Long Island Business News - August 11, 2000
Melville-based Vertical Lend launched a program that will enable financial professionals to directly offer their customers a variety of loans via its Web site, www.verticallend.com. Vertical Lend offers financial professionals such as independent CPAs, financial planners, tax planners and insurance agents, the ability to provide loans directly

to their clients, sidestepping the traditional way of getting a loan by going to a bank.

Vertical Lend, formerly named Mortgage Warehouse, allows members to operate as a single-source financial service. In doing so, users can earn additional income because they don't have to refer their clients to banks and other lending institutions. Vertical Lend says members boost their income by an average of $1,000 per loan.

Members can access Vertical Lend for home mortgages and refinancing, automobile loans and small business loans, with some leasing deals as well.

"We are changing the industry," said David Peskin, Vertical Lend president, in an interview. "We have given these professionals the ability to provide additional financial services, and, through Vertical Lend, do the work themselves."

Peskin also said the company provides loan specialists who aid members such as accountants help their own clients in purchasing a home. Vertical Lend has an online marketing department as well, and can provide customized business letters and billing.

"This is like an instant business," Peskin said. Peskin also said the company will be adding commercial loans within the next year. Vertical Lend now has over 400 B2B professionals signed on, and Peskin said it expects 4,000 to 5,000 members within two years.