Lendio’s Duel Approach Heats Up Deal Competition

By Charles H. Green

In the last two week, innovative business loan sourcing company Lendio.com has demonstrated how technology can make them a commercial banker’s best friends to increase deal productivity, and at the same time fill that capacity with an even greater deal flow. They are working both ends of the supply and demand equation.

On July 9, Lendio announced that they were making their business loan prospect Lendio.commanagement tool, called PipelineTM, available to banks for free. Lendio works with thousands of banks to match up business owners seeking financing. Loan applicants provide an application profile that gets screened for specific lender search demographics.

PipelineTM helps smaller banks who are transitioning into more digitized process to take advantage of better information management and client contact, which will help loan officers ultimately close more deals.

Then on July 16, Lendio announced that they were opening access to their lending networks to other loan brokers around the country. Essentially, these additional referrals will accelerate their own deal origination traffic. Lendio hopes to peel the attention of these broker’s from dozens of other online business lenders and merchant cash advance funders.

When brokers take deals directly to a lender, their deal is in the hands of a single decision-maker, but by working through Lendio, the broker can get access to more lenders simultaneously so to leverage their time and deal approval success.

What does this mean for SBA lenders? Lendio manages to see a fair amount of transactions that are ripe for SBA loan products. Their profile culls information from business owners to sort them according to likely qualification and the likely lending product that will meet their needs.

Of course you have to be registered with Lendio to access their loan referrals, and if not, guess you better start dialing that phone on your desk.

Read more at DigitalJournal.com.

This entry was posted in ABL, AdviceOnLoan, CRE, SBA
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