DataMerge Launches Commercial Real Estate Loan System
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Denver-based DataMerge Inc. launched CyberLoan 2000, an online system that allows borrowers seeking commercial real estate loans to apply to as many as 500 lenders and receive preliminary loan commitments electronically.
DataMerge is a developer of software and online database information systems for companies or individuals seeking financing,.
With CyberLoan 2000, the commercial loan application process, which traditionally takes up to two weeks, now takes less than 30 minutes, the company said.
A borrower (or intermediary/broker) inputs information from a standard set of financial statements onto a secure server; CyberLoan 2000 crunches the numbers, performs various real estate-related financial analysis, and creates a Loan Request Summary. Portions of the summary are automatically transmitted to lenders whose financing criteria match the borrower's request.
"CyberLoan 2000 provides tremendous time savings to borrowers and intermediaries," said Spencer Kluesner, chief executive officer of DataMerge. "In the past, a borrower spent weeks pulling together summary documentation, calling lenders to determine their funding criteria, then photocopying and mailing out packages. With CyberLoan 2000, they can complete this entire process in just 30 minutes and never waste time on projects that can't be funded."
DataMerge will charge borrowers and brokers for access to the CyberLoan 2000 system under two different subscription plans. The premium one-year subscription costs $650 plus $24.95 per month and allows a user to submit an unlimited number of loan requests and also allows unlimited searches on DataMerge's MortgageSource 2000 online database. An alternative "one-time" subscription costs $199 and allows users to submit one loan request.
During the initial test phase, DataMerge will not charge lenders for access to the system. The company, however, anticipates eventually charging fees based on the dollar amount of loans originated through the system.