Online Commercial Loans Submission
People will always be the heart of the commercial loans market. Technologies like the internet can never replace the role of commercial loan officers and brokers in the personal and qualitative process of commercial loan origination. What these technologies can do is make this process quicker, more efficient, and cheaper for those individuals.
The heart of Lendicom is its commercial loans submission engine, which allows borrowers and brokers to match the loans they need to place with loan programs that lenders have entered in the system.
Commercial Loan Tools Highlights
- Gives users complete and immediate control over all their commercial loan programs or proposals. You can add and edit your programs or proposals in real time, from anywhere, through your personalized user home page
- Uses a unique questionnaire process to accurately gather information about lenders' products and borrowers' and brokers' commercial loans proposals and match them together. It actually works.
- Allows larger brokerages and lenders to designate certain users as administrators to oversee the company's operation on the site
- Costs nothing unless it works. Account setup and commercial loan submission are free--there are no subscription fees. Lendicom charges lenders a fee equal to 0.25% of the loan amount on loans that lenders acquire through the site.
More Information for the...
There are many different types of commercial loans, but these different types can be roughly grouped according to three factors: source of funds/funding type, property type, and loan purpose. So, for instance, a commercial loan may be originated by portfolio lenders, such as commercial banks and life insurance companies, by conduit lenders, or by hard money or private money lenders. Loans from these different sources will tend to have different terms and pricing. Likewise, commercial loans may be for purposes of purchase/acquisition, refinance, construction or rehabilitation. So, commercial loans for construction will generally have different terms and pricing than those for refinance or purchase. Finally, the property securing a commercial loan may be anything from a multifamily rental property such as an apartment building to a single-use property such as a bowling alley. For more detailed information on the different types of commercial loans see the resources section.