FREQUENtLY ASKED QUESTIONS
ORIGINATOR
Smart question. No, we’re a mortgage exchange and loan production platform. On Starport, our AI engine will invite lenders from our network to participate in your loan scenarios and auctions. Starport is much more than a marketplace. We've built a ‘live’ arena where lender account executives compete for your loan request. We deliver you lender feedback and loan quotes from actual lender teams, not a static pricing engine. After quoting, our platform will simplify loan processing and document gathering, and then coordinate closing and settlement. Everything is exclusively designed for specialty loans and contained within Starport’s single secure solution. Our platform helps you from the moment you meet your client to the point where you congratulate them on getting their money in the bank.
Starport will free your time, energy, and money to focus on generating more leads and strengthening client relationships. This is the best way we know of to grow your business. In addition, Starport can help you generate fees from new deals you may not have worked on in the past either because you didn’t have the time or because you were unfamiliar with the specialty loans that Starport specializes in.
Yes. To learn more, contact us at sales@starportco.com.
Our AI engine will invite lenders to review your loan profile and begin submitting “bids”. A “bid” is a loan quote that includes a set of lender loan terms that are typically contained in a term sheet. Keep in mind that quotes can include more than 10 terms enabling you to base decisions on more than just rate and amount. Lenders will be able to update their own bids to be more competitive and try to ‘win’ the auction. This process continues automatically with lenders anonymously competing against each other until the end of the auction, usually 90 minutes from start to finish. During the auction, lenders will be able to ask you questions and request additional information. A final note to say that only the quote terms are visible. Company and account executive names are always concealed.
You will review all of the lender bids and select a winning bid. Once a winning lender is selected you will proceed to loan processing on Starport. The lenders specific document requirements are already contained in Starport. The moment you select a winning lender, you'll be able to view items required and our Doc-Bot will begin to automatically gather the required items.
No. There are no obligations to select a winning lender. You are in control at all times and you make the decisions. If you do not prefer to take advantage of the lender offer, then you can either rerun your auction with a new set of parameters or try out our service again in the future as we store your documents in our secure vault for continual use and ease for you.
Lenders
We offer our services solely on non-agency residential and small balance commercial real estate loans including single family and multifamily 2-20 unit properties between $100,000 and $3,000,000. We work with manufactured housing, fix to flip, and bridge loans.
We will invite you to specific loan requests that meet your lending criteria. Starport is not a marketplace where you browse and filter deals. Our intelligent AI will save you time by only presenting deals that meet your interests. You can change your lending criteria at any time and the types of loans you receive will change immediately.
Yes, you can provide a “hidden” loan quote that will not be visible to other lenders. Before you place your initial quote, you will have the opportunity to choose to place a hidden or visible quote.
We work with all credible lenders that may be interested in our member’s loan requests. Our loan application only accepts loans with closing dates 20 or more days in the future and borrowers with credit ratings greater than 600.
It may reduce individual deal profits sometimes. But this will be offset in a huge way by the volume, quality, and ease of our deal flow.
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Starport is available by invitation only and our membership is limited to ensure there is substantial deal flow for every member.