CommLoan’s Mitch Ginsberg and Wayne Lorgus, Partner at B2B CFO Weigh in
An owner of an Arizona based growing business decided it was time to purchase the building his company was occupying. A loyal, long term customer of his bank, he knew that his relationships with the lending officers were as strong as his cashflow. The profitability of his business was strong and his future growth plans highly promising. No surprise then that his bank was quick to offer him a loan product to finance the building. The surprise came in a couple of days later, when that business owner tired CommLoan’s platform.
“He had a good loan offer on the table from his bank, but decided to give our platform a try out of curiosity to see all of the other options,” Ginsberg, CommLoan’s CEO, recalled the story. “Imagine his surprise when among the top three loan products was a loan offer from his very own bank, but at better terms that the bank gave him in person.”
For many growing businesses, the top priority for their cash flow is reinvestment in the business. Wayne Lorgus, Partner with B2B CFO has helped dozens of business owners decide how to make those decisions. “If the business is stable, or if the owner has personal financial resources and believes that the building will appreciate in value, buying the real estate can be a very good deal,” he said.
But while not every business owner has a B2B CFO Partner that they can quickly call on for advice, all who are considering a commercial real estate purchase can understand their options through CommLoan’s platform.
“We have more than 400 lenders on the back end of our platform, offering 25,000 loan products,” said Ginsberg. “This gives business owners unprecedented access to capital, without the headaches of going through the choices or the time investment of calling on all 400 lenders directly.”
CommLoan’s proprietary technology sorts through the loan products using a number of complex algorithms, and returns only the top 3 matches, based on the borrower’s criteria. Most importantly, the technology keeps the borrowers information private, completely confidential from the financial institutions and provides the selection in a secure data portal.
“Having helped many business owners navigate the complex lending process, I can clearly see the advantages of CommLoan’s platform,” added Lorgus.
With changes in regulatory platforms and raising interest rates, 2017 will be an exciting year for businesses and for commercial real estate. Both Lorgus and Ginsberg agree that the economy is showing signs of recovery. But whether 2017 will prove to be a good year to buy commercial real estate remains to be seen.
“Buying commercial real estate is what owners of growing businesses debate regularly,” added Lorgus. “Timing plays a part, of course, but the key factor remains in looking at the overall health of the business, its ability to respond to the changes in the economy, technology, and overall changing consumer behavior.”
Ginsberg agrees. “Running a business is hard enough. For owners of growing businesses, purchasing commercial real estate can be a daunting decision and an overwhelming task, my goal through CommLoan’s promise is to remove the extra hurdles and bring the very best offer to the table.”