Commercial Borrowers' FAQ
- What kinds of loans can I submit at Lendicom.com?
- What does it cost?
- How do I get started?
- How do I submit a proposal for a commercial mortgage?
- Then what?
- How does Lendicom decide which loan programs to show me?
- How do I find and modify the details of loans I've submitted?
- Can I resubmit the loan to additional matching lenders?
- How do I know that I won't be submitting my loan proposals to brokers as opposed to direct lenders?
- How do I know that you don't share my information with other sources?
What kinds of loans can I submit at Lendicom.com?
The commercial mortgage lenders in Lendicom's database offer a full spectrum of commercial loan types and structures, nationwide. Whether you need conventional or sub-prime, long term or bridge, mezzanine or hard money, there is a lender here that may be able to help. Virtually all commercial property and commercial loan types, amounts and structures are represented. In other words, if your loan will be secured by commercial or investment real estate, you can submit your request at Lendicom.com. For a full list of commercial loan types, commercial real estate property types, and locations serviced at Lendicom, click here.
What does it cost?
As a borrower, Lendicom is free to you. You pay nothing for establishing an account and submitting commercial loan proposals. When you place a commercial mortgage with the help of Lendicom.com's services, a fee equal to 0.25% (25 basis points) of the loan amount is paid to Lendicom.com from the lender.
How do I get started?
First you must create a user account at the Get Started page. Select "borrower" as your user type, and enter the contact information that is requested. On the following page you will be able to go to your My Account page and submit a loan proposal.
How do I submit a proposal for a commercial mortgage?
On your My Account page, click the "Create New Loan Request" button in the "Loan Proposals" section. The following questionnaire will help you create a comprehensive profile of your project and funding needs and preferences. On the final page, you will be presented with a summary of the information you entered, and a list of commercial loan programs that match your proposal. Here you may review the details of each program and choose up to four lenders you would like to receive your proposal. Once you have made your selections, click "Submit proposal to the selected lenders", and you're done.
Then What?
Once you have submitted the proposal, email notifications are sent to the appropriate lender representatives. Lenders can follow up with the loan request in several ways: (1) They can send a message to you through Lendicom.com; they can view your contact information and get in touch directly; or they can decline the loan with a form entry.
How does Lendicom decide which loan programs to show me?
Once you have completed the loan proposal questionnaire and all the pertinent details about the loan have been gathered, the submission engine compares these details with the parameters of each loan program in Lendicom's database. Certain information concerning your loan request is considered "critical" in this matching process: if your proposal does not match a program because of the loan amount, property type, property location, loan-to-value ratio, or other such criteria, the program is excluded as a match altogether. Certain other fields concerning your loan specification preferences, such as desired amortization schedules and loan term are considered "non-critical": if a program matches your proposal in both critical and non-critical criteria, the program is presented to you as an "exact match". If a program matches your proposal in all critical criteria, but does not match in one or more non-critical criteria, the program is presented to you as a "close match".
How do I find and modify the details of loan proposals I've submitted?
The records of all the loan proposals you have submitted are listed in the Loan Proposals section of your My Account page. This table lists the Loan ID, Loan Amount, Property Location and Date Created, along with a set of actions you can perform on each proposal. These actions are: (1) View/Submit: Clicking this option will take you to the proposal summary page, where you will see the loan details you entered and an updated list of the loan programs that match the proposal; (2) View Status: This option allows you to view the status of the proposal with each lender to whom you have submitted it, and send messages to those lenders; (3) Edit: Edit the details of the loan proposal; and (4) Delete: Delete the loan proposal record.
Can I resubmit the loan to additional matching lenders?
Yes. Say, for instance, you first submit your proposal to the top 4 best matching programs, and none of these prospects pan out. From the loan proposal details page, you can view the list of matching programs again and choose additional programs to submit the proposal to.
How do I know that I won't be submitting my loan proposals to brokers as opposed to direct lenders?
We have a strict requirement that only “true†lenders be allowed to set themselves up as lenders. We are working hard to police this and ensure that this is indeed the case.
How do I know that you don't share my information with other sources?
We are obligated by our both our internal policy and our privacy agreement to only utilize your information for the purposes of matching programs with proposals through this website.
