Redbricks at first glance looks particularly like a godsend for property owners, many of whom have spent days sweating bullets while awaiting word on the progress of their loan applications. One of Redbrick's most valuable services is that it takes the loan process online. Redbricks allows property owners to access multiple lenders simultaneously. Those lenders originate and process commercial and multifamily real estate loan products through the site.
Users fill out a relatively simple electronic loan application.
Once that online application is submitted, Redbricks promises that lenders will return real quotes within 48 hours. Borrowers can also continually monitor online the due diligence underwriting process for their business. Redbricks isn't a panacea, and it doesn't promise to be one. But the idea of online loan real estate processing is patently solid. For the moment, Redbricks is starting relatively small, which is probably another very solid idea.