Bridge Loan Network has developed our Referral Marketplace as a way to connect investors and brokers to the perfect lending solution for 5 years, helping countless brokers close more deals and organize their business.

As our team takes great pride in continuing to improve our product and software offerings we’ve continued to grow from a new start-up company in this space by using feedback from all our clients and industry partners.

In an effort to expand our Referral Lender Network, further automate the matchmaking process, and improve and expand on the available product offerings Bridge Loan Network has partnered with a directory of private lending companies offering short and long-term financing secured by residential and commercial real estate throughout the United States, Private Lender Link.

Private Lender Link has been offering an online directory for Lenders, Service Providers, and other professionals in the investment real estate industry since their start in 2010.  The Private Lender Link team touts the highest level of customer service and works tirelessly to match broker and investor loan scenarios with the perfect lending match.

We are very excited to launch this partnership and offer faster and more accurate lender suggestions. To gain access to this Referral Network, please contact your Broker Account Representative at Bridge Loan Network to ensure you have the correct membership with us. Then once your loan request has been added into our Bridge Loan Network software simply select the Action to “Refer to Private Lender Link.”

Appraisals are a crucial step in the investment real estate industry and most private and hard money lenders require investors to have a completed appraisal done, before moving forward to underwriting and closing.

To ensure all our customers, including lenders, brokers and investors, receive the best customer service and quick turn times with their appraisal ordering, Bridge Loan Network has partnered with the nationwide appraisal management company, Appraisal Nation. Bridge Loan Network customers can now order appraisal reports directly in their lending portal and then have the completed report automatically uploaded into the system.

Before discussing more about how our integration with Appraisal Nation is a valuable add-on for our customers, it’s important to understand why appraisals are a vital step in the lending process.

There are three main sections of the appraisal report we’re going to discuss in this article, the As-Is Value, the After-Repair Value, and Comparable Properties, to help you gain a better understanding of the reports for yourself and your customers.

The As-Is Value

When an appraisal is being completed the appraiser examines the properties As-Is Value, which is the value the property is worth in its standing condition now, with no renovations completed. This value is an important factor for the lenders and may impact their decision to close the loan. If a property’s value is low, for instance, $10k, then some lender’s may choose to not lend on that property as it is below their minimum loan amount.

The After-Repair Value

If the property has any type of rehab work needed, then the appraiser will also take into consideration the borrower’s rehab budget to determine the After-Repair Value (ARV) of the property. The ARV on the appraisal will tell the lender what the distressed property is expected to be worth after all the renovations on the rehab list are completed.  ARV is often valued by both lenders and borrowers to ensure the project is lucrative enough for all parties, and each will see a return-on-investment.

Comparable Properties

Comparable properties are another aspect of an appraisal that is crucial to evaluating the value of the property in both its As-Is state and its After-Repair Value state. The appraiser will look at similar properties in the immediate surrounding area and compare the value of those properties to the value of the subject property. If there are no similar properties in the surrounding area, this could dictate that the property is in a rural area, which some private lenders tend to avoid.

Overall, in the private money industry, time is one of the most valuable assets. Our integration with Appraisal Nation saves your company time by streamlining the entire appraisal process. Simply place an order in the Bridge Loan Network software and Appraisal Nation will take care of the rest. Utilizing their nationwide network, your request will be assigned to a certified appraiser promptly.

After the appraisal is scheduled, Appraisal Nation’s Client Service team will continue to work with the appraiser until the report on the property is finished. Once the report is complete, Appraisal Nation has their in-house appraisers review the to ensure all fields are complete, and then the report is uploaded into the Bridge Loan Network software. The Bridge Loan Network software keeps all loan documents in one secure location for all members of the transaction, streamlining the lending process.

In a continued effort to provide superior customer service and product updates to our clients we launched our Broker User Survey earlier in the year to gain a greater insight into how we are doing.

Many of our survey results highlighted the need to focus training on the services we offer in our software, including the ability to run a background check on a borrower powered by LexusNexus.

Background checks on borrowers are an important step in many, if not all, private or hard money lending transactions. *

Lenders require background checks to gain a better understanding of the borrower and their likelihood of repaying the loan. In certain situations, a background check can make or break the loan.

