BridgeSpan Surpasses $1 Billion in Residential Real Estate Closings; Poised for Even Further Growth, Company Reaches Milestone Just Five Months After Launching.

Business Editors

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Sept. 25, 2000

Only five months after launching, BridgeSpan Inc., the nation's first and only complete online closing solution for the residential real estate industry, Monday announced it has surpassed $1 billion in transactional volume.

"Surpassing the $1 billion mark in transactional volume at this early stage is a significant milestone and testament to our business model that is unlike any other in the industry," said Mark Evans, BridgeSpan CEO.

"What continues to set BridgeSpan apart is that we control all aspects of the closing process by delivering high-quality title and closing services, using state-of-the-art, Web-based technology -- all available to realtors, brokers and lenders at no cost, while consumers pay customary closing costs," Evans said. "Our acceptance by realtors, lenders and their clients has been overwhelmingly positive."

Evans said the company, which reached the $1 billion mark while operating primarily in the San Francisco Bay Area, will see its already impressive transactional volume increase significantly as BridgeSpan expands into other key markets in the coming weeks.

BridgeSpan's innovative services help all parties involved in the residential real estate transaction work together to close more efficiently than ever by eliminating redundancies and simplifying the many steps involved in the cumbersome but critical closing process. There are no costs to agents and buyers using BridgeSpan's services, and buyers or sellers pay only customary title and closing fees.

"BridgeSpan's closing services, combined with its Web site, provide my team and my clients a higher degree of service because they fulfill all aspects of the closing process," said Miles McCormick, a top-producing realtor in Coldwell Banker's Menlo Park, Calif. office. "If there's one thing all realtors want, it's a stress-free closing -- BridgeSpan provides this."

BridgeSpan provides real estate professionals, lenders and consumers with a unique approach to the all-important closing process by combining closing services from its own team of in-market specialists, with superior Web-based technology (available at www.bridgespan.com).

Within the past 60 days, BridgeSpan announced that Evans, a former Goldman Sachs & Co. senior executive had joined the company as its chief executive officer, and that the company is now licensed in 32 states as a result of its acquisition of ServAmerica National Title Co.

About BridgeSpan

BridgeSpan, through its subsidiary BridgeSpan Title Co., is the nation's only complete online closing solution (www.bridgespan.com) that enables all parties in a residential real estate transaction -- realtors, lenders, closing professionals and their customers -- to successfully close a home.

A Fulfillment Services Provider (FSP), BridgeSpan controls all aspects of the closing process using its own team of closing professionals and Web-based technology, which can be customized for local markets and integrated with other e-commerce solutions. Based in Mountain View, BridgeSpan is backed by Benchmark Capital, Sequoia Capital, and Capital Research and Management Co.