Michael J Slavin

US Patent:

20110087577, Apr 14, 2011

Filed:

Oct 8, 2009

Appl. No.:

12/576163

Inventors:

Milton Chace Slavin - Carmen ID, US
Michael John Slavin - Salmon ID, US
Ashley C. Eadon - Auburn AL, US

International Classification:

G06Q 40/00
G06Q 10/00
G06Q 50/00

US Classification:

705 37, 705 38, 705316

Abstract:

A computer-implemented system for real estate collateralized private party loan transactions comprising a database of custom property profiles that are posted by borrowers seeking to obtain financing. Each custom property profile comprises desired loan amount, type of financing sought by the borrower, purpose of the loan, and designated title company and closing agent. The system allows posting borrowers to upload photos and documents in connection with their custom property profiles and lenders to bid on custom property profiles by offering to make loans based on terms set by the lender. A lender may offer to make a loan on more than one custom property profile at a time, and if a borrower accepts an offer made by a lender, the system automatically suspends all other unexpired offers made by the lender. The lender may reactivate a loan offer that has been suspended. A method of implementing the above system.