Lenders Can Login Anywhere Anytime, View Key Metrics Including Details on the Advisor Applicants and Requested Loans, Then Pursue the Full Credit Memorandum.
Rollout Is First New Service Since SkyView Rebranded from ‘Succession Lending’ and Expanded into Investment Banking Services.
SkyView Partners (“SkyView” or “the firm”), formerly known as Succession Lending, the leading correspondent lender and investment bank focused on the needs of independent financial advisors pursuing M&A and succession planning deals, today announced the launch of the industry’s first digital Lender Marketplace for banks seeking to fund loans to advisors.
Scott Wetzel, JD, Founder and Managing Partner of SkyView Partners, said, “We created our Lender Marketplace to provide our bank partners with increased transparency regarding loan flow. We are providing our lenders with access to quality credits from a market historically underserved by banks. Ultimately, our Lender Marketplace strives to provide financial advisors with the best rates, terms and conditions possible.”
Currently, 16 banks and two investment banks have access to the Lender Marketplace. The lenders include community, regional and national banks with assets ranging from $2.2 billion to nearly $500 billion. The new service enables bank partners to login anywhere and anytime to view redacted information on the full universe of credit memorandums that are ready to fund.
With the names of applicants and other banks still undisclosed, lenders on the marketplace can view key funding metrics such as the state where the applicant is based; the applicant’s credit score; whether the loan is conventional or an SBA; the requested loan amount; debt to service coverage; loan to value; as well as timing of the transaction.
Upon reviewing the data, each lender on the marketplace can then request an unredacted credit memorandum for the specific advisor applicants that the bank partner considers the most promising potential borrowers.
After each applicant reaches an agreement with a lender, a term sheet from that lender is executed and the applicant enters an underwriting exclusivity period. The exclusivity period provides 30 days for the bank to complete its own underwriting and fund the loan. During that time, no other lender has access to the applicants’ credit memorandum. If the loan does not close in 30 days, the exclusivity expires and competing lenders can pursue the loan again.
Mr. Wetzel concluded, “Technology allows us to scale our lending business and support a more competitive environment for advisory funding in the future. We are very encouraged by early adoption rates by our bank partners. We are adding lenders to our Marketplace weekly. SkyView’s Lender Marketplace is a major step toward our goal of digitizing and streamlining the funding process for independent financial advisors looking to grow their business through M&A initiatives.”
About SkyView Partners
SkyView Partners is a Wayzata, Minnesota-based boutique investment bank and correspondent lender dedicated exclusively to supporting the growth of independent and registered investment advisors. Investment banking services focus on creating deal structures that optimize financing availability. In conjunction with a national network of progressive, yet well capitalized lenders, SkyView Partners provides financial advisors with increased choice, flexibility, efficiency and quality of financing rates, terms, and conditions for borrowers. For more information, visit https://www.skyview.com/
Media Contacts:
Chris Latham / Michael Dugan
Haven Tower Group LLC
424 652 6520 ext. 105 or 106
clatham@haventower.com or mdugan@haventower.com
SOURCE SkyView Partners
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