Summary:
Gumption connects commercial real estate borrowers with banks, acting as Tinder for financing.
Founded by Jonathan Dickerson and Ward Neely, Gumption aims to streamline financing for developers.
The platform addresses current market volatility in lending, offering competitive terms efficiently.
Local community benefits include funding for essential businesses such as restaurants and grocery stores.
An AI tool has been developed for brokers to get quick financing estimates on properties.
Meet Gumption
CEO & Co-founder: Jonathan Dickerson
Company: Gumption
Website: Gumption.dev
Year Founded: 2023
Key Focus: Frictionless financing for commercial properties
What is Gumption?
Gumption is a financial technology startup located in Chattanooga, specializing in sourcing debt capital for commercial real estate developers and property owners. Think of Gumption as Tinder for commercial real estate; we connect borrowers with banks to facilitate financing transactions.
The Inspiration Behind Gumption
My co-founder, Ward Neely, a seasoned commercial real estate developer, faced challenges during the Covid-19 pandemic when his lenders backed out last minute on a project. Gumption allows developers like Ward to access a larger network of lenders, providing competitive financing terms for development projects in half the time.
Timing for Gumption
With the current interest rate, credit, and regulatory volatility, small banks are experiencing unprecedented fluctuations. This environment amplifies the matchmaking problem between borrowers and lenders, making Gumption's service more essential than ever.
Community Impact
Gumption funds the buildings that house vital businesses such as local restaurants, grocery stores, and manufacturing companies. These businesses are crucial economic drivers within their communities.
What's Next for Gumption?
We have developed an AI tool that allows brokers to upload a PDF overview of a property and instantly receive comparable financing estimates. This innovation will help parties quickly understand the potential terms related to specific projects.
– Answered by Jonathan Dickerson
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