TapCap, the real estate industry’s first fully digital nationwide multifamily lending company, has officially launched, offering borrowers access to real-time and fully transparent financing options through its digital platform and multifamily loan app.
“The mortgage experience for commercial properties hasn’t changed much in the last few decades,” said Zac Rosenberg, CEO of New York City-based 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.”
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
TapCap provides financing for multifamily projects nationwide with five or more residential units across conventional, student, military, senior 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.
By leveraging a large volume of property data, cloud infrastructure, and predictive machine learning, TapCap says it can process greater loan volume at lower cost while providing a seamless borrower experience. Borrowers can access the app from any computer or mobile device, using a three-step process to apply: Input property information, review financing options and select a term. 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.
“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.”