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B.A. Enterprises Secures $750 Million Loan

6 July 2000

DENVER--(Press Release)--July 6, 2000--CyberLoan.com, the Denver-based developer of business-to-business enabling technologies for the financial services market, today announced that CyberLoan R/E, the company's online multi-lender loan application and submission system for commercial real estate, was used by La Place, Louisiana-based B.A. Enterprises L.L.C. to secure a $750 million commercial real estate loan.

B.A. Enterprises is a financial agency that links project holders with investors. According to Alfred E. Adams, the B.A. Enterprises agent who handled this project on behalf of the firm's client, New Zealand-based A.H. International, the $750 million will be used for land acquisition and construction of a 240-acre gaming casino resort in New Zealand.

Using CyberLoan R/E, Adams found a lender for this project in less than two hours. The transaction is expected to close in November or December, contingent upon A.H. International meeting the lender's funding requirements.

Adams used CyberLoan R/E on June 13 to identify lending institutions that participate in the gaming industry and could handle a $750 million transaction. On June 15, he received a letter of intent from the lender, which asked not to be identified, citing competitive reasons.

``CyberLoan R/E was invaluable in putting together this deal,'' Adams said. ``Once I completed the online loan application on behalf of A.H. International, CyberLoan R/E instantly provided me with lenders that fund these types of deals. By the fourth call, I had a verbal commitment from a lender, followed by their letter of intent two days later. This is a process that would have taken me weeks to complete without CyberLoan R/E.''

CyberLoan.com (formerly DataMerge, Inc.) develops web-based, fully automated loan application, processing, underwriting, and closing systems for a number of segments of the lending market, including commercial real estate, manufactured housing and multi-family housing.

In July 1999, the company's Internet-based exchange for commercial real estate loans (CyberLoan R/E) became the first business-to-business exchange to process over $1 billion in loan applications in a single month. CyberLoan R/E, which is used by more than 400 lending institutions, eliminates up to 70 percent of the lender's expenses related to loan processing. The company's Internet-based exchange for manufactured housing loans (CyberLoan M/H) is projected to process loan application volume exceeding $170 million by July 2000.

Lenders using CyberLoan R/E benefit in three ways: the system reduces overhead expenses up to 70 percent by automating the lending process; the system increases loan quality by automatically checking and validating information provided by borrowers; and the system significantly increases loan volume for the lender.

Borrowers using CyberLoan R/E benefit because they have 24-hour, seven-days-a-week access to all the lenders participating in the system. Borrowers can get almost instant online approval on their loan request and much faster closings than loans sourced through traditional methods. In addition, borrowers often get more attractive rates because of the competition inherent in a multi-lender system.

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