Commercial Brokers' FAQ
- How is Lendicom different from other applications of this sort?
- 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?
- What?s the difference between a Broker Administrator and a Broker?
- 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?
How is Lendicom different from other applications of this sort?
Our application for commercial brokers is distinguished primarily by its versatility, sophistication, and by the degree of control it gives the user. Because the process we use to gather, store and compare information about your commercial loan proposals and the loan programs of the commercial lenders in our database is far more detailed and versatile than that of any competing application, we can achieve a much closer and more accurate match between the loans you submit and lenders' products. Second, we give you complete, immediate control over all the information stored here.
Finally, it's free to you. There is really no reason for you not to use this service.
What kinds of loans can I submit at Lendicom.com?
The commercial mortgage lenders in Lendicom's database offer commercial brokers a full spectrum of commercial loan types and structures, nationwide. Whether a commercial broker needs conventional or sub-prime, long term or bridge, mezzanine or hard money, there is a lender here that can 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 commercial broker 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. This fee is payable by the lender.
How do I get started?
First you must create a user account at the Get Started page. Select "Broker" from the User Type list and enter your contact information. Enter the name of your company and click "continue". If your company is already using Lendicom, your company's name will appear in the list on the following page. You may select your company's name and enter your branch information to finish creating your account. If you are the first person from your branch to create an account you will automatically be a Broker Administrator. As such you will immediately be able to go to your My Account page and begin submitting loan proposals. If your branch already has an account with us, your account will have to be activated by a Broker Administrator for your branch.
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 wold 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. A list of matching loan programs is then compiled and presented to you. 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. 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.
What's the difference between a Broker Administrator and a Broker?
Both commercial mortgage broker administrators and commercial brokers operate on Lendicom.com as representatives of commercial mortgage brokerages. Basically, broker administrators can view the details of brokers working for their brokerages and add and delete Broker accounts, whereas brokers can only modify their own contact information and view the proposals they themselves have submitted. Both broker administrators and brokers can submit new loan proposals.
The distinction between broker administrators and brokers is mainly an accommodation to large brokerage houses which need to maintain some managerial oversight of the individual brokers working for them.
Can I resubmit the loan to additional matching lenders?
Yes. Say, for instance, you first submit your proposal to the top 5 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.
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.
