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Fountainhead Commercial Capital Speeds Commercial Real Estate Loan Approvals Using AI
New Pronto system approves commercial real estate loan applications within two hours
Fountainhead launches Pronto loan system using artificial intelligence offering approvals within 2 hours.
"Today's entrepreneur demands quick decisions, but many banks and commercial lenders are still in the stone age when it comes to approvals," said Chris Hurn, CEO of Fountainhead Commercial Capital. "We streamlined a historically time-consuming and arduous process, so that business owners can now make fast decisions and get back to running their companies."
The Pronto system runs through a highly secure interface on the Fountainhead website. Borrowers or their representatives fill out key information fields and then drag-and-drop financial documents into the secure file system. Fountainhead's software then reads documents such as tax returns, financial statements and business debt schedules among other documents. Within a few minutes, the Pronto system reviews the files, applies the real estate transaction data to its underwriting guidelines for qualifying deals and then produces a detailed loan approval letter - auto-populating relevant numeric and alphanumeric data. Fountainhead's team of underwriters and credit analysts then perform a thorough yet quick review of the information before formally issuing the approval letter to the borrower - all within two hours.
According to Hurn, the most time-consuming part of the process is in the hands of borrowers who need to produce the appropriate financial documentation. With this information in hand, borrowers quickly and easily drag-and-drop documents into the Fountainhead system. Beta testers have found the system easy to use, and most completed the application process in less than 15 minutes.
"Business owners who have ready access to the financial information required for an SBA 504 or conventional loan can literally look at a property or building in the morning and have a Fountainhead approval by early afternoon," said Hurn. "It brings an immediate competitive advantage for business owners and commercial brokers. Reliable, accurate and valuable information is quickly delivered to borrowers, providing relief from loan approval anxiety."
According to Hurn, Pronto shortens the time it takes to complete an SBA 504 loan or conventional loan. While securing appraisals, environmental assessments, and Certified Development Company (SBA) financing may still take a few weeks, the approval time for the private sector component has been radically changed. Pronto officially launched today so borrowers and their representatives can begin using the system at http://www.Fountainhead504.com/
About Fountainhead Commercial Capital
Fountainhead is an industry-leading, national nonbank lender founded in February of 2015 by some of the most experienced and awarded small business lenders in the U.S. The company specializes in SBA 504 loans and low loan-to-value commercial real estate loans, ranging from $200,000 to $20 million. The company's unique FastTrack504 wholesale/secondary market program enables banks, credit unions, and others to fully outsource SBA 504 and conventional commercial real estate loans to Fountainhead, so they simplify the process for their clients and deal with specialists, while earning non-interest (premium) income. More information is available at http://www.Fountainhead504.com or by calling 800-770-1504.