CyberLoan Network Loan Application Volume Tops $700 Million in August, Nearly $3.6 Billion in First Eight Months.

DENVER--(BUSINESS WIRE)--Oct. 1, 1999--

FinancingSources.Com (a/k/a DataMerge, Inc.), a Denver-based developer of on-line loan submission systems for the commercial real estate industry, today announced that on-line loan applications funneled through its CyberLoan Network totaled a record $702 million in August, the last full month for which figures are available.

In related news, the company reported that total loan application volume since the February 1999 launch of the CyberLoan Network is now nearly $3.6 billion.

"Overall, the growth in volume is right on track with what we expected, except for August, which exceeded expectations by 88 percent," said Spencer Kluesner, chief executive officer of FinancingSources.Com. "We attribute the August jump to a frenzy of filings as individuals tried to secure better interest rates in anticipation of a rate hike, which did in fact occur on August 24. Federal Reserve Chairman Alan Greenspan had been hinting at a hike, and borrowers were trying to lock in rates before that occurred. Nevertheless, we're still growing 25 percent per month, and by next February, we should see loan application volume of $1 billion every 30 days."

The CyberLoan Network is an on-line multi-lender loan application system currently used by many of the United States' 500 largest lending institutions. Borrowers seeking to acquire or build commercial properties or multi-family housing access the system and complete a detailed loan application, which is then matched with the underwriting criteria of lenders nationwide and electronically transmitted to those most likely to finance the property.

While many companies such as E-Loan (Nasdaq: EELN) have developed similar systems for the residential mortgage market, CyberLoan Network focuses exclusively on financing for commercial and multi-family properties. CyberLoan Network was the first of its kind and is the only system to electronically transmit loan applications directly to lenders, routing those applications through the lending institution's internal maze to the right department, office and individual loan officer. It also is the only system to incorporate proprietary knowledgebases and expert advice technologies that guide the borrower through the completion of a loan application, ensure the accuracy of information in that application, and raise the qualifications of the borrower.

On September 29, FinancingSources.Com announced it is now licensing technology from the CyberLoan Network to individual lenders for use on their own websites through a new product, CyberLoan Virtual Lender (CVL). CVL works much like the CyberLoan Network, except that it runs on one lender's website and transmits loan applications exclusively to that lender. Lenders, facing huge development costs and time commitments to develop an on-line lending system, can license CVL at far less cost and get far better technology in as little as 30 days.

Coinciding with FinancingSources.Com's CVL announcement was an announcement that the nation's largest lender to the Chinese-American community, United Commercial Bank (Nasdaq:UCBH), had licensed the first CVL installation.

While CVL is new, the CyberLoan Network has more than 500 participating lending institutions, including GE Capital Real Estate (NYSE:GE), Bank of America (NYSE:BAC), Heller Financial, Inc. (NYSE:HF), Bank One Corp. (NYSE:ONE), The FINOVA Group, Inc. (NYSE:FNV), and Transamerica Corp. (NYSE:TA), among others.

Privately held FinancingSources.Com gained national attention and investor interest as the up-and-coming commercial version of E-Loan following that company's successful initial public offering (IPO). "Most investors are surprised to learn that, in terms of loan application volume, we are bigger than E-Loan and we are growing 25 percent monthly," Kluesner said.

Additional information can be obtained at www.financingsources.com or by calling 800/580-1188.

Specific inquiries should be directed as follows:

-    Investing/Financing             Robert Ohman
                                     303/757-6298, Ext. 204
                                     [e-mail]

-    Executive/CEO                   Spencer Kluesner
                                     303/757-6298, Ext. 209
                                     [e-mail]

-    CyberLoan Network/              James Fisher
     Virtual Lender                  303/757-6298, Ext. 224
                                     [e-mail]

-    Press                           Peter Masi
                                     303/399-6031
                                     [e-mail]

Editor's Note: The Company has acquired rights to CyberLoan.Com and the servicemark for CyberLoan. Beginning January 1, 2000, the Company, which includes DataMerge, Inc. and FinancingSources.Com, will begin doing business exclusively as CyberLoan.Com.