NEW YORK, NY -TapCap, the real estate industry’s first fully digital nationwide multifamily lending company, has officially launched. TapCap thrusts the stale, outdated commercial lending model into the future by introducing a cutting-edge digital approach to the multifamily loan process that is simple, transparent and secure. Through TapCap’s digital platform and multifamily loan app, borrowers have access to real-time and fully transparent financing options at their fingertips.
“The mortgage experience for commercial properties hasn’t changed much in the last few decades,” said Zac Rosenberg, CEO of TapCap. “The service is stale, the process is antiquated, and the experience is full of shocks and delays. Lenders traditionally quote aggressively to win business, but there's a 50-50 chance those will not be the terms a borrower receives at the closing table. Borrowers deserve an approach that is transparent and financially smart, and one without any surprises. This is what TapCap is all about. We provide confidence to the borrower because we deliver on our terms and we quote responsibly.”
By leveraging a large volume of property data, cloud infrastructure, and predictive machine learning, TapCap can process greater loan volume at lower cost while providing a seamless borrower experience. Borrowers can access the TapCap app from any computer or mobile device, and the three-step process is simple: Input property information, review financing options and select a term. All in under 10 minutes.
“Our underwriting algorithm leverages over 10,000 transactions and more than 100,000 property comparables to deliver absolute precision,” added Rosenberg. “TapCap is not a simple mortgage calculator. Loan pricing is updated in real time, so rates and proceeds are always accurate. We provide borrowers with transparency and confidence during each step of the financing process.”
According to the National Association of Realtor’s 2019 outlook on commercial lending, 33% of borrowers failed a transaction due to problems during the mortgage financing process. In addition, Rosenberg found through many client interviews that more than 50% of borrowers feel like the loan process is a black box; and 100% of borrowers would prefer greater transparency around the loan terms and process pre, during and post-closing.
Rosenberg identified these problems with traditional lenders and knew it was time for a modern solution. TapCap simplifies the multifamily financing process with its cutting-edge technology and is upfront with loan terms and fees from quote to close. TapCap charges a standardized fee across the board, and if interest rates decrease during the loan process, TapCap will pass those savings on to the borrower – always.
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