NEW YORK, NY / ACCESSWIRE / November 6, 2020 / ​Meet Cardinal Capital, a long-established and well respected commercial finance and mortgage brokerage firm based in Baton Rouge, Louisiana. Working with over 4,000 sources of capital, Cardinal Capital successfully provides funding to businesses and real estate developers across the United States.
For lenders and brokers across the country, 2020 has been quite a challenge. Learning to remotely manage transactions, dealing with a shortage of loan requests due to COVID, and witnessing the launch of emerging government loan programs are just a few of the difficulties Cardinal has encountered this year.
Acclimating to this strenuous time, Cardinal Capital's team decided they wanted to make an investment in the future in anticipation of deal volumes rising back to their pre-pandemic levels. The team decided to launch a new government loan program and at the same time, deploy new technology to help them deal with an anticipated increase in deal flow as they scaled their operations.
Cardinal Capital chose to add a new loan product to their borrowers by using the Main Street Lending Program, which immediately increased their incoming loan requests and corresponding underwriting requirements and placements. The next challenge ahead was how to manage all of these new deals remotely.
Cardinal Capital was looking to invest in a software system to help them meet their needs as they took on a new loan product. They were looking for a way to not only transfer thousands of documents securely across firewalls while working with borrowers and lenders but also to close the deal online through the use of a real-time checklist and chat functionalities that could replace the back and forth headache of email-based closings.
Having met ProDeal at an industry event earlier in the year, Cardinal was eager to trial the ProDeal transaction management system to help the firm deal with the challenges created by remote closings due to COVID-19.
"We have had a great relationship with the team at Cardinal Capital since day one." says Patrick Janson, COO of ProDeal. "At a time when every firm knows that they eventually must adopt technology to scale their deal volumes, Cardinal has continuously demonstrated the ability to be a first-mover when it comes to innovation and an exceptional client of ours whose feedback and collaboration has been key to the successful delivery of our product roadmap to meet the needs of the market".
ProDeal's intuitive interface, 24/7 live support and training helped Cardinal Capital to quickly integrate ProDeal into their current deal closing process.
"ProDeal has allowed us to organize the deals in a way that saves us time, and then opens up capacity to do more deals with less overhead." said Rob Powell, Partner, Cardinal Capital.
ProDeal allowed the Cardinal Capital team to get work done faster, stay organized, and be able to handle more deals with their existing staff. Taking deal volume from 3 to 30 within a span of 8 months is an impressive feat, especially during a pandemic.
"Before using ProDeal, we were spending probably 40 to 50% of our time doing document chasing." said Gary Anderson, Partner, Cardinal Capital "Now, 80% of our time is spent on relationships and deal and that's the core of our business."
Click here to download a full case study on Cardinal Capital and ProDeal's collaboration.
About ProDeal
ProDeal redirects focus to maximize efficiency. Its technology has been used to transact over $50 Billion in deals across 1200 organizations. Cardinal Capital took advantage of strategy adjustment and can act as an inspiration to other lenders and brokers attempting to grow during this economic hardship.
About Cardinal Capital
Cardinal Capital is a long-established and trusted commercial finance brokerage based in Baton Rouge, Louisiana. Working with over 4,000 sources of capital and a mix of specialist financial tools, Cardinal Capital successfully provides funding to businesses in the United States seeking $250,000+ in capital.
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SOURCE: ProDeal