Mountainseed Analytics warning

[Geoff Hatcher]

I was contacted by Mountainseed and offered a 37-day trial. They present themselves as having verified data directly from appraisals. Do not fall for it, they charge you $400 and will not provide a refund for the trial. I pretty much knew when I was able to log in and try the product but waited several days for them to go through it with an online training, hoping I was missing something. I looked through hundreds of their comparables and there was nothing in any of them I could use. For instance, they told me after the fact, that they break them down into a cap rate comp, lease comp and sales comp. As an example of each, a cap rate comp has one single number, no information on the terms of the lease, tenant, etc., just a single number. A lease comp I looked at had a single number, nothing else. I have the lease on this property, and it was in it's first renewal period after being a build to suit property 20 years prior, there was no indication if the comp is market based or not. A sale comp I looked at showed a sales prices of $25 million when it sold for $10.25 million, they combined the sale of two office buildings, total area, etc with another sale in a different market. There is nothing of substance or any usable data in anything they sell.

 

[Gobears81]

I was contacted by Mountainseed and offered a 37-day trial. They present themselves as having verified data directly from appraisals. Do not fall for it, they charge you $400 and will not provide a refund for the trial. I pretty much knew when I was able to log in and try the product but waited several days for them to go through it with an online training, hoping I was missing something. I looked through hundreds of their comparables and there was nothing in any of them I could use. For instance, they told me after the fact, that they break them down into a cap rate comp, lease comp and sales comp. As an example of each, a cap rate comp has one single number, no information on the terms of the lease, tenant, etc., just a single number. A lease comp I looked at had a single number, nothing else. I have the lease on this property, and it was in it's first renewal period after being a build to suit property 20 years prior, there was no indication if the comp is market based or not. A sale comp I looked at showed a sales prices of $25 million when it sold for $10.25 million, they combined the sale of two office buildings, total area, etc with another sale in a different market. There is nothing of substance or any usable data in anything they sell.

How are they getting that info? I know they are acting as an AMC on commercial appraisals also. Is it possible that they are somehow taking data from the appraisals submitted? That is heavy to throw out there, but I doubt that they have market analysts uncovering sales in the same vein as Costar

 

[shrubberyvaluation]

I was contacted by Mountainseed and offered a 37-day trial. They present themselves as having verified data directly from appraisals. Do not fall for it, they charge you $400 and will not provide a refund for the trial. I pretty much knew when I was able to log in and try the product but waited several days for them to go through it with an online training, hoping I was missing something. I looked through hundreds of their comparables and there was nothing in any of them I could use. For instance, they told me after the fact, that they break them down into a cap rate comp, lease comp and sales comp. As an example of each, a cap rate comp has one single number, no information on the terms of the lease, tenant, etc., just a single number. A lease comp I looked at had a single number, nothing else. I have the lease on this property, and it was in it's first renewal period after being a build to suit property 20 years prior, there was no indication if the comp is market based or not. A sale comp I looked at showed a sales prices of $25 million when it sold for $10.25 million, they combined the sale of two office buildings, total area, etc with another sale in a different market. There is nothing of substance or any usable data in anything they sell.

Easy don't give them payment information. Thank you for the information.

 

[Geoff Hatcher]

How are they getting that info? I know they are acting as an AMC on commercial appraisals also. Is it possible that they are somehow taking data from the appraisals submitted? That is heavy to throw out there, but I doubt that they have market analysts uncovering sales in the same vein as Costar

They told me they have an agreement with the banks that they own the appraisals and extract the data from the reports. But there is nothing usable in the data they are trying to peddle. For example, one I looked at is supposedly a lease comp. It says $11.91/SF, no tenant name, etc. What they don't say is the lease was originally a build to suit for Rite Aid in 1998, assumed by Revco and then occupied by CVS in 2002 and is in its first five-year renewal period and is not indicative of current market lease rate. Another one, they call a cap rate comp, multi-tenant property, just says 9.10,% no information in the leases, tenant mix, tenant quality, etc. Another one I looked at was a sale I had just verified based on the OM, it sold for $10.25 million, they show wrong sizes, income ans a sales price of $21.1 million. I really hope no appraisers are using this data thinking it is reliable

 

[Geoff Hatcher]

They told me they have an agreement with the banks that they own the appraisals and extract the data from the reports. But there is nothing usable in the data they are trying to peddle. For example, one I looked at is supposedly a lease comp. It says $11.91/SF, no tenant name, etc. What they don't say is the lease was originally a build to suit for Rite Aid in 1998, assumed by Revco and then occupied by CVS in 2002 and is in its first five-year renewal period and is not indicative of current market lease rate. Another one, they call a cap rate comp, multi-tenant property, just says 9.10,% no information in the leases, tenant mix, tenant quality, etc. Another one I looked at was a sale I had just verified based on the OM, it sold for $10.25 million, they show wrong sizes, income ans a sales price of $21.1 million. I really hope no appraisers are using this data thinking it is reliable

Here's what their ease comp on the property I mentioned looks like

 

[CCAAMO]

They are a pain in the butt. They call once a week trying to set up a demo

 

[Gobears81]

They told me they have an agreement with the banks that they own the appraisals and extract the data from the reports. But there is nothing usable in the data they are trying to peddle. For example, one I looked at is supposedly a lease comp. It says $11.91/SF, no tenant name, etc. What they don't say is the lease was originally a build to suit for Rite Aid in 1998, assumed by Revco and then occupied by CVS in 2002 and is in its first five-year renewal period and is not indicative of current market lease rate. Another one, they call a cap rate comp, multi-tenant property, just says 9.10,% no information in the leases, tenant mix, tenant quality, etc. Another one I looked at was a sale I had just verified based on the OM, it sold for $10.25 million, they show wrong sizes, income ans a sales price of $21.1 million. I really hope no appraisers are using this data thinking it is reliable

Wow, that's awful. A solid client of mine just moved to Mountainseed and now they are mining data in our reports. Hard to believe that is even legal.

 

[BRCJR]

I know an employee of a lender, very well matter of fact, and he told them if they called one more time they would not even be given consideration if that lender ever had a fleeting thought of using an AMC.
Pesky group from what that lender employee says.