Toorak Capital Partners, a Tampa mortgage company, recently announced its AI-powered platform surpassed a significant milestone of completing $5 billion worth of loans.
The platform, Toorak Connects, was launched in 2022 and has processed more than 11,000 loans. It has saved the company 57,000 of review time and thousands of reams of papers, according to a released statement. Time was saved using dataset models and automating portions of the loan underwriting process, the company says.
“Working with approximately 250 loan originators and brokers, we have passed 1 million documents through our AI/ML document processing model and been able to reduce loan processing time by 80%, all while prioritizing our in-depth credit review process,” says Sachin Venugopal, chief technology officer at Toorak in a release. “We’re able to automate processes based on loan and customer characteristics, providing additional scrutiny to those that present higher risk, while simplifying the process for repeat customers and loans that have more standard characteristics.”
Toorak explains that the loan underwriting and acquisition process was slow and onerous, with an average loan comprising approximately 50 documents and 500 pages of material. It credits machine learning algorithms and natural language processing (NLP) with saving an average of five hours of processing time per loan.
Toorak Capital Partners was founded in 2016 with a focus on real estate lending for residential and multifamily properties. Its original headquarters was in Summit, New Jersey before relocating with its parent company, Roemanu, to Tampa in 2024. According to the company, Toorak has provided more than $14 billion in capital and funded over 35,000 mortgage loans in the U.S and U.K.
