Lev Introduces Digital End-to-End Lending Platform for CRE
Fresh off joining forces with AppFolio Investment Management at the start of the year, tech-focused brokerage Lev has launched Lev Lending, what it bills as the world’s first end-to-end digital lending platform for commercial real estate.
Lev Lending utilizes proprietary artificial intelligence to digitize and transform the traditional CRE lending process. During its soft launch, Lev Lending closed multiple million-dollar loans on retail properties such as a Dollar General in New Jersey and a KFC in Rochester in as little as 30 days — or as much as three times faster than traditional lenders, according to a statement from the brokerage.
Traditionally, the process of ordering an appraisal could take around a month because of the time-consuming underwriting process. Lev Lending managed to get appraisals ordered within hours of finding a deal. The platform also managed to further streamline the process through greater transparency for the parties involved, according to Yaakov Zar, founder and CEO of Lev.
Lev Lending will initially specialize in permanent, non-recourse loans on single-tenant, net-leased (NNN) properties. The firm plans to expand to multifamily in the second quarter, Zar told Commercial Observer.
“The world of commercial real estate finance is pretty complex and old school. And the entire process of getting a loan on commercial real estate, in our opinion, is pretty broken. And it has been pretty broken for quite a while,” Zar said. “And we saw that we could help customers get the experience that they expect; a truly digital, fast, clear and transparent experience. Our focus is to make it ridiculously easy to secure the best financing for commercial real estate properties.”
Lev Lending is the new direct lending arm of Lev, the CRE financing platform that originated nearly $1 billion in loans via its marketplace in 2021. Borrowers are automatically matched with the “right” lender through an intuitive interface, according to a statement.
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