Realizing that "traditional" bank lending has, and will continue to leave, large numbers of good borrowers from securing the financing that they need, it was our goal to provide a lending platform to allow the greatest number of borrowers to receive the financing that they need. Sadly, most banks view business lending from the perspective of let's take the "cream of the crop" loan files(typically 5%-10% of all loans received) and reject the balance. We looked at several key objectives when designing our lending strategy:
1.) Rather than taking the traditional lending position of trying to come up with one or more reasons to "decline" borrowers, we looked at expanding the opportunity to qualify a much larger number of borrowers.
2.) We have succeeded in doing this by integrating a large network of interested lenders electronically giving each the opportunity to review each deal for the purpose of providing loan pricing and terms. With so many lenders, the advantage is that loans can be competitively bid with a minimum of inconvenience and cost to the borrowers.
3.) This electronic format also reduces the usual paperwork involved in underwriting and reviewing a prospective loan.
4.) By being able to retrieve all lender quotes and terms, we are able to advise the client as to the very best offers that we have received in their behalf. This eliminates the majority of the stress from this effort as the lenders who are interested in a particular loan file are free to make an offer on it, while those that are't are free to pass on it. Being able to secure so many competitive loan offers is a "win-win" situation for both our clients and brokers.
5.) After years of fielding client requests to also provide business brokerage services, we launched this service as well to better serve our clients' needs. The feedback has been absolutely incredible as our clients prefer to speak to one person when they consider their "financing", "purchase" or "sale" of business needs.