RISMEDIA, April 24, 2007-Nestled among exhibitors showing off everything from the latest in flooring products to efficient air conditioning systems at this year's International Builders Show in Orlando, Florida was a company that brings promise to the pitfalls of construction lending.
According to the company, AFP Solutions, Inc. recently launched an innovative, Internet driven service that enables a builder or private borrower to submit a new construction project, and then receive quotes from multiple lenders simultaneously. AFP Funding Request is free of charge to borrowers, and consists of a network of approved lenders who have joined the service in order to increase their lending business.
"Using our simple on-line application, your project is distributed to our entire network of approved lenders, who then compete to give you the best loan possible. You win by getting more competitive bids than you would otherwise, and lenders win by gaining access to borrowers through the service," said Patrick Cunningham, developer of AFP Funding Request, and president of AFP Solutions, Inc.
A Great Deal for Builders
Traditionally, securing a construction loan has been a difficult process involving costly production of project packets and varying requirements between lenders. Even those that have built a good rapport with a lender may often be left wondering if they could secure a better rate elsewhere, but don't have the time, effort, or personnel to shop other lending options.
AFP Funding Request addresses these pitfalls, acting as a link between the builder and the lender. The borrower logs on to the service via the Internet and enters the project information using a simple entry form, which is submitted to the lenders within the network. Lenders from the nationwide network then respond back to the builder with a one-on-one dialogue. The borrower is never required to provide confidential personal information or submit to a credit check prior to talking directly with a lender.
"What could be better than having lenders bidding for your business and even offering lowered rates in order to compete in the market?" said Cunningham. "We want builders to have the advantage, and we understand the frustration inherent in the current system. AFP Funding Request is easy to use, provides 24/7 access, and is free to the builder. That makes good technological sense."
Lenders Boost Their Business
AFP Funding Request accepts applications for various types and sizes of construction loans, so lenders can bid on the projects that meet their specialized goals and requirements.
"Our nationwide network of lenders offers funding from single family homes to large developments, from a small commercial office to large, multi-million dollar hotels," said Cunningham.
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