Bootstrap Legal’s software automates the legal paperwork for those raising capital for real estate projects of up to U$2 million, allowing real estate investors to draft their own documents using artificial intelligence.
Lawyer Amy Wan is the founder and CEO of the company and says it was a driven by clients wanting a low cost solution for small real estate transactions.
"The one thing I heard from my clients as an attorney was the importance of speed. Sponsors need to maximize the amount of time they have to raise capital for a project prior to close of escrow. Everyone always wanted to start fundraising yesterday," she says.
The service can deliver documents to a customer’s email in 48 hours once a series of questions have been answered. The documents are attorney-grade and attorney-reviewed before delivery.
Those who require additional help can be connected to a lawyer for individual advice.
Wan says that the software both undercuts the legal fees associated with real estate capital raises and expedites the process.
“The legal fees for small transactions are often too high for small deals. Bootstrap Legal aims to solve a lot of problems my clients have had over the years," Wan says.
More market update:
An American technology firm says that its artificial intelligence software is the world’s first robo-lawyer for real estate investing.