Yesterday I started investigating different financing opportunities for both my oil company and my real estate ventures. Effectively, I want to buy another rental property, but I want to look at some more financing opportunities that might cover the rehab costs as well, without using hard money.

My online research led me to iBank.com which is an online financing outfit out of California. They seem to specialize in business loans, commercial property loans, equipment leasing packages, etc.

From what I can tell, you put together your business plan, including past tax returns and other due diligence on your proposed acquisition and then upload it to their Finance$uite. You then put out a request for financing, and qualified lenders develop proposals to meet your needs. They submit their proposals and you then make a decision on which lender best meets your needs. A fairly novel idea, if I may say.

iBank.com is neither a lender or a broker, they just provide the database for lenders to access and match people up with qualified lenders. It’s much like the new dating fads like eHarmony.com.

I’m intrigued by the idea of taking care of all my financing over the internet, but I’m also a bit skeptical about providing some fairly confidential information to a database. They mention on the site that the database is completely secure, but of course they would.

I’d like to chat with anyone who has experience with iBank.com, as I really don’t like being my own guinea pig.

So, if you have experience with iBank, or any other online financing outfit, I’d love to chat! Also, if you are in the process of looking for financing, let me know your thoughts on what you see on the iBank.com website.

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