With the announcement that Finance Lobby has surpassed over 4,000 lenders on its online CRE financing marketplace, it is worth remembering where we were only ten years ago. A little company named Uber was just getting going, and some people still weren’t comfortable with booking their vacation rentals on the internet. Today, of course, much has changed, as individuals who remember the days of the typewriter now navigate cyberspace with ease. It helps to explain why Finance Lobby has taken off and become the most efficient way to access more CRE lenders: it simply is the right platform for the right time.
“What we consistently hear from our clients is that the transition from their old technology, which typically was their phones, to our online platform has been seamless,” says Kelly Wagman, Finance Lobby’s CMO. “When new tech is implemented at a business, usually what you see is a period of adjustment, with employees struggling to learn how to use the tools. This hasn’t been the case for our platform, due in no small part to how comfortable most people of all ages already are with booking and shopping online. Name one person who is not familiar with Amazon. That’s why Finance Lobby’s help desk doesn’t have as much to do as we planned!”
The secret to the ease of using Finance Lobby’s CRE platform lies in its intuitiveness. “We have kept things simple,” Kelly confirms. “Everyone knows how frustrating it is to use technology that makes you jump through screen after screen to get to where you want to go. We have designed our platform so that brokers and lenders encounter a minimum number of screens, and the information on each one is logically laid out.”
Lenders can establish their lending criteria in their settings. “This is enormously helpful,” says Kelly. “Think of all the times you’ve had to repeat yourself over the phone or write out the same terms again and again. With Finance Lobby, your criteria is set, and you never have to revisit it again unless you want to change it, which is easy to do.”
Lenders also receive vital information including rent roll, income, and expenses; the sponsor’s financial information; and any relevant details about the deal. “It is all presented in a clear cut way that is easy to manage,” she explains. “It is designed to make the workday of a commercial real estate lender a lot easier and more streamlined.”
Brokers enjoy the same simplicity. They can submit their deals through a process that is quick and helps thousands of eyes to see each loan request. “What is especially great about this is that the lenders who respond will be those who match your terms,” Kelly continues. “You can communicate directly with them without having to pick up your phone, unless you want to, of course!”
Finance Lobby, she says, was born out of a desire to revolutionize an industry that was full of highly qualified professionals who were hindered by an old way of doing business.
“I think sometimes that the best developments come when we refuse to accept the status quo,” Kelly reflects. “We had become used to the endless back and forth in the CRE space and accepted that it couldn’t be changed. Our team decided to believe otherwise, and today our CRE financing marketplace is proving that there is a better way for CRE brokers and lenders to connect with each other and find the perfect deals.”
Customer satisfaction with Finance Lobby continues to be high. “We are filling a long-vacant niche,” Kelly states. “With more than 100 new users each day, we are rising to the top of an industry that is projected to hit $202.6B in revenue in 2022. With the potential for increased productivity through our platform, it will be exciting to see what 2023 brings commercial real estate brokers and lenders.”