Terra Capital specializes in multifamily investments in high-growth Midwestern cities. The company has a bench of existing lender relationships, but has historically worked with brokers to ensure they secure the best rates for every deal they launch. The group was among the first customers to sign up for Lev’s digital financing platform, Lev Match. Terra’s leadership team was drawn to the value of being able to use the platform to source term sheets from new lenders without incurring the high fees of traditional brokers:
The first deal Terra Capital launched on the platform was a $3.8MM bridge loan for a 60 unit multifamily property in Beech Grove, Indiana. Using Lev’s matching algorithm, the Terra team was able to instantly access programs from lenders who matched their financing requirements. The team viewed profiles for these matched lenders to create their shortlist and then used Lev’s Deal Room to create digital deal materials before launching their deal.
The team immediately began generating interest. Using Lev’s Messaging Center, the team was able to answer lender questions and securely share additional materials to help speed up the underwriting process.
Within days, the team had received terms from six different lenders, none of whom they had previously worked with. Comparing the terms side by side in the Lev Match platform, the Terra team was able to quickly identify the two most competitive offers and then begin final negotiations. The team ultimately signed a term sheet and closed financing for a non-recourse loan with highly competitive rates.
Since closing this first deal, the Terra team has already launched five additional deals through the Lev Match platform.