The typical red flags lenders will be looking for in a background check are any real estate delinquencies such as missed mortgage payments, defaults, or foreclosures. This is one of the most important items lenders will look into on a background check and can be the hard-determining factor to pass on giving a loan. Lenders will also look at any judgments or tax liens and fraud, criminal activity or serious felonies reported. Depending on the lender, there may be other items that can be deemed as a red flag, but lenders will always specify the problem when declining to continue with the loan scenario.

With that being said, if you have a client that has any of these red flags come up on a background report, be upfront with your lender and talk through the different paths to getting the deal funded. In some cases, lenders will be able to make an exception on certain occurrences.

As a user of Bridge Loan Network, Brokers and Lenders can run background reports on borrowers similarly to running a credit check. The background report will be stored in the Bridge Loan Network system and attached to the borrower for 90 days.

*Our team at Bridge Loan Network has lenders in our network that can provide loans with no credit or background check. If you have a client that you think may have a problem with either aspect, ask our team about our no document lenders.

In our industry, both in the private lending and financial technology industries, client and data protection are top of mind for both the company and customers. This is never more true than when dealing with someone’s book of business and their specific clients they have worked so hard to acquire. This is even more important when working with both someone’s business and personal information.

At Bridge Loan Network we take the protection of our client’s information seriously and our team has worked hard to create a secure network for all our users, including brokers, direct borrowers and lenders.

To ensure our broker’s client’s information is protected, as well as the broker client relationship, all approved and vetted lenders on our network are required to sign our Lender Agreement. This agreement states that if there is a broker who has brought client to a lender, the lender is required to work directly with the broker on the deal, and never go directly to the broker’s client. This of course can be amended if the broker gives permission for the lender to speak with the borrower about the specific scenario or application.

As a lender on our platform we promise that any client, either broker or borrower, who comes directly to you for funding will always then be assigned to your company through our lender relationship algorithms. You will always be the first to know if your client has submitted a loan request, and if it’s something that is outside your scope of lending, you have the option to refer the deal to our Marketplace Portal.

Our Marketplace Software also uses relationship algorithms to protect brokers from having past clients circumvent them by going straight to a lender in our system. Any loan that comes in from a past client who has previously come into our system through a broker, will always be assigned to the broker’s company. This will also trigger an alert to you as the broker, to let you know that your client has submitted a new loan request in Bridge Loan Network.

Bridge Loan Network values the relationships that brokers and lenders develop with their clients, and we want to protect our brokers and lenders by ensuring that their clients stay their clients.

If you would like to learn more about our Marketplace Portal or Loan Management System, please contact a member of our Bridge Loan Network Team today!

Bridge Loan Network has recently partnered with Appraisal Nation to make it simple for lenders to order appraisal directly through Bridge Loan Network. With one click you can order an appraisal for any property nationwide.

In the private money industry, time is one of the most valuable assets. Appraisal Nation saves your company time by stream lining the appraisal process. Simply place an order through our system to Appraisal Nation and they will do the rest. Utilizing their nationwide network, your request will be assigned to a certified appraiser within an average of 4 hours.

After the appraisal is scheduled, Appraisal Nation’s Client Service team will continue to work with the appraiser until the report on the property is finished. Once the report is complete, Appraisal Nation has their in-house appraisers review the to ensure all fields are complete.

Now that Appraisal Nation has partnered with Bridge Loan Network, we are excited to bring our clients the ability to order appraisals directly through our system. Making the appraisal process faster and easier for all of our clients.

Referrals Welcome!

Let’s Grow Our Businesses Together

Bridge Loan Network has developed a Referral Program that serves as a centralized location for real estate investors, contractors, REO Agents, and other members of the real estate industry to find hard money financing for their clients and receive a commission for the referral.

The premise of the Referral Program is simple. Our web developers at Bridge Loan Network will set you up with your own web application link where we can track the loans that come through so you can receive a commission for the closed loans. Then once your personalized application link is created, you can either direct people to apply by sending the link, or by adding a button to your website.

We also suggest adding a small amount of text around, or below the application link to help visitors on your site know where to apply for the hard money loans. Two examples our current Referral Program Members are using are below:

“The Fastest Route Between Loan Application and Closing for Hard Money Deals. Apply for a Loan Today!”

“We provide hard money loans and commercial lending options for real estate investors with competitive rates and terms. Apply Now.”

