Computerized system and method for establishing a loan participation network

• US 6,920,434 B1
• Filed: 09/28/1998
• Issued: 07/19/2005
• Est. Priority Date: 09/28/1998
• Status: Expired due to Fees

• Current Assignee: Genesis Three Corporation
• Original Assignee: Genesis Three Corporation
• Inventors: Cossette, Paul H.
• Primary Examiner(s): MEINECKE DIAZ, SUSANNA M
• Application Number:
  US09/161,787
• Time in Patent Office: 2,486 Days
• Field of Search: 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A computerized system and method establishes a loan participation network between a plurality of network members. The network members complete application forms with member data and loan criteria, which is used to establish a loan participation database. When a network member has a loan participation opportunity, e.g., a borrower requests a loan from a network member, the network member completes a loan offering form with loan data for the loan participation opportunity. The system receives the loan participation offer from the offering network member and searches the database for loan data matching the loan participation data and obtains the matching loan data. The matching loan data and associated network member data is then transmitted to the offering member. The offering member selects one or more matching network members and transmits the selection(s) to the system. The system receives the selection from the offering network member and transmits offers to the selected network members. The interested selected matching members can then respond to the offers, and the system receives the response(s) from the interested selected members and transmits interested member data to the offering member. The offering network member can then contact the interested network members to explore the opportunity to participate in granting a loan.

Claims

1. A computerized method for establishing a loan participation network between a plurality of network members, said method comprising the steps of:

establishing a loan participation database containing member data pertaining to each of said plurality of network members and loan criteria data specified by each of said plurality of network members;

receiving a loan participation offer from an offering network member, said loan participation offer including offering network member data and loan participation data pertaining to a loan opportunity;

searching said loan participation database in response to said loan participation offer for matching loan criteria data matching at least a portion of said requested loan data, and obtaining matching member data for at least one matching network member associated with said matching loan criteria data;

providing said matching member data for each said matching network member to said offering network member;

receiving a selection of at least one selected matching network member from said offering network member;

providing a loan participation offer to each said selected matching network member in response to said selection of each said selected matching network member;

receiving a response from at least one interested selected matching member;

providing interested network member data pertaining to each said interested selected matching member to said offering network member in response to said response from each said interested selected matching member.

2. The method of claim 1 wherein said plurality of network members are interconnected with said loan participation database by way of a data network.

3. The method of claim 1 wherein the step of establishing said loan participation database includes receiving a completed network member application form from at least one of said plurality of network members, said completed network member application form including said member data pertaining to at least one of said plurality of network members and said loan criteria data specified by each of said plurality of network members.

4. The method of claim 1 wherein the step of receiving said loan participation offer from said offering network member includes receiving a completed loan offering form from said offering network member, said completed loan offering form including said offering network member data and said loan participation data pertaining to said loan participation opportunity.

5. The method of claim 1 further including the step of updating said loan participation network database.

6. The method of claim 1 wherein said member data pertaining to each of said plurality of network members includes at least a name of each of said plurality of network members and financial data pertaining to each of said plurality of network members.

7. The method of claim 1 wherein said loan criteria data specified by each of said plurality of network members is selected from a group consisting of a loan type, a loan size range, an interest rate range, a business type, a desired industry, and a geographical location.

8. The method of claim 1 further including the steps of:

receiving credit and financial data pertaining to a borrower;

analyzing said credit and financial data pertaining to said borrower and generating a credit report; and

providing said credit report to said interested selected matching members.

9. The method of claim 1 further including the steps of:

maintaining loan participation documentation electronically on said computer system; and

providing said loan participation documentation to said network members upon request by said network members.

10. A computerized method for establishing a loan participation network between a plurality of network members, said method comprising the steps of:

establishing a loan participation database containing member data pertaining to each of said plurality of network members and loan criteria data specified by each of said plurality of network members, wherein said plurality of network members are in communication with said loan participation database by way of a data network;

electronically receiving a loan participation offer from an offering network member over said data network, said loan participation offer including offering network member data and loan participation data pertaining to a loan participation opportunity;

searching said loan participation database in response to said loan participation offer for matching loan criteria data matching at least some of said loan participation data, and obtaining matching member data for at least one matching network member associated with said matching loan criteria data;

electronically transmitting said matching member data for each said matching network member to said offering network member over said data network;

electronically receiving a selection of at least one selected matching network member from said offering network member over said data network;

electronically transmitting said loan participation offer to each said selected matching network member over said data network in response to said selection of each said selected matching network member;

electronically receiving a response from at least one interested selected matching member over said data network; and

electronically transmitting to said offering member interested network member data pertaining to each said interested selected matching member over said data network in response to said response from each said interested selected matching member.

