Offering will enable borrowers to market their mortgage deal to banks without paying commissions
Commercial mortgage brokerage GPARENCY has launched a new service that allows borrowers to market their prospective mortgages to lenders without the need to pay commissions.
Through the offering called Market the Deal, the firm markets the client’s mortgage directly to its database of over 3,000 banks and lenders for seven days, with no cost involved. GPARENCY co-founder and CEO Ira Zlotowitz said the new service is a way for borrowers to get a “free taste” of its services.
“GPARENCY is a full-service mortgage brokerage, which charges a maximum fee of $16,000 for any size deal, and that includes one-year annual membership,” Zlotowitz said. “This is a well-needed change from the industry norm of steep, percentage-based, broker commissions based on deal size.”
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Launched late last year, the firm shifted from a commission-based business model to a direct-to-bank formula that directly matches real estate investors and developers with lenders. Borrowers can either continue working with the bank or with GPARENCY for $500 per hour with a cap of 30 hours.
The company claims that other mortgage brokers charge hundreds of thousands, or even millions of dollars, for the same amount of work.
“We provide the same traditional services of any best-in-class mortgage brokerage, with the exception of how we price deals. Borrowers can use us as a subscription service, complete deal solution, or select a la carte, only the components they need help with,” Zlotowitz said.
