Aries Capital, a full-service commercial mortgage banking firm based in Chicago, has launched LendingCap Commercial, an automated mortgage banking platform specializing in nonrecourse, permanent and bridge loans from $3 million to $75 million for hotel, multifamily, self storage, retail and other commercial properties nationwide.
LendingCap says this new process saves borrowers time and money for nonrecourse financing and that the savings are shared with the borrower as credits at closing.
‘LendingCap leverages a proprietary technology-based system to automate and streamline the commercial mortgage process, making it easier, more efficient and more cost-effective for borrowers in need of simple, nonrecourse financing,’ says Neil Freeman, chairman and CEO of Aries Capital.
According to LendingCap, this new platform utilizes an online dashboard to provide borrowers, their employees, accountants, originators and underwriters, with real-time access to every step in the loan process. The company also claims this platform benefits borrowers with all levels of nonrecourse financing experience.
Rushi Shah, Aries Capital's senior vice president, will serve as president of LendingCap.