MIAMI, FL--(Marketwire - Dec 5, 2011) - Weemba, the unique social network-like lending platform, today announced three new national financial institutions have joined its rapidly expanding nationwide community of professional lenders. New Weemba lenders include Crossroads Financial, Mercantile Capital Corporation and MedChoice Financial/Perform Finance, bringing the total number of lenders in the Weemba community to more than 30. Since launching the site in September 2011, Weemba has attracted hundreds of loan projects with an average loan value of $27,500, and a range of $1,000 to more than $1,000,000.
"We're seeing increased numbers of professional lenders eager to connect with qualified borrowers, but they lack the time and resources to promote themselves to loan candidates outside their particular geographic area," said Annette Gallagher, CEO of Weemba. "With Weemba, lenders can cast a wide net to view loan requests from borrowers across the country and, thanks to our powerful search engine, identify those who best meet their specific lending requirements. We're delighted to welcome these three new organizations to the Weemba lending community."
About the New Lenders
Crossroads Financial is a stand-alone inventory lender, providing revolving lines of credit against inventory and purchase order financing. Crossroads is a value-added resource for the factoring and ABL community as it provides inventory lines and PO financing as a complement to receivable financing, not competition to these lenders. Crossroads creates value for its lending partners by helping to procure additional client relationships, retaining existing client relationships, and generating additional receivables financing dollars. By offering both Inventory and Purchase Order financing as a stand-alone product, Crossroads is able to serve the inventory needs of the small to medium-sized businesses that are traditionally ignored by the ABL community. Crossroads offers inventory lines starting from $150,000 to $4,000,000, while offering purchase order financing starting at $50,000 in funds deployed.
Darren Palestine, Crossroads' Director of Sales and Marketing, said, "We joined Weemba as we work to expand our network of new business leads. Weemba gives us an outstanding platform to connect directly with borrowers who are already prequalified for our loans."
Mercantile Capital Corporation
Mercantile Capital Corporation is a national SBA 504 lender, the government program for businesses in need of owner-occupied commercial real estate. Since 2002, Mercantile has financed more than $704 million in total project costs.
"Weemba is an efficient way for us to uncover new business for the company and help even more small business owners with smarter financing for their commercial real estate," said Chris Hurn, CEO and Co-founder of Mercantile.
MedChoice Financial/Perform Finance
In addition to medical loans for everything from vision correction surgery to cosmetic procedures, MedChoice/Perform Finance funds consumer needs that include vacations and travel, home equity and home improvement loans, veterinary services and even season tickets. Founder and CEO Philip Hall reports that MedChoice/Perform Finance has written more than $350 million in consumer loans, serving more than 750,000 customers nationwide since 2004.
"We are looking to lend heavily in the coming 12 months, and are always looking for borrowers who fit our lending profile. We believe Weemba is a great platform to increase our business volume at a low cost to us and with minimal effort," commented Hall.
How Weemba Works
Using state-of-the-art safeguards, verified borrowers can create a profile and post a project with the goal of obtaining financing from one of the many professional lenders registered in Weemba.1 Lenders use Weemba's powerful search engine to filter posted projects by credit score, income, annual sales and much more, so professional lenders can find the projects that best suit their needs.
On Weemba, borrowers never pay a fee and remain in complete control of their information. Lenders must ask for authorization to see a borrower's private information and borrowers can grant or reject those requests as they wish. Lenders have no membership fee, down payment, minimum purchase requirements or software to install. Lenders only pay a fee when they receive authorization to view a prospective borrower's complete profile.
Weemba (www.weemba.com) revolutionizes the way borrowers and professional lenders connect via an online financial platform. Weemba provides, by means of unique proprietary methods and state-of-the-art safeguards, a virtual way for borrowers to post their needs and for lenders to then find those borrowers. Protected by a nickname, borrowers post project profiles for lenders to review; interested lenders ask borrowers to access their private information, and if granted access, can contact borrowers directly. Weemba facilitates the borrower-lender interaction without interfering in the negotiation process.
1) All borrowers and lenders must undergo a third party, automated online identity validation process. The multi-step process includes a database information check and personal history questions, an email validation and an ACH transfer which must be correctly reported back to the website.