TREVOSE, PA (August 7, 2023) – MBFS (Member Business Financial Services) is thrilled to announce an exciting collaboration with Lendovative Technologies, Inc. as they unveil their groundbreaking borrowing base lending solution, BB-360™. This powerful tool is set to revolutionize the lending landscape, offering a 360-degree view of the borrowing base process to all MBFS’s esteemed business partners.
BB-360™ empowers credit staff with unparalleled capabilities to monitor collateral values associated with critical business assets, driving consistency across lenders and lending units through a shared, real-time dashboard. This innovative program serves as an effective communication device defining crucial loan parameters, initial collateral valuation, credit line limits, and advance rates for all collateral types, ensuring standardization across lending units.
Financial institutions stand to gain numerous benefits by incorporating BB-360™ into their lending practices with their borrowing base lines of credit. Among the advantages are risk mitigation, loan diversification, standardization, and regulatory compliance. With this innovative solution, lenders can satisfy auditors and regulators while fostering improved member relationships through enhanced risk management and transparency.
“MBFS strives to connect businesses and credit unions in an efficient and effective manner. This new partnership moves our mission forward by giving credit unions the ability to offer the lines of credit business relationships demand without taking on undue risk or waiting for an annual review to assess collateral value,” says Mark Ritter, CEO of MBFS. “The BB-360™ service allows credit unions to continually monitor the collateral behind their lines of credit to manage risk while properly funding the business member. We’re thrilled to offer this service and help credit unions capture the elusive ‘complete relationship’ with more of their membership.”
Beyond the benefits to financial institutions, BB-360™ also delivers a host of advantages to businesses seeking credit support. The borrowing base process becomes more streamlined and less intrusive, with businesses enjoying quicker access to advances on accounts receivable, inventory, and other assets. Additionally, BB-360™ provides credit unions and their members with more predictable cash flow, enabling credit unions to be a cost-effective alternative to non-chartered lenders.
The President of Lendovative Technologies, Pat True, stated, “We are very excited to work with MBFS to introduce the BB-360 solution to their credit union members. Our passion is helping businesses obtain the funds they need to grow and realize their dreams. Revolving credit lines are often a critical step toward reaching that objective, and BB-360 helps credit unions provide that service very efficiently.”
About Lendovative Technologies:
Lendovative Technologies is a dynamic software company, specializing in innovative lender solutions. Founded in 2022 and headquartered in Brentwood, TN, the company’s technologies are designed to empower lenders by reducing risk, enhancing relationships, and providing unparalleled visibility. Lendovative Technologies is on a mission to enable community-centered financial institutions to forge stronger connections with their business clients. The Lendovative management team has more than fifty years of combined experience working with financial technology, commercial lending, and regulatory oversight.
About MBFS:
MBFS assists credit unions in procuring, underwriting, processing, and funding business loans within their markets as well as nationwide. The CUSO also provides individualized servicing options tailored to each of its valued credit union partners. Headquartered in Bucks County, PA, MBFS’s remote workforce of experienced lending professionals currently serves over one hundred credit unions with a combined servicing portfolio in excess of $2.5 billion. The CUSO is well-positioned to continue the expansion of its member business lending, participation, and servicing success.
In the coming months, MBFS will proudly offer BB-360™ to its business partners, inviting them to embark on a new era of lending excellence. To learn more about this revolutionary lending solution and how it can elevate your business’ financial endeavors, visit https://mbfs.org.
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