Costs joining forces with Investment Management AppFolio at the start of the year, technology-focused brokerage Lev threw Lev readywhich it touts as the world’s first end-to-end digital lending platform for commercial real estate.
Lev Lending uses proprietary artificial intelligence to digitize and transform the traditional CRE lending process. During its soft launch, Lev Lending secured several million dollar loans on commercial properties such as a General dollar in New Jersey and one KFC in Rochester in as little as 30 days – up to three times faster than traditional lenders, according to a statement from the brokerage.
Traditionally, the process of ordering an appraisal could take around a month due to the lengthy underwriting process. Lev Lending was successful in getting valuations commissioned within hours of closing a deal. The platform has also succeeded in further streamlining the process through greater transparency for the parties involved, according to Yaakov Zarfounder and CEO of Lev.
Lev Lending will initially specialize in permanent non-recourse loans on single tenant net-leasing (NNN) properties. The company plans to expand into multifamily in the second quarter, Zar told Commercial Observer.
“The world of commercial real estate financing is quite complex and old-fashioned. And the whole process of getting a loan on commercial real estate, in our opinion, is pretty broken. And he’s been pretty broken for quite a while,” Zar said. “And we saw that we could help customers get the experience they expect; a truly digital, fast, clear and seamless experience. Our goal is to make it ridiculously easy to get the best financing for commercial real estate properties.
Lev Lending is the new direct lending arm of Lev, the CRE funding platform that issued nearly $1 billion in loans through its marketplace in 2021. Borrowers are automatically matched with the “right” lender through an intuitive interface, according to a statement.
Emily Fu can be reached at [email protected].