FOR IMMEDIATE RELEASE
Contact: Vanessa Besack
Besack & Associates
(949) 295-4130
vanessa@besackandassociates.com
iBANK ADDS GLOBAL EQUITY LENDING TO PARTNER Network ACCESSIBLE TO SMALL-, BUSINESSES and commercial real estate owner/buyer SEEKING FINANCING
Through its web service software, iBank offers a simple ,standardized and streamlined way for businesses to create a professional loan package on the web and seamlessly connectt to more than 225 lenders nationwideto close their loan faster, easier, and at a lower cost .
IRVINE, CALIF. (Dec. xx, 2004) -- iBank.com, the Irvine, Calif.-web site owned by Credentrust Software, Inc. has set a new benchmark on how small businesses and commercial real estate owner/buyers can CREATE, CONNECT and CLOSE their loan, lease and mortgage over the web., has just added Global Equity Lending to its growing portfolio of Partners. Global Equity Lending is one of the nation’s premier residential mortgage companies offering a complete line of residential loan programs and service through its network of branch office nationwide to help homeowners .. .
The addition of Global Equity Lending to iBank’s prestigious list of Partners adds even more loan opportunities for ibank’s commercial lenders, according to Tom Markel, president and CEO of iBank.com. In a short time, iBank has established itself as a integral playerin the small buz finance arena by offering small- business owners/buyers and commercial property owners and buyers access to the fastest-growing commercial lender search engine in the nation. Through its web service software, the company offers a simple step by step standardized way to create a enter dat one time in a single entry professional do-it yourself commercial loan/lease application which enter =s the data on every lenders speivicf allpiation so the cusomter does not have to fill out every app for a=each lender pre-populates numerous lenders applications in an single instant . Which can be done anywhere anytime and accessed for editing year after year for new loan requests., This radically innovative web service only requires and internet connection. ibank issues each business a secure VAULT to store all their financials, management bios, plans pictures, etc thus eliminating the need for paper, copies, faxes, overnight charges, and the numerous phone time and costs in locating and meeting qualified lenders. Once the web loan package is complete, iBank:s FinanceSuite connects it to more than 250 registered lenders and gives the borrower the lenders name and loan offers contact info. With FinanceSuite, the time and cost for creating a loan package connecting with the right lenders nationally and closing a loan decreases by 30% and funding time and can drop from 60 days to less than 48 hours depending on the loan type according to company statistics.
“We were looking for someone who had state-of-the-art web based commercial loan origination technology specializing in the commercial lending sector and we certainly found that in iBank,” said Don Martin, CEO of Global Equity Lending. “Along with its stable list of commercial lenders, which completely satisfies our needs, and then some, we believe our relationship with iBank will be long and fruitful. This is just the beginning of how potent and revolutionary this commercial service will become.”
iBank Helps Small Businesses Succeed
Markel believes small businesses are the backbone of America and he wants to help give them hope. “Being a third-generation small business owner, no one -- particularly your family --wants to see you in business for yourself,” Markel said. “You hear the pitfalls and concerns from everybody: ‘Get a job. Why take the risk? You need to bring home a steady paycheck...’ But besides those concerns, maybe the biggest hurdle for the small-business owner is the barrage of paperwork required by government, vendors, employees and lenders. This is the primary reason iBank was created. We wanted to take the paperwork out of getting a business loan and make it faster, easier and stress-free for the small busienss. We also wanted to make it available anytime anywhere so that when the busiesn is tying to operate dutrin gthe day they used our FinanceSuite engine at night or n weekends and if they trvel they odule us it in their hotel room”
The only company to offer complete loan packaging through the Internet, iBank has already established itself as a leader in the financial industry and has partnered with some of the worlds largest banks and commercial lenders, including Wells Fargo, Aetna Capital, Bank of America, Citibank and John Hancock Financial Services.
In the last month, iBank has processed $4.7 billion loans, up from $50 million in January and $3.5 billion from last month. Since its inception in 1999, iBank has consistently grown by 30% yearly.
How the Process Works
While iBank provides a fast, safe and accurate process, maybe more importantly, the company eliminates the fear factor. There is no doubt that the entire loan process with a bank can be costly and intimidating. iBank eliminates this giant hurdle by offering the luxury of a big deal loan without leaving your home or business.
According to Chuck Fuller, vice president of business development at Entrepreneur
Magazine, iBank offers something no other lender does…variety. "iBank.com provides a valuable service for entrepreneurs in order to find funding from a variety of sources,” Fuller said. “From what I can tell from this service, it's got some legs. But what really sets iBank apart from the rest is that it doesn't specialize in any one loan, but has the ability to process a variety of funding needs," Fuller said.
Utilizing state-of-the-art advanced search engine technology, iBank enables the applicant to target the type of loan needed through the use of up to 10 sorting criteria, including loan size, loan amount, credit score, years in business, loan to value, location, industry, loan or lease type. After joining for a minimal cost, iBank customers are treated to an unlimited numbers of loan applications. In addition, this process eliminates advertising costs, provides local, regional, and national exposure and targets new lenders with the use of iBank's Express Lender sorting engine.
iBank customers receive complete, readable and accurate applications, fast analysis and processing of new applications. The iBank process also allows automatic filtering, which allows the loan applicant to only see loans that qualify for his or her criteria.
“If you think about what this process is eliminating, not only in cost, but the trauma of dealing face to face with the banks, we’re giving the small business a crucial connection to the bank’s name and address, the loan officer’s contact, including phone and email, what they specialize in and what type of loan they can provide,” Markel said.
With Express Lender Integration, iBank database of lenders receive new customer contact information and applications directly into their systems. The whole process takes minutes, is completely paperless and allows lenders to view, analyze, propose and close loans without picking up a pen.
About iBank
Formed in 1999, iBank is the online commercial lending marketplace for business loans, commercial-mortgage loans and equipment-lease financing. Through its Finance Center, the Irvine, Calif.-based company offers small businesses a simple, streamlined way to create a professional loan package on the web, eliminating the need for paper, copies, faxes, overnight charges, and the numerous phone time and costs in locating qualified lenders.
iBank is a subsidiary of Credentrust Software, Inc., the premier developer of e-workflow collaboration software. Based in Irvine, Calif., 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.
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