it’s not too hard to remember.
S’moretgage is almost a bet that the currently slugging real estate market will recover. The more people who want to buy real estate the more demand that the company will see for its service.