In a time of vast regulatory implementation and challenges, one of Land Gorilla’s primary goals is to help tackle the nation’s housing crisis. Sean Faries, Land Gorilla’s CEO, wants to eliminate the barriers for lenders to enter the construction lending market by providing comprehensive solutions and forming strategic partnerships within the mortgage industry.
Land Gorilla has seen a significant increase in lenders seeking to enter the construction lending space or those who are interested in expanding an existing renovation program to include construction-to-permanent loan options.
The company specifically sees great growth potential and further refinement of single closing transactions within the secondary market. Given the right support, these single-close CTP loans have the potential to become a mainstream mortgage product, Faries said.
To that end, Land Gorilla is scheduled to release a completely new user interface, which will include its new Risk Manager Dashboard, an enterprise-level solution designed to give construction lenders access to enhanced performance insights and controls over their construction pipelines.
2017 will also see the release of Land Gorilla’s Construction Lenders Resource Center, which allows construction lenders to access critical federal, state and local resources that are necessary to participate in the construction lending space.
“Our clients will have a comprehensive resource to access state lien laws, contractor licensing, popular loan program guidelines, forms and documents,” Faries said.
One of Land Gorilla’s core technology offerings is the Construction Loan Manager, a cloud-based construction loan management software that streamlines the management process and is the most powerful platform available for today’s construction lender, Faries said. Construction Loan Manager allows lenders to manage three and a half times more loans with less risk and more visibility than using a standard spreadsheet.
Using Construction Loan Manager, lenders can offer a branded web experience for contractors and borrowers to view insights, request draws, manage change orders and review inspection reports. The software features permission-based user access so each lender can manage the accessibility of information and allow their customers an enjoyable user experience during construction.
But Land Gorilla is not just a technology company. By leveraging its pre-closing due diligence and post-close administrative solutions, lenders of any size can participate in the space without having to take on significant fixed expenses. Land Gorilla’s team and comprehensive approach offer the resources to take clients through the process as smoothly and safely as possible.
“Land Gorilla’s goal is to make consumer construction-to-perm lending a mainstream loan product,” said Faries. “To accomplish this, we offer a comprehensive solution with construction loan program development. That means Land Gorilla can provide the ‘knowledge piece’ needed for lenders to safely enter into the construction space and the tools to manage, track and scale the process efficiently.”
In 2016 Land Gorilla assisted many of the nation’s top mortgage lenders in the development of consumer construction-to-perm loan programs including companies such as HomeBridge Financial Services, Finance of America and Pentagon Federal Credit Union.