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Global Equity Lending Teams with Credentrust Software, inc., to enter the Commercial Lending ArenaCOSTA MESA, Calif.-01 March 2005-In a partnership that illustrates a growing trend by mortgage brokers to expand into the commercial lending arena, Credentrust Software, Inc., the premier developer of e-workflow collaboration online software, has announced that Global Equity Lending (GEL), one of the nation's premier residential mortgage companies, will now offer commercial loans using an innovative online tool created by Credentrust. GEL, which offers a complete line of residential loan programs through its network of branches nationwide, will integrate Credentrust's Finance Center to its system, providing its customer base access to commercial financing from more than 225 lenders nationwide.
Finance Center is a customizable online tool that acts as a commercial lending marketplace for business and commercial real estate loans and equipment lease financing. Through this technology, GEL will be able to offer customers the opportunity to obtain financing from $500 to $500 million by means of a simple online application. Once complete, the application is sent electronically to applicable lenders, which include banks, Wall Street firms, insurance and finance companies, as well as other financial institutions and private investors.
"We were looking for someone who had state-of-the-art web-based commercial loan origination technology and we certainly found that in Credentrust," said Don Martin, GEL's CEO. "This is just the beginning of how potent and revolutionary this commercial service will become."
Recently, there has been growing evidence of mortgage companies wishing to enter into commercial lending in order to augment their services and set them apart in a competitive market, said Thomas O. Markel, president and CEO of Credentrust.
"This desire to enter into the commercial market has been marred by the lack of a standardized application form - much like the 1003 form used in residential lending," said Markel. "The lack of a standardized form allows for each lending institution to create its own application and criteria, making applying for a loan a daunting task."
Through Credentrust's Finance Center, this task is simplified using only one universal application. Once complete, the Finance Center technology then automatically places applicants information onto the specific lenders application and sends it electronically to lenders that have loans programs with matching criteria. The lenders receive the applications directly into their systems, while the applicants receive faster analysis and processing. Furthermore, the information is then stored in a secure "vault" which the applicant can access at anytime, anywhere in order to edit, organize, or create another loan package.
Markel said that Credentrust's Finance Center offers mortgage brokers increased opportunities, including greater revenues, expanded services and increased customer loyalty. The technology can also increase referrals and prospects. However, the cost for the technology only costs the broker less than $350.
"The commercial loan market for small and mid-sized companies - comprising business loans, commercial real estate loans and equipment leases - is very large, by any measure. On average, a privately held business is in the market for a loan four times per year," Markel said. "Our Finance Center allows the residential broker to transition into the commercial marketplace and tap into this market."
About Credentrust Software, Inc. Based in Irvine, CA
Credentrust provides hosted solutions that enable companies to quickly and efficiently process new customer accounts and provide existing customers with access to financing to help them grow their business. Formed in 1999, Credentrust's mission is to enable corporations to sell more products and services to their customers by providing them with seamless connectivity to credit and capital. The company's success is based on its ability to empower companies to capture, grow and service their customers by enhancing their financial relationships. Current corporations using Credentrust web-based applications include CB Richard Ellis, Sysco Corporation, Hilton Hotels and Pioneer Electronics.
Contact:
Tom Markel
877-999-6465
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