ABOUT BRIDGE LOAN NETWORK
Q: Who is Bridge Loan Network
A: Located in South Windsor, CT, Bridge Loan Network was established in 2013 as a leading, online marketplace portal in the asset-based lending space. By providing a centralized platform for submitting deals, Bridge Loan Network is technology that connects borrowers, brokers and lenders.
Q: What services does Bridge Loan Network offer?
A: We offer a couple main services, a Loan Origination System for lenders, a Loan Management System for brokers, Default Servicing and a Referral Marketplace. Additionally, we offer credit and background reporting and appraisal reporting in our software solutions.
Q: How much does it cost to join your platform?
A: The Loan Origination System is $49.99 per month and the Loan Management System is $19.99 per month. Both have an option for a one-time annual payment which reduces the overall cost.
Q: How is your software installed?
A: The software is a cloud-based platform available to you wherever you have an internet connection. Our Loan Management System is available as an API that goes directly into your website allowing for quick and easy set up.
Q: What other types of programs are you integrated with?
A: We can integrate with CRM’s, servicing software and most other platforms. Additionally, we are integrated with CIC meaning we have the ability to perform hard credit pulls as well as with Lexus Nexus for pulling background reports and Appraisal Nation for appraisals.
Q: What if as a lender, I can’t fund a deal?
A: If a Lender cannot fund a deal, they can refer it out to the other lenders on our Referral Portal to be funded. If the deal gets funded, the originating company receives a referral bonus. If a deal does not get funded by the first lender that submits interest, the deal can be placed back into the referral portal to be viewed by more lenders.
Q: How does Bridge Loan Network make money?
A: Bridge Loan Network charges a user fee for the Loan Management System and Loan Origination System. Bridge Loan Network does not make money on deals closed internally. We do however, take a small fee on any deal closed via the referral portal. This can be a loan inputted by a broker and closed by a lender or, can be a loan inputted by a lender and closed by another lender. Additionally, we charge small fees on credit and background orders and we take a small fee on transactions completed through our merchant account.
HOW TO SIGN-UP
Q: How do I sign up as a Lender?
A: To sign up as a Lender with Bridge Loan Network, please fill out this form to request a demonstration of our Lender Portal. A representative will contact you to schedule your demo.
Q: How do I sign up as a Broker?
A: To sign up as a Broker with Bridge Loan Network please click here and complete the web form.
Q: How do I submit a loan request in the Referral Marketplace?
A: To submit a loan request, including 1003 Mortgage Application Forms, complete the form here.
Q: What is Hard Money?
A: Hard money loans are a specific type of asset-based loans that are secured by real estate collateral. Hard money loans are generally given through private investors or companies.
Q: What is a Bridge Loan?
A: Short term financing which bridges the gap until another financing, typically traditional financing, is acquired.
Q: What is a Referral Fee?
A: A fee paid by one Private Money Lender to another for referred business. Referral fees are common for commercial loan transactions between hard money lenders, brokers and investors.
Q: What is the Loan Management System (LMS)?
A: The intuitive Broker Loan Management System from Bridge Loan Network digitalizes the process enabling brokers to upload and store their client’s information once for multiple lenders to review.
Q: What is the Loan Origination System (LOS)?
A: Loan origination is the process where a borrower applies for a loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds. The loan origination system is an online portal where lenders can process loans, upload documents and communicate with the broker or borrower.