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CrediVia Adds Multifamily Options to Financing Platform

CrediVia Adds Multifamily Options to Financing Platform

CrediVia, the Raleigh, North Carolina online commercial real estate loan marketplace, has added multifamily investments to its platform. The move, just one year after the company’s debut at FinovateFall, will help the fintech startup bring its smarter, faster, and easier commercial lending process to more commercial real estate (CRE) lenders and borrowers.

“We came on the scene to specifically serve the niche vertical of hotel financing, the riskiest of CRE assets,” CrediVia co-founder and CEO Anuj Mittal said. “Our greater mission, however, has not changed: to provide speed, transparency, and ease of transaction to both the lender and the borrower.”

CrediVia offers a platform that enables interested CRE lenders and qualified borrowers to engage and connect securely. Borrowers benefit from a singular location where documents can be uploaded and then easily submitted to multiple lenders. Lenders benefit from a borrower pool that is pre-screened before being added to their queue. The result is an easier, more efficiently process for borrowers, and a greater closing rate for lenders.

Multifamily investments, the company’s Chief Commercial Officer Michael Richardson explained, are an ideal addition to CrediVia’s platform. Highlighting the absence of a “typical profile” for a multifamily investment, Richardson noted the “reasonable” risk of the investment and the opportunity for diversification multifamily investments can provide. He added that investing in these properties can also provide a way for institutions considering an expansion into CRE financing.

“Multifamily assets are a common stepping stone to more sophisticated CRE financing for many institutions looking to build or broaden their business lending portfolio,” said Richardson, who joined CrediVia last month. “CrediVia’s move into multifamily is a direct response to listening to the market, as responding with a solution that relieves the common pressures and interruptions found in these exchanges. We’re here to drive the loan process forward.”

Founded in 2018, CrediVia demonstrated its platform at FinovateFall 2018. The company added to its C-Suite talent with the hire of Trusha Patel as Chief Business Development Officer this spring.