The commercial real estate loan application process just went from two weeks to 30 minutes, thanks to DataMerge.
DataMerge, a developer of software and on-line database information systems for companies or individuals seeking financing, has announced the release of CyberLoan 2000, an on-line system that allows borrowers seeking commercial real estate loans to instantly apply to more than 500 lenders and receive preliminary loan commitments electronically.
The system works like this:
*A borrower (or intermediary/broker) inputs information from a standard set of financial statements and rent roll reports;
*CyberLoan 2000 crunches the numbers, performs various real estate-related financial analyses, and creates a Loan Request Summary;
*The summary is automatically transmitted through DataMerges Web server to lenders whose financing criteria match the borrowers request;
*Lenders can then contact the borrower electronically, request more information, and/or issue a preliminary loan commitment through the system.
The information and format of the Loan Request Summary mirrors that used by loan review committees to approve loan originations, providing enough information for a lender to make a preliminary commitment. Firm commitment follows pending receipt of various due diligence materials.
The entire process saves a vast amount of time for the borrower and intermediaries alike. Instead of spending weeks gathering pertinent documentation for submission to lending institutions, often finding at the end of the process that the project couldnt be funded, CyberLoan 2000 can complete the entire process in just 30 minutes. CyberLoan 2000 also helps borrowers secure the best rates and terms by creating a more competitive lending environment. The system allows borrowers to look beyond their local bank, and helps find lending sources for difficult or out-of-the-ordinary properties.
Some of the common problems solved by the CyberLoan 2000 system are:
*It prescreens and eliminates unqualified loan requests immediately;
*It provides information in a standardized and familiar format, allowing instant review and analysis.
*It ensures loan request information is filled-out completely before it is submitted (incomplete documentation is the leading cause of loan request rejection);
*It completes much of the financial analysis usually done by the loan officer.
*It educates borrowers on the entire financial process through an on-line knowledge base, the Mortgage Advisor, reducing the time loan officers must spend with borrowers.
CyberLoan 2000 system provides two subscription plans. 1. The premium one-year subscription is $650, plus $24.95 per month, allowing users to submit an unlimited number of loan requests and unlimited searches on DataMerges on-line database, MortgageSource. 2. A one-time subscription cost of $199 allows users to submit one loan request to lenders on the system.
DataMerge also provides products such as how-to manuals, electronic directories and financial software. Users can gain access to CyberLoan 2000 by calling DataMerge at 800-580-1188, or by visiting their Web site www.financingsources.com.