Loan applications for commercial real estate development are extremely time consuming, as is dealing with mortgage brokers themselves. But, thanks to a new solution called PropertyGo it’s no longer necessary to waste time that could be better spent elsewhere on those laborious processes.
Instead, PropertyGo simplifies the commercial real estate loan application process by matching borrowers with banks and private lenders, facilitating loans for property investment deals in the $100,000 to $20 million range.
PropertyGo is a new service that allows borrowers to apply for a wide range of financing, with lender sources ranging from traditional loans and private capital to bridge loans, credit lines, hard cash and more. PropertyGo engages with numerous kinds of financial firms to find the best possible loan option, including banks and private capital firms.
How it works
Simply sign up to PropertyGo and submit a loan request for lenders to review. All applications on PropertyGo are free, and will be reviewed by a Customer Success Manager to ensure everything has been completed correctly. The software then generates a loan package based on market data and public property records.
The completed package is then matched to various suitable lenders who’re notified directly to review the loan application. If a lender is interested, the borrower will be notified via a term sheet containing a proposal for the deal. Lenders can submit two term sheets per application, and multiple lenders can propose deals, ensuring the borrower has plenty of options to consider. Other lenders cannot see the term sheets from other bidders, ensuring fairness. The borrower then selects the best lender, who will then contact the borrower to finalize the details.
PropertyGo makes a flat 0.2 percent fee from bank loan proceeds at closing, and 0.25 percent from other types of loans, all paid by the lender upon closing.
Clearly, PropertyGo is an excellent solution for property investors, helping them save time and money by cutting out the mortgage broker and applying directly to the most suitable lenders for their project. The service also helps to reduce fraud from brokers who might attempt to pose as a lender, and also from fee collectors.
The company also provides assistance in the form of Customer Success Advocates who’re available at any time during the application process to help out with any issues they may have, or to chase up unresponsive lenders on behalf of the applicant.