"We extend their value-added services to the financial side of the business," says Thomas Markel, CEO/chairman of Oinke. "We provide FFE (fixtures, furniture and equipment financing) to CB Richard Ellis' customers--cars, manufacturing equipment, factory equipment, computers, furniture or…working capital lines of credit. Now they can put all their needs into one bucket and make one payment through their CB Richard Ellis broker," he adds.
CB Richard Ellis is Oinke's first major customer since launching its services in September 1999. Now the company is deploying its platforms to other major users through co-branding on a license or private-label basis. Customers who need to finance anything from $5,000 to $50 million, including the real estate itself, can upload their application information for 75 different loan types via Oinke's secure paperless vault. Loans go out for bid among the 160 lenders in Oinke's network through a secure auction environment that allows lenders to respond directly to potential borrowers.
Oinke's agreement with CB Richard Ellis does not include the real estate financing module of its services, because the commercial brokerage owns its own real estate investment-banking firm, L.J. Melody & Company.
"The new CB Richard Ellis Commercial Finance Center complements the portfolio of products and services we now offer our clients through the CB Richard Ellis Website," says John Frager, SVP of the company's Web Services Group. "The alliance with CB Richard Ellis builds upon our strategy of reaching qualified commercial borrowers through the trusted brands with whom they do business," adds Markel."
The firm is currently in discussions with CarrAmerica Realty Corp. to supply services. Markel says the Oinke Internet platform also is adaptable to REITs.
Oinke is the first Internet-based commercial finance company to offer Moody's Risk Management Services credit-scoring reports and has formed additional alliances with Integra and Transunion.
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