We would like to congratulate Rich Uncles on going live with the MIMICS REIT (Real Estate Investment Trust) software!
After a recent, successful User Acceptance Test, the company made the transition recently and is up and running at full speed. The unique MIMICS software has paved the way for the company to raise $1 billion to purchase single-tenant, triple-net (NNN) leased properties on a national level.
Before contacting MIMICS, Rich Uncles had been calculating and processing all of its payments of its initial $25 million California REIT manually. Not only was the work time-consuming and inefficient, it was also subject to computation errors and over-payments. They began to look for a new software solution.
MIMICS is one of the only makers of REIT software. It features various automation features such as dividend computations and built-in report writing to speed up daily operations. For example, 5,000 dividend payments can be processed in about four minutes at 100% accuracy. This not only greatly improves efficiency, but also shores up any losses due to miscalculations.
Rich Uncles was now able to handle the volume of transactions the national platform demanded, and successfully launch their NNN REIT and also to convert their now-$100 million California REIT onto the MIMICS platform.
MIMICS would like to thank Rich Uncles, first and foremost, for their business, and to congratulate them on their continuing success. MIMICS looks forward to a long and healthy partnership moving forward, and wishes them the very best in their future endeavors.