SOLON, Ohio – October 15, 2018 – MRI Software LLC (“MRI”), a global leader in real estate software solutions, today announced MRI Debt Management, a web-based accounting solution for the real estate sector. Built on the company’s flagship Platform X accounting and property management solution, MRI Debt Management enables real estate owners and investors to increase operational efficiency and reduce the risks of bad data by moving their debt management accounting out of error-prone and cumbersome spreadsheets into a tool that is fully integrated with MRI General Ledger.
Real estate accounting teams have historically struggled with relying on spreadsheets to accurately account for their loans, leading to discrepancies and additional work to reconcile loan transactions. In addition, a lack of debt visibility can cause real estate organizations to incur debt penalties and miss re-finance opportunities.
Whether debt functions as a liability or an asset, MRI Debt Management aggregates all debt information including loans and their terms, abstract and contractual information and lenders. Additionally, the application’s calculation engine computes all future principal and interest payments over time through the maturity of any loan, giving users insight into all commitments over the entirety of the loan. These calculated payments can create journals to post directly into MRI’s accounting platform, reducing inefficient and error-prone spreadsheet calculations and manual creation of journal entries. The system also allows users to simplify the management of escrow payments.
“Small real estate organizations may be able to function managing their debt in spreadsheets, but as soon as you have more than a few contracts or more complex agreements, it becomes unmanageable and leads to business risk,” said Stan Price, Senior Vice President of Investment Solutions at MRI Software. “The addition of MRI Debt Management to our accounting offering enhances the reliable, real estate-dedicated software solutions already enjoyed by our clients. Featuring a central database of all debt contracts and a robust debt calculation engine that are fully integrated with MRI’s accounting platform, this solution offers a comprehensive, actionable view of any organizational debts – past, present and future.”
MRI Debt Management is available to current MRI clients immediately. The tried and trusted calculation engine is already in use today by clients around the world, including Oxford Properties, Derwent London, Charter Hall and Growthpoint Properties as part of MRI’s Fund Modeling and Asset Modeling products.
About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses-from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.