Commercial Lending Needs Tech Innovation
Did you know that commercial real estate lending still relies on methods, technologies, and programming that was invented before the internet existed? It’s no wonder that borrowers are frustrated by the months-long process and that they rarely end up with the deal they hoped for!
Many of the issues facing commercial lending could be resolved by adopting new technologies. For instance, manual processes slow down the lending process and waste valuable time. Clients want excellent customer service and lenders who can anticipate their needs. Outdated processes hinder both of these expectations. Another issue is that brokers have to call lots of lenders to find the right deal for their clients, but this is a cumbersome way of doing business and it leads to lost lender opportunities.
Commercial real estate is suffering, especially since the COVID pandemic of 2019. Many retail and office buildings have been left abandoned. However, there is still hope.
99% of lenders believe that technology can improve the commercial mortgage application process.
It’s time for commercial lending to embrace the digital world...