The new product covers 99% of the commercial properties in the U.S. and sports advanced analytics capabilities. As such, it can be used to gain broad market perspectives as well as property-level insights.
Up until now, Black Knight only offered residential property data products; however, the company explains in a press release that it has been collecting commercial property data for years, as had its predecessor, LPS.
The new product is made possible through a partnership with New Jersey-based SMR Research.
Black Knight claims this new commercial data product offers lenders, real estate investment trusts, property and casualty insurers, and service providers information that goes beyond what public records can provide. For example, it includes new fields showing property use, tenant information and mortgage default scores, the latter of which is a predictive indicator of future defaults. Other risk metrics, including property insurance claims risk, are also available.
‘We are excited to be working with SMR to bring this innovative product to the market,’ says Kevin Coop, president of Black Knight Data & Analytics, in a release. ‘We've built on the strong foundation of our SiteX property records database, which covers more than 99 percent of the U.S., to provide the commercial property industry with one convenient data resource to make better business decisions.’
‘This enhanced data product is unique in the depth and breadth of information provided for commercial properties of all types nationwide,’ adds Stuart Feldstein, president and co-founder of SMR Research. ‘SiteX CRE Enhanced Data adds critically important information to standard public records, from tenant names to risk analytics, owner contact names, estimates of building square footage – when that number has not been reported by tax assessors – and more.’