Uncomfortable truth: lenders and brokers in the commercial real estate (CRE) lending industry have grown accustomed to “settling” for deals that do not quite fit rather than striving for the best outcome for all parties involved. Limited access makes finding the perfect match difficult; if you cannot see all of the top deals for your organization, you just cannot close the loan that fits best.
That may have worked in the past, but when you add rising interest rates and banks are generally becoming far more conservative since the financial crisis, you are looking at a perfect storm for commercial real estate projects. Throw in the inefficient and fragmented communication you tend to find in the CRE space, and you have an industry that is primed for change.
Finance Lobby is reimagining the conventional lending process with its proprietary algorithm-powered CRE financing marketplace, where brokers input their client’s deals, including their preferences, and lenders are notified of all the deals that match their lending criteria. This minimizes the time spent pursuing unworkable leads, enhances term negotiations, and enables faster closing.
“Our platform is a win-win for everyone, giving brokers an effortless way to find a lender and on the flipside, arming lenders with all the detail they need upfront to make fast, competitive and truly compelling quotes,” says Kelly Wagman, Chief Marketing Officer of Finance Lobby.
The platform is designed to be simple and intuitive, working in essentially the same way as well established marketplaces like Airbnb and VRBO.
Just like someone planning a vacation would log in to VRBO and put in their desired criteria to see all the homes that fit the bill, Finance Lobby allows brokers and lenders to narrow their search to only include the deals that are 100% aligned with their specifications.
And given the macro environment mentioned earlier, now really is the time to push things forward. Why? Because money is getting tighter and borrowing is getting more expensive. Increased efficiency benefits everyone and can dramatically affect bottom lines.
Our platform is a win win for everyone, giving brokers an effortless way to find a lender and on the flipside, arming lenders with all the detail they need upfront to make fast, competitive and truly compelling quotes
While the CRE financing industry has traditionally been slow to adapt to tech changes, these market-tested solutions by the likes of Amazon and Uber, as well as Airbnb and VRBO, solve some pressing inefficiencies.
Genuinely understanding borrower needs before crafting a quote creates massive time savings. A user friendly platform takes the guesswork out of the workflow. Not to mention that tech allows for more access, more data, and more visualization. A recent success story illustrates this sea change well; Finance Lobby helped a broker with a request for an $87 million CRE loan to quickly find a potential lender that perfectly matched the client’s preferences. To the point that the deal was posted, quoted, and accepted within an hour. That is the power of alignment via a smart marketplace.
Finance Lobby’s ability to digitalize CRE financing – making it more economical and straightforward for lenders and brokers alike – means this is just the tip of the iceberg. Looking ahead and recognizing that it is vital to move quickly, the company aims to continue reshaping the CRE industry by infusing modern technology enroute to a world where the best possible deals are always the rule.