CommLoan, an early stage commercial mortgage lending technology company, announced Tuesday (Dec. 13) it received $2.25 million in venture capital seed funding from Social Leverage and ViaWest Group.
In a press release, the company said the funding will be used to accelerate sales and strengthen the company’s position in the market. “CommLoan has built a distinctive platform designed specifically for the commercial real estate finance setting, improving the overall lender-borrower experience,” said Tom Peterson, founder and general partner of Social Leverage, in the press release.
Meanwhile, Steven Schwarz, founding partner of ViaWest Group, said: “Being in the commercial real estate business, we recognize the opportunity that CommLoan has identified to change the way commercial mortgage real estate financing currently works, which will result in a win-win for both borrowers and lenders who use their platform.”
According to CommLoan, it is the first company to create a marketplace platform that can sort through thousands of lenders and tens of thousands of loan programs, matching commercial mortgage borrowers with the right loan product. In addition to its technology platform, CommLoan provides borrowers with support throughout the loan process through its loan processing and underwriting departments. CommLoan provides loans to borrowers directly and also through its partnerships with commercial real estate brokerage firms and other commercial mortgage brokerage firms.
“The commercial real estate lending process is highly inefficient, and borrowers are limited as it relates to their access to lenders and loan programs,” said Mitch Ginsberg, cofounder and CEO of CommLoan, in the same press release. “CommLoan aims to make the process efficient for both lenders and borrowers. For lenders on our platform, we offer access to a new source of potential borrowers, together with consistent, pre-processed packages underwritten to their specific guidelines. For borrowers, CommLoan gives access to the best available pricing, while providing white-glove service throughout the lending process.”