NEW YORK, NY - TapCap, the real estate industry’s first fully digital nationwide multifamily lending company, today announced it has received more than $1.3 billion in loan requests since releasing its app a month ago. TapCap’s digital approach challenges the traditional commercial lending model and is gaining momentum with borrowers looking for a straight-forward, transparent financing process. Through TapCap’s loan app, borrowers have access to highly accurate financing options at their fingertips. In addition to TapCap’s proprietary data-driven underwriting, it emphasizes keeping borrowers in the know by being completely upfront with loan terms and fees from quote to close.
Since releasing its app last month, TapCap has already received more than $1.3 billion in multifamily loan requests for properties located across 29 states. Contrary to the common assumption, the loan requests varied in size, with some requests for properties with valuations over $100 million.
“We’ve often heard from industry moguls that the multifamily lending space would be immune to technology and disruption. It’s why so many in the lending industry still rely on outdated excel models and gut-driven credit decisions,” said Zac Rosenberg, CEO of TapCap. “With a large scale, data-driven underwriting model and a straightforward, transparent loan process, TapCap will drag commercial real estate lending out of the dark and into the information age.”
Rosenberg added, “With more than $1.3 billion in multifamily loan requests since TapCap’s launch a month ago, multifamily owners have demonstrated that this space is ready for a digital revolution.”
By leveraging a large volume of property data, cloud infrastructure, and predictive machine learning, TapCap can underwrite and process billions in loan volume at lower cost while providing the most seamless borrower experience. Real estate owners can access the TapCap app from any computer or mobile device.
TapCap currently provides financing for multifamily projects nationwide with five or more residential units across conventional, student, military, seniors and affordable housing. Loans are available for both refinance and acquisition of stabilized properties with 5 to 35-year terms, including fixed, floating and interest only.
About TapCap: TapCap is the first fully digital and transparent nationwide multifamily lending company. TapCap thrusts the stale, outdated commercial mortgage model into the future by introducing a fully digital approach to the multifamily loan process that is simple, transparent and secure. Through TapCap’s digital platform and loan app, borrowers can access real-time and fully transparent financing options at their fingertips. TapCap’s three-step multifamily financing process is simple and can be accessed from any computer or mobile device. TapCap quotes responsibly and delivers on its terms - there are no hidden fees or surprises. TapCap is the future of multifamily lending nationwide. For more information, visit www.tapcap.co