FinanceNow is a product of LoopLender.com, LoopNet's online financing service, which provides direct access and loan approval from top lenders, including JP Morgan, Morgan Stanley, First Union and Wells Fargo Bank. LoopNet's partners in FinanceNow include Archon Financial, a Goldman Sachs company; ARCS Commercial Mortgage, the number-one Fannie Mae DUS lender; CIT Small Business Lending Corporation, a unit of CIT; and First Union Securities Inc, a subsidiary of First Union Corp.
"As investors are searching to buy properties it will allow the lender to target categories with real-time rate information," LoopLender managing director John Gough tells GlobeSt.com. "As for the brokers, it will increase the speed in which a sale can be made by allowing the integration of competitive financing terms directly into the listing which in essence will help facilitate the sale of the property."
Through FinanceNow, Archon Financial will offer fixed-rate and floating-rate first-mortgage financing on office, industrial and retail properties valued in excess of $10 million. ARCS will focus on multifamily properties valued at $3 million or more. CIT, meanwhile, will finance owner-occupied small business properties ranging in value from $200,000 to $4 million, and First Union Securities will provide fixed-rate and floating-rate permanent and bridge financing for retail and multifamily properties with values greater than $3 million.
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