MONETT, Mo. – ProfitStarts, a unit of John Henry, said it has achieved several milestones for its Commercial Lending Center, a hosted portal offering an expedited online loan application and management workflow experience to business borrowers.
ProfitStars introduced Commercial Lending Center last year to help financial institutions more effectively compete with the speed and convenience boasted by alternative lenders. It has since partnered with more than 50 banks and credit unions to launch the portal, with 20 of those institutions already live. The clients running Commercial Lending Center today have channeled more than $335 million in commercial loans during the first year, the company said.
Another $28 million was referred to ProfitStars' LendingNetwork, which offers financing from a group of more than 100 of the most dedicated, responsive alternative commercial providers in the industry. For applicants who fail to meet financial institutions’ predetermined underwriting guidelines, Commercial Lending Center allows the institution to automatically refer them to the LendingNetwork marketplace for viable, alternative loan options. Commercial borrowers find support through creative funding strategies while the financial institutions can continue to help the business grow without the risk of losing the overall relationship. When the business is credit eligible, the institution can bring it back with no early payment or breakup fees, the company said.
Russ Bernthal, president of ProfitStars, added, “These strong results from the Commercial Lending Center are evidence of businesses’ demand for a fast, easy and efficient loan application process. Business owners who need quick loan approvals commonly turn to alternative lenders to meet those immediate needs. Now, financial institutions like Blue Ridge Bank and Trust can strengthen relationships with community business owners by providing them fairly priced loans quickly and securely.”
ProfitStars said its Commercial Lending Center enables financial institutions to accept commercial loan applications online, 24/7. ProfitStars hosts individually branded portals, accessible on each institution’s website. A sorting engine routes submitted applications to the appropriate loan product based on institution-defined criteria; it suggests options for the financial institution to pursue while simultaneously communicating results to the applicant. Commercial Lending Center allows management to monitor the entire loan workflow, resulting in a superior customer experience. Borrowers get answers sooner and loans originate faster as the streamlined process expedites requests to closing.