NEW YORK - CapitalThinking Inc., an online commercial mortgage company, has closed its first loan.
MAG Ohio LP used the company's Web site to obtain a $2.8 million mortgage from J.P. Morgan Mortgage Capital. The property is secured by a 96-unit apartment house in Mason, Ohio, just outside Cincinnati.
CapitalThinking submitted MAG Ohio's loan request to five of the 20 lenders featured on its site. J.P. Morgan offered the best rate and terms, CapitalThinking said.
The parties also used the Web site to communicate with each other and manage documents. J.P. Morgan kept the borrower apprised of the status of the loan by posting updates on the site. This resulted in reduced paperwork and enabled the borrower to close the loan just 40 days after submitting a formal application, CapitalThinking said.