PREP began with one client in October 2019. What was requested was document review, but that client was impressed with how accurate, thorough, and quickly they received a response. Since then, PREP has grown organically and exponentially with a current client base that includes small, local mortgage banks, mid-sized lenders across the nation and a multinational investment bank and financial services company with over $29 billion in annual revenue.
By providing accurate, cost-effective, and rapid project analysis PREP’s goal is to open the door to all residential mortgage lenders currently lending and those looking to lend in the condominium and cooperative market.
We aren’t slick or fancy. PREP simply focuses on what we do best – assess risk in order to answer whether a condominium or cooperative is agency compliant so you, as a lender, can continue to do what you do best- provide quality financing to your clients.
What we do
The company maintains and aggregates data used to create comprehensive, cost-effective analysis for lenders currently originating condominium and cooperative loans as well as to lenders without project risk expertise hoping to safely enter that market.
As the condominium and cooperative market continues to grow, lenders will have what they need from PREP to finance with confidence, participating fully in this highly-nuanced space while avoiding unnecessary risk.
Managing client risk is our business.
Why PREP is Different
Condominium and cooperative lending is a complex process. The traditional ways of reviewing a project do not address all the complexities relevant to the evaluation of project risk. PREP’s experience and detailed analysis of pertinent data provides an accurate, factual and true review of a project.
PREP provides critical analysis to the lender essential for secondary mortgage market compliance. PREP also provides information to developers keen on ensuring end-loan availability on unit sales and provides valuable information for consumers, real estate brokers and attorneys.