11. The method of claim 10 wherein the step of establishing 2 said loan participation database includes:

electronically transmitting network member application forms over said data network to said plurality of network members;

electronically receiving completed network member application forms from at least one of said plurality of network members over said data network, said completed network member application form including said member data pertaining to said at least one of said plurality of network members and said loan criteria data specified by said at least one of said plurality of network members.

12. The method of claim 10 wherein the step of receiving said loan participation offer from said offering network member includes:

electronically transmitting a loan offering form to said offering network member over said data network; and

electronically receiving a completed loan offering form from said offering network member over said data network, said completed loan offering form including said offering network member data and said loan participation data pertaining to said loan participation opportunity.

13. The method of claim 10 further including the step of updating said loan participation network database.

14. The method of claim 10 wherein said member data pertaining to each of said plurality of network members includes at least a name of each of said plurality of network members and financial data pertaining to each of said plurality of network members.

15. The method of claim 10 wherein said loan criteria data specified by each of said plurality of network members is selected from a group consisting of a loan type, a loan size range, an interest rate range, a business type, a desired industry, and a geographical location.

16. A computerized system for establishing a loan participation network between a plurality of network members using a data network, said system comprising:

a loan participation database containing member data pertaining to each of said plurality of network members and loan criteria data specified by each of said plurality of network members;

data entering means for entering said member data and said loan criteria data into said loan participation database;

loan participation offer receiving means, electronically linked to said data network, for receiving a loan participation offer from an offering network member over said data network, said loan participation offer including offering network member data and loan participation data pertaining to a loan participation opportunity;

data searching means, responsive to said loan participation offer receiving means, for searching said loan participation database in response to said loan participation offer for matching loan criteria data matching at least some of said loan participation data and obtaining matching member data for at least one matching network member associated with said matching loan data;

matching member data transmitting means, electronically linked to said data network and responsive to said searching means, for transmitting said matching member data for each said matching network member to said offering network member over said data network, whereby said offering network member selects at least one selected matching network member;

selection receiving means, linked to said data network, for receiving a selection of each said selected matching network member from said offering network member;

loan participation offer transmitting means, electronically linked to said data network and responsive to said selection receiving means, for transmitting said loan participation offer to each said selected matching network member over said data network, whereby at least one interested selected matching member responds to said loan participation offer;

response receiving means, electronically linked to said data network, for receiving a response from each said interested selected matching member;

member data transmitting means, electronically linked to said data network and responsive to said response receiving means, for transmitting to said offering network member interested member data pertaining to each said interested selected matching member over said data network in response to said response from each said interested selected matching member.

17. The system of claim 16 further including means for generating electronic application forms and electronic loan offering forms, wherein said electronic application forms provide said member data and said loan criteria data in said loan participation database, and wherein said electronic loan offering forms provide said requested loan data.

18. The system of claim 16 further including means for analyzing credit of a borrower, and for providing a credit report to said accepting selected network members.

19. The system of claim 16 further including means for providing loan participation documentation to said offering network member and to at least one of said interested selected matching members.

20. A computerized system for establishing a loan participation network between a plurality of network members using a data network, said system comprising:

a loan participation database containing member data pertaining to each of said plurality of network members and loan criteria data specified by each of said plurality of network members;

a database management system linked to said loan participation database for entering said member data and said loan criteria data into said data base and for searching said loan participation database in response to a loan participation offer from an offering network member, said loan participation offer including loan participation data pertaining to a loan participation opportunity, wherein said database management system searches for matching loan criteria data matching at least some of said loan participation data and obtains matching member data for at least one matching network member associated with said matching loan criteria data; and

a communications interface linked to said data network and said database management system, for controlling electronic communication between said plurality of network members and said database management system, wherein said communications interface receives said member data and associated said loan criteria data for entering into said loan participation database, wherein said communications interface receives said loan participation data for searching said loan participation database, wherein said communications interface transmits said matching member data for each said matching network member to said offering network member over said data network, wherein said communications interface receives a selection from said offering network member of at least one selected matching network member, wherein said communications interface transmits said loan participation data to each said selected matching network member over said data network in response to said selection of each said selected matching network member, wherein said communications interface receives a response from at least one interested selected matching member, and wherein said communications interface transmits to said offering member interested member data pertaining to each said interested selected matching member over said data network in response to said response from each said interested selected matching member.