Pro tip: Don’t have a website? We can still build you a personalized Referral Application page that you can send to your clients in order to get deals in!

Benefits of the Referral Program:

• Receive commission for every closed deal!
• Easy to implement loan application form
• We handle everything from loan application to closing
• Responsive and reliable customer service for your clients
• Competitive rates and terms from industry leading lenders

How the Referral Program Works:

1. Bridge Loan Network creates your own personalized Referral Application Link
2. Add Referral Application Link to current site or send directly to clients looking for funding
3. Loans submitted will be sent to industry leading private lenders on the Bridge Loan Network Software
4. Lenders will contact applicant’s directly to process the loan request
5. When the loan closes, you as the referral source will receive a commission on the deal
6. Repeat and earn easy referral commissions!

Apply to become a Referral Program Member today!

As you know, our system has the ability to track your client’s loan from beginning to end. However, we are constantly striving to add more features in order to decrease the amount of work involved for all parties and increase closing efficiency. That’s why Bridge Loan Network is excited to introduce our newest feature, the ability to pull credit history!

The credit check is good for 90 days. What that means is your client’s credit doesn’t have to be ran multiple times by multiple lenders. Bridge Loan Network will run the report once and keep it safe and sound on our system for 90 days so it can be seen by the multiple lenders on our site. One credit check means not only will your client save money, but it will help to maintain their credit score.

Lenders, when we say browse completed loan packages, we mean it! This feature allows you to quickly determine if the borrower’s request meets your criteria. It also saves you time, no more asking for, or waiting around for credit scores to be checked. It’s all right here, in our loan origination system!

Lastly, payment for the credit check is also processed through our system allowing you and your clients to truly keep all documents in one, safe spot. Join us today if you’re looking to introduce a new way of closing hard money deals to your clients. Contact us for help getting started.

The Bridge Loan Network lending portal is robustly unique. With just a click of a button brokers can submit loan packages that can be viewed by multiple lenders. Lenders, these deals must be fully completed before they are let into our portal meaning you don’t have to waste your time tracking poor leads. Our goal is to help lenders and brokers come together to get deals done, so we’ve put together this list of tips for how to best utilize our platform to be profitable.

Brokers:

Take a look at the list of items needed for 24-hour underwriting. Once you have these documents ready to go, head to the lending portal and submit the paperwork. The best part is, you only have to submit the loan package once and then it can be viewed by multiple lenders.

Like we said, our system is robust. The more information you provide, the better chance you have at capturing a lender’s attention. Make sure you are as thorough as possible. Include as much information about the loan request as possible. For example, don’t forget to specify the loan type, amount, purchase price and very importantly the borrower’s contribution and credit.

Lenders:

Time is money. Don’t wait for opportunities to come to you or waste time looking at poorly sourced deals. Log in daily to see multiple broker-submitted loan packages all in one place. Choose deals that are right for you and streamline your internal process. No more searching for paperwork, or requesting last minute information. Everything you need can be quickly accessed anywhere you have an internet connection.

Contact us today to demo our software and to learn about the features that can reduce your work load to make you more profitable!

The Bridge Loan Network lending portal is robustly unique. With just a click of a button brokers can submit loan packages that can be viewed by multiple lenders. Lenders, these deals must be fully completed before they are let into our portal meaning you don’t have to waste your time tracking poor leads. Our goal is to help lenders and brokers come together to get deals done, so we’ve put together this list of tips for how to best utilize our platform to be profitable.

Brokers:

Take a look at the list of items needed for 24-hour underwriting. Once you have these documents ready to go, head to the lending portal and submit the paperwork. The best part is, you only have to submit the loan package once and then it can be viewed by multiple lenders.

Like we said, our system is robust. The more information you provide, the better chance you have at capturing a lender’s attention. Make sure you are as thorough as possible. Include as much information about the loan request as possible. For example, don’t forget to specify the loan type, amount, purchase price and very importantly the borrower’s contribution and credit.

Lenders:

Time is money. Don’t wait for opportunities to come to you or waste time looking at poorly sourced deals. Log in daily to see multiple broker-submitted loan packages all in one place. Choose deals that are right for you and streamline your internal process. No more searching for paperwork, or requesting last minute information. Everything you need can be quickly accessed anywhere you have an internet connection.

Contact us today to demo our software and to learn about the features that can reduce your work load to make you more profitable!