New York and Los Angeles based proptech multifamily mortgage company, Fulcrum Lending, announced their exclusive partnership with Northmarq, a commercial real estate company that handles financing, loan servicing, and investment sales with $22 billion in lending for 2021.
Fulcrum Lending’s LoanCenter platform allows clients to access loan pricing on multifamily properties in real-time, as well as critical market insights and other investor tools not typically available through traditional lenders.
The partnership with Northmarq will enable Fulcrum Lending to underwrite loans through the platform directly, completing Fulcrum Lending’s offering as a full-service digital lender.
“Our proprietary technology and data not only drive down lending costs, which we pass directly to the borrower, but they also enable us to uncover hidden market insights and trends which we share with our clients at no cost,” said Wu, co-founder and CEO of Fulcrum Lending. “Multifamily loans are a commodity in this market and providing the lowest cost loans was only inevitable with our technology and data capabilities, so our focus turned to, how can we provide long term value for our borrowers beyond just a transactional service.”
"They're a great combination of real estate and technology experts who understand the ins and outs of the multifamily mortgage finance business. We're excited to see where this partnership will take the digital experience for borrowers," said Jay Donaldson, president of Northmarq's Fannie Mae and FHA/HUD platforms.
Fulcrum Lending was founded by proptech veterans, Maxwell Wu and Kenneth Mendonça. CEO Wu was previously chief underwriter at TapCap, a real estate technology company, which he helped grow from its initial spinout from Greystone to more than $1.3 billion in multifamily loan requests in its first two quarters. Mendonça, who serves as chief technology officer, was previously the lead engineer at both TapCap and Greystone, where he led all platform development and architecture for their digital lending platforms.
Fulcrum Lending also provides small- and medium-sized brokerages with its technology and direct lending channels in exchange for their presence in secondary and tertiary markets.
"Even though we've seen a decade of digital transformation in less than two years, we continue to see demand for data driven human advice delivered through technology. We're confident that Northmarq's national platform of expertise will complement Fulcrum's platform and bring new clients to Fannie Mae's and Freddie Mac's financing products," says Cody Field, senior vice president for debt & equity for Northmarq in San Francisco.
“Fulcrum is the only provider delivering solutions that doesn't push out the independent mortgage broker,” said Mendonça, Fulcrum Lending's co-founder and chief technology officer. “Whether it's a one or 100-person firm, our no-code integrations and APIs help our brokerage partners digitize their operations in less than a few days.”
Fulcrum Lending Corporation will work with select mortgage brokerages that align with their mission to offer a digital, transparent, and personalized lending process for borrowers large or small.
