Digital mortgage blog

4 tips for commercial lenders to get ahead of the competition

As the digital world continues to evolve, customer experience (CX) is becoming increasingly important as a key differentiator. In fact, it can easily replace products and prices. However, there's often a big gap between how companies say they prioritize CX and what actually happens. Why does this disconnect exist, and how can new technology -…

Explore how data is accelerating SMB success.

Discover FlashSpread’s leading automated financial statement spreading software and learn how it can be a significant benefit for your lending business. 

Data security is the act of protecting digital information from unauthorized access, corruption or theft. It applies to every part of information security, from software applications and administration to the actual physical security of your hardware and storage systems. 

The commercial lending industry is facing a period of flux heading into 2023. The long recovery from the pandemic is finally settling down and the businesses that survived are getting back to their normal operations. 

Technology has revolutionized the way we live our lives. It's also impacted every single industry, from retail to the commercial loan industry. And with the advances in technology, many commercial loan officers are under constant pressure to utilize their tools to originate more loans quickly and efficiently.

Discover the business acronym EBITDA, why you should know it, how to calculate it and how automated spreadsheet software can simplify the process. 

Digital tools and automation are becoming standard in all industries, including financial services, like commercial lending. Robotic process automation (RPA) promises to maximize efficiencies across operations by using easy-to-use, no-code software that is able to glean data and generate insightful reports or accomplish menial tasks like data entry and synchronization.

Financial services credit unions are often underutilized by businesses looking for commercial loans. Especially small, local businesses, who may benefit from the better rates, flexibility and personalized touch that credit unions are known to provide. 

Commercial lenders need to assess a ton of financial information to get a clear picture of a company’s solvency. It can take up to a month or longer for banks to complete the process. Somewhat counterintuitively, the process can take even longer for small business loans. That is when automated spreading comes in to transform…

The small business loan is over $750B annually, according to their 2020 reporting. These loans range from their signature government-backed 7(a) loans to microloans, and the funds can be used for business expenses from opening or expanding a business to equipment repairs to employee wages.