DataMerge Launches Commercial Real Estate Loan System

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.

The company said CyberLoan provides standard electronic protections and
eliminates from electronic transmission any information which would be
considered confidential, allows borrowers to “mask” listings so specific
properties or borrowers cannot be
identified, and forces lenders to use secure access accounts and passwords to
review information.

“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.

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