More than 80% of Americans own a smartphone, and close to half also own tablets.1 It’s no surprise, then, that we’re living in a mobile-first world, where more than 80% of people use some type of mobile device to access the Internet.2

This has sparked several new mobile tools for spending and tracking cash, but it has yet to trigger the launch of robust mobile tools for the lending industry. In fact, many lenders don’t have the digital tools necessary to simplify their processes and bring them into the modern age.

Here’s how that may cause problems in the future—and how developing mobile lending tools now can benefit both lenders and investors.

   3 Ways Mobile Lending Tools Can Benefit Investors Lenders

Digital financing tools can provide some key advantages to lenders and borrowers alike, including:

  1. Eliminating more tedious, paper-based processes:
    These can involve manually keying in data to spreadsheets, tracking documents, and waiting for loan proceeds to be distributed via physical checks. All of this can mean more mistakes (if data isn’t properly keyed in). Even if mistakes aren’t made, however, paper-based methods simply take more time. When a real estate transaction may be on the line,the time it takes to get funding can impact whether a deal can be made, as well as the costs to investors.
  2. Making loan funds available to investors faster:
    With paper-based lending processes, borrowers won’t just have to wait for the checks to be issued—they’ll also have to deposit the checks and wait for the funds to clear. Again, this takes time, and the extra time can end up costing investors more.
  3. Meeting the needs and expectations of Millennial investors:
    Younger generations of borrowers rely on their mobile devices and expect digital tools to stay on the go. That’s as true for their work and personal lives as it is for borrowing and investing. So, lenders that want to appeal to younger investors and stay relevant to the next generation of borrowers simply can’t afford to not invest in mobile lending tools.

Mobile Lending Tools: The Bottom Line

When it comes to digital financing tools for today’s lenders, the bottom line is that these tools are key to:

  • Expediting the lending process
  • Better meeting borrowers’ needs
  • Connecting with the next generation of investors
  • Staying competitive in the industry

Contact COHI Capital to Find Out More About Our Hard Money Loans for Colorado Properties

COHI Capital has been a leading hard money lender in Colorado for more than a decade. Providing fast lending solutions, backed by transparency and fair pricing, we have streamlined the hard money lending process, getting borrowers the financing they need so they can complete their next transaction.

Call 970-922-3277 or email us now for more information about our private equity lending options for Colorado properties

Free Evaluations ˑ Interest-Only Payments ˑ Easy, Fast Funding

Disclaimer:We do not make consumer loans or loans primarily for personal, family, or household use.

From offices based in Denver, CO, COHI funds Colorado real estate loans, from $50,000 up to $3,000,000, for properties throughout the Denver metro area, the Front Range, the I-70 Corridor, and beyond.

  1. According to data from the Pew Research Center
  2. According to data from Quoracreative

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