It has already been a year since mlenow.ca was launched and I am pleased to announce that it has been given a new look and has been re-launched thanks to the folks at TalonX (thanks Nick – www.talonx.com). While there is still a tonne of work to be done and a never ending wish list of changes to be made we are excited about the coming year and the prospects that mlenow.ca will bring. We have some exciting partnerships to announce (stay tuned) and would hope that you would connect with us on Twitter, Facebook, Google Plus and YouTube to see what we are up to and how you might be a part of our story.
For those of you that have been paying attention, mlenow.ca was created out of a desire to help people and businesses do more. Conventional methods for sourcing financing (like mortgages and loans) are outdated, inefficient and desperately in need of improvement. We believe that if it was easier to access financing people and businesses could do more. They could save for the future, invest in new opportunities and give back to the community around them. Accessing financing is an experience full of friction for both the borrower and the bank/lender. The friction exists not by design but by because every borrower is unique as are the banks and lenders they are trying to access money from. Banks can’t afford to educate every client that approaches them and clients don’t need become experts in borrowing money as they will only do it a few times in their life. We think there is a better way.
So what is mlenow.ca? It’s an online platform that is designed to help borrowers get prepared to be approved. While not an approval or underwriting system, mlenow.ca is meant to give people the answers they want and the direction they need. As people continue to go online to use rate comparison websites, mortgage calculators, watch videos and read blogs in an effort to get their information, we thought there was an opportunity to create a tailored solution that could provide most of the information needed to properly interact with banks, specialists, brokers, etc. We believe that if people know more they can do more. For individuals that want to take the next step, we can help them send their request through mlenow.ca directly to the banks or lenders in the marketplace that are best suited to consider them for approval. Using an mle score based on standard lending criteria that is created as a user goes through the platform, a user can be matched to banks and lenders that will consider their financing request who have the same score. Thought of another way, the mle score represents the probability that a financing request will be successfully approved. The higher the mle score the more choice a user has. The mle score is applicable for residential and commercial mortgages in addition to business loans and mlenow.ca has been designed to help people and businesses looking to borrow less than $10,000,000 (which is a fragmented and terribly serviced marketplace).
In the past year we have seen many different use cases for the mle score as well as the platform and continue to explore new opportunities in an attempt to help people and businesses do more. We recently recorded our 21st mlenow Episode (see our YouTube channel) covering numerous mortgage and loan topics and have some exciting plans for continuing to improve and deliver content to the market to help educate those seeking financing.
We hope that you will continue to follow our story as we now go forth to pursue our mission. If you are currently working in professional services and want to chat about how we can work together, feel free to connect with me and let’s see what we can do.