New Business Aims To Help Beat The Credit Crunch

Wednesday, 10 December, 2008

A veteran mortgage banker and real estate investor is doing his bit to ease the credit crunch.

Robert Rubin (no relation to the former Clinton Treasury Secretary and Citigroup CEO) has established a new company called The Bank Connection to offer access to business loans by connecting banks with qualified customers.

Rubin said he's been in residential mortgage banking and real estate ownership and management for the better part of 30 years, and he's heard plenty of horror stories lately from borrowers.

"I'm working with one group that never missed a payment who was unceremoniously asked to leave a bank," he said. Other banks are simply dropping some lines of business or are leaving the Detroit market for commercial lending altogether.

What Rubin says he will do is use "the connections I've made over a zillion years" with banks both large and boutique, and among private investor groups, to get money to credit-worthy borrowers.

The company will have no bank charter.

"I am truly a middle guy who gets paid when I perform," Rubin said. "We agree on a fee at the beginning I go out and provide them something, and if I don't produce, I don't get paid."

Rubin said he plans to offer a variety of loan options, including commercial property purchase, refinance and mezzanine loans, as well as custom lending programs and facilities designed around a client's specific profile.

Throughout his career, Rubin has made credit decisions on more than $1 billion in loans and has regularly served as a consultant to mortgage and real estate companies.

Borrowers seeking access to lines of credit or business loans can fill out a brief questionnaire available on The Bank Connection Web site and receive same day analysis on the request's feasibility. Additionally, qualified banks, credit facilities and private investor groups can join the firm's lending network at no cost by submitting an online survey.

Source : http://www.wwj.com/