Bridger Commercial Funding Closes $300M in CRE Loans; Lender's STAR Loan Program Hits Full Stride.
SAN FRANCISCO--(BUSINESS WIRE)--June 5, 2000
Bridger Commercial Funding, the leading Internet-powered commercial real estate lending partner to U.S. commercial banks, has funded $300 million in fixed-rate loans. Most of the loans were funded under Bridger's highly popular STAR Loan program, a competitively priced, fixed-rate commercial mortgage offered through Bridger's rapidly expanding network of banks across the United States. The loans range in size from $1M to more than $15M and include a wide range of property types and locations.
According to Bob Schonefeld, CEO of San Francisco-based Bridger, the introduction of the STAR Loan program has resonated with both the company's client banks and borrowers. "We've seen our bank clients really embrace the STAR Loan, which emphasizes competitive loan rates with added customer service aspects simply not delivered by other lenders," Schonefeld said. "In addition to the reception the STAR Loan program has received, we've seen many new bank clients sign up in the last few months. Bridger is now working with over 60 banks across the nation -- and this number is growing quickly."
Another one of the reasons cited for Bridger's continued market penetration is the company's interactive web presence, BridgerFunding.com. Through BridgerFunding.com, bank clients can view up-to-the-minute mortgage market and financial news and receive immediate price quotes on new loans through Bridger's Interactive Pricing System (BIPS), the industry's most accurate pricing engine for long-term, fixed-rate commercial real estate financing. Via BIPS, banks or borrowers can enter basic property and financing information for an immediate rate quote. The banker or borrower can also adjust the property information on screen to run "what if" scenarios.
BIPS will also automatically adjust loan calculations that fall outside secondary commercial mortgage market standards. Bank clients have also saved a tremendous amount of time downloading documents from BridgerDocs to price, underwrite and close commercial mortgage transactions.
"The level of activity on the web site has been truly amazing and is growing daily," says Greg Saunders, the company's EVP responsible for Finance and Strategic Planning. "Clients have priced over $1 billion in unique commercial mortgages via BIPS since we launched in February. The feedback from our bank clients and borrowers has been very positive," he added.
Saunders anticipates strong application and funding activity this year as a result of both the launch of BridgerFunding.com and the STAR Loan program. "The good news for borrowers is that the commercial mortgage-backed securities market remains a competitive source of mortgage capital. All-in rates have declined, which bodes well for our bank clients and their customers. Fixed-rate loans continue to exhibit overall pricing that remains low by historical standards. Under such conditions, all borrowers need a program like Bridger's," said Saunders.
Bridger Commercial Funding is the leading Internet-powered commercial real estate lending partner to U.S. commercial banks. Bridger's large capitalization enables local and regional banks to offer highly competitive fixed-rate, long-term, non-recourse commercial real estate loans that are underwritten to secondary market standards. Bridger's unique lending programs allow banks to increase their return on equity by generating substantial fee income while retaining and growing their borrower relationships. Bridger's growing network of banks has placed the Company among the top providers of commercial bank-originated loan products to the global commercial mortgage backed securities market (CMBS). Through BridgerFunding.com, clients are provided an array of tools to efficiently price, underwrite and close loans for sale into the global capital markets.
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|Date:||Jun 5, 2000|
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