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Commercial Mortgage Lender Launches New Technology

Cherrywood Mortgage, a national small-balance commercial mortgage lender and affiliate of Angel Oak Companies, announced the launch of Cherrywood—Portal Real-time Online (C-PRO). This commercial loan product tool and broker/client dashboard automates the prequalification process, calculates loan eligibility decisions instantly, and allows registered brokers access to their loan pipeline with Cherrywood. This technology upends the small-balance commercial real estate industry by accelerating a formerly time-consuming process. Now brokers can get the answers and insights they need to grow their businesses autonomously.

“When we set out to create this tool, our focus was on optimizing brokers’ time by giving them the power to potentially close loans faster and coordinate the customer relationship even better,” said Ed Resendez, President, and COO at Cherrywood Mortgage. “The qualification process can be daunting for many individuals, so we see this technology improving efficiency and opening more doors for brokers who are looking to grow their businesses.”

Utilizing proprietary technology, C-PRO enables brokers and prospects to input data online to determine if a property qualifies for a loan, and at what rate, within seconds. If the system indicates that the loan qualifies based on your input, a letter of interest (LOI) can be provided directly to registered brokers, who also gain access to a dashboard that offers unmatched transparency by tracking loan requests in real time. Additionally, brokers can communicate directly with Cherrywood personnel through the dashboard, advancing the industry’s standard of service.

“C-PRO’s ability to qualify and offer financing options at the click of a button will revolutionize the industry,” explained Christopher Lappi, EVP, CIO, and CTO at Cherrywood Mortgage. “By making manual tasks obsolete, such as sizing loans and issuing letters of interest, we help our clients get more deals done. C-PRO allows brokers registered with Cherrywood to upload loan condition documents and monitor their loans throughout processing and underwriting. Automating the financing process shows our dedication to 100% client satisfaction.”

The launch of C-PRO comes on the heels of other innovative tech-led initiatives from Angel Oak aimed at improving the experience for borrowers and brokers alike. In 2018, Angel Oak Home Loans announced the MyHomeLoan Mortgage App, which gives prospective borrowers easy access to their entire home loan process via their smartphone. Last year, Angel Oak Mortgage Solutions implemented the QuickQual tool, which enhanced efficiency for brokers in the non-QM space by greatly improving the prequalification process.

“Cherrywood’s successful integration of C-PRO is a foreshadowing of where the small-balance commercial lending industry is heading,” said Mike Fierman, managing partner, and co-CEO at Angel Oak Companies. “Angel Oak and our affiliated companies aim to be leaders in the lending space, and it starts with our ability to leverage technology. Our dedication to technology and Cherrywood’s innovation serve as testaments to that goal.”

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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