Unique Lending Platform for Due Diligence Deposits Launched by Startup
By
Randy Modell, co-founder BCRM Group
After years in the real estate industry, in various roles, Columbia University graduate Randy Modell and British realtor Ben Cohn have seized a one-of-a-kind opportunity for a new business: loans for due diligence deposits. That is how they created BCRM Group, a startup looking to fund earnest money deposits for real estate purchases within the United States. The company aims to help buyers sign contracts and close on properties by offering immediate financing for soft deposits at a reasonable price.
After they had already borrowed money to friends for this exact purpose, it was Cohn who realized there is room for more. “The idea really came from Ben, who said: ‘Randy, I think there’s a market for these types of people who are very talented, they’re trustworthy, they’re great real estate operators, but until you don’t lock up a deal, you can’t go up to banks or equity partner. I think there’s a market out there for people who would want to borrow our money to lock up deals,’” Randy Modell told Commercial Property Executive…
Unique Lending Platform for Due Diligence Deposits Launched by Startup
