Finding funding for a real estate project shouldn't be stuck in the last century. There's no reason it can't be as easy as booking a hotel room online.
Ottawa, ON (PRWEB) February 25, 2014
realtyonramp.com (“onRamp”) has created the first open platform where commercial real estate borrowers can list a project for which they are seeking funding. Lenders can review those listings and confidentially contact borrowers.
Currently, there is no open, online platform for commercial lenders and borrowers to connect. In an era where almost all services and products can be found online, there is still no convenient, centralized, location for the financing of commercial real estate. The commercial real estate market is multi-trillion dollar marketplace in North America alone and multiples bigger globally.
onRamp is available for all types of commercial real estate—office, industrial, multi-family, retail and others. Additionally, the platform is not just for typical mortgages, but also for bridge lending, construction finance and even second lien and mezzanine finance. “Our goal is to completely change the way commercial real estate gets financed,” says Rick Robertson, Founder and CEO. “Finding funding for a real estate project shouldn't be an ‘old boys’ club’ stuck in the last century. There’s no reason it can’t be as easy as booking a hotel room online.”
Rick Robertson, an experienced technology entrepreneur fresh off of his last venture, got the idea for realtyonramp.com when he connected two friends—one a property owner and the other a financier—each thought it was the other who had it easy. Lenders couldn't find borrowers and borrowers couldn't find capital.
“When both sides are struggling to find each other and have no simple resources to connect, I knew we had the beginnings of successful business idea,” said Rick.
Currently, the company has begun working with a wide array of lenders who are signing up for the platform. Lenders may include banks, insurance companies, funds, and private lenders.