Biz Lending & Insurance Center, Inc. (BLIC) is all about helping your Credit Union find, review, support and close more quality Commercial Real Estate Loans, Business Loans, Business Deposit Accounts and Ancillary Products.
With RM-ONLINE your Credit Union can empower its Business Relationship Managers to do what they do best; Attract and close business and commercial real estate loans!
If your Credit Union is like most CU’s there is maybe one or a couple of Relationship Manager(s) that do the jobs of many including but not limited to prospecting, selling, obtaining new applicants, collecting documentation, spreading numbers, preparing write ups for the credit committee, communicating with the applicants, working with the underwriting department, reviewing appraisals, arranging closings, opening up new accounts, site inspections, annual reviews, collections, etc. etc. etc!
What if you can relieve the Relationship Managers from many of these functions while enhancing their relationship with more business owners/investors and focus their time on generating additional loan and new account opportunities?
Imagine doing this without additional costs for new employees, benefits, office space and back-ups.
What if the CU is in-between relationship managers and needs assistance with bringing in new business and supporting old members? Sounds good, well it is.
This is what the Biz Lending & Insurance Center’s RM-ONLINE program accomplishes. Here’s how:
- Document Collection & Preparation – Take the leg work and follow up away from the RM. The BLIC team will immediately work with the member loan prospect to collect all the necessary documents required to effectively underwrite that Commercial Real Estate Loan, Business Line of Credit, Equipment or any other type of commercial loan.
- BLIC stores the documents in a secure FTP site for the Credit Union & Member to use. Then BLIC prepares a preliminary pre-screening and market sounding of the loan. CLICK HERE FOR SAMPLE BLIC’s pre-screening includes:
- Loan Name
- Borrowing Entity Structure
- Property Type and Location
- Loan Amount Request
- Rate & Term
- Purchase Price/Refinance Amount
- Net Worth of Guarantors
- Liquidity of Guarantors
- Background of Property and Owner(s)
- Location (membership requirement fit) and Comps
- Opinion if the request meets CU guidelines
- BLIC forwards this write up to the RM/CU or CUSO for review with the CU credit committee to obtain approval to move the project forward into underwriting. At this point all the information the underwriters need are stored in BLIC’s secure site. This process will save the CU thousands of dollars and save the RM hundreds of hours to free up their time for closable loans.
- BLIC will work with the CU’s underwriters to collect any additional information required and help the RM prepare for closing.
RM-Online is the only program we know of that offers Credit Unions these services without spending huge amounts of money or staffing internally.
BLIC will work directly with the CU’s internal underwriting team, its CUSO or any other designated source.
To help streamline the process, while saving the Credit Union underwriting expenses, BLIC works directly with a number of well known, highly qualified underwriting sources throughout the country. We are able to match the collateral type and geography to an underwriter with expertise in those products and area.
Using this approach BLIC helps catapult the Credit Union’s response to new loan opportunities and increase the RM’s service level from first touch of the opportunity to closing, booking and servicing.
In addition the Credit Union enjoys increased independence while saving money!
For additional details and to arrange a presentation please click here.