Lendio will provide Cardinal Bank with more qualified business owners, and business owners will now have access to more financing options, including commercial real estate loans, acquisition financing, lines of credit, and equipment loans.
SALT LAKE CITY and TYSONS CORNER, Va. –- Lendio, an online service that connects lenders with qualified business owners seeking business financing, today announced it has added Cardinal Bank to its network of lenders.
“In the last few months, our customers have requested more than $2 billion in business loans,” said Brock Blake, CEO of Lendio. “This agreement will help those customers find the financing they’re looking for, and help Cardinal Bank increase their loans to qualified borrowers.”
With Cardinal Bank on board, Lendio’s clients now have many more options in finding equipment loans, business lines of credit, acquisition financing and business loans, commercial real estate, SBA 7(a) and SBA 504 loans.
With 27 banking centers in Virginia, Maryland and Wash., D.C., Cardinal Financial Corporation is one of the largest bank holding companies headquartered in Northern Virginia and the Commonwealth. Cardinal’s business units include Cardinal Bank, George Mason Mortgage, Cardinal First Mortgage and Wilson/Bennett Capital Management. Cardinal Financial Corporation is publicly traded on the NASDAQ stock exchange under the symbol CFNL.
Lendio is like a Match.com for business owners and lenders, which has significantly helped lenders find qualified business owners for their loan products. In the past three months, more than $2 billion in business loans has been requested through the Lendio system. So far, approval rates are about five-to-seven times that of the national average.
“Business loans are low nationwide,” Blake said. “A big reason is because banks aren’t finding qualified borrowers, and borrowers aren’t finding the right lender or loan. We’re trying to solve that problem. This agreement with Cardinal Bank will likely give many more businesses access to capital they wouldn’t have had otherwise.”
About Cardinal Bank
Cardinal Financial Corporation is one of the largest bank holding companies headquartered in Northern Virginia and the Commonwealth. Cardinal’s business units include Cardinal Bank, George Mason Mortgage, Cardinal First Mortgage and Wilson/Bennett Capital Management. Cardinal Financial Corporation is publicly traded on the NASDAQ stock exchange
under the symbol CFNL.
With 27 conveniently located banking centers in Virginia, Maryland, and the District of Columbia, Cardinal Bank is committed to providing quality service and being a best-in-class provider of business services. Our vision is to be a world-class financial services company that helps consumers and businesses experience success and achieve their goals.
Cardinal’s professional approach is built on understanding the financial needs of our customers and providing solutions that set us apart from our competitors. In a consolidating financial services environment, Cardinal delivers a distinctive, consistent, and memorable superior client experience that combines a blend of value, convenience and personal service. For more information, visit: http://www.snl.com/irweblinkx/news.aspx?iid=4019138
Lendio helps lenders decrease customer acquisition costs and increase lending efficiencies by providing qualified loan opportunities to banks, credit unions, and lenders across the country. Through a proprietary matching technology, Lendio provides lenders the ability to efficiently identify and attract new customers that have already been filtered, qualified, and verified to meet the lender’s specific criteria (i.e. personal credit, business credit, or other important underwriting criteria).
Lendio also helps the business owner identify the type of business loan and lender that offers the highest probability of securing a business loan. For businesses that are not good candidates to obtain a business loan, Lendio also provides services that prepare them to be lender-ready.