ENGS Commercial Finance introduced LenderTrax, a highly efficient technology-enabled lease and loan platform for vendors and customers.

LenderTrax will provide a completely digital and mobile-ready financing process that fully automates the application, underwriting and documentation processes for vendors and customers. Starting with a SMART Credit Application, a vendor credit application can be submitted in seconds, eliminating the need for a vendor to get a paper application or have the customer fill out the equipment information, complete their personal credit information or find a fax or scanner to scan and then email to a lender.

LenderTrax was created to support dealers and manufacturers sales efforts and is well-positioned to assist vendors with market changing technology to enhance and modernize their customers’ equipment buying experience.

Jim Freund, ENGS EVP/CMO, commented, “We have been in the equipment finance space a long time. The equipment finance business has historically been very paper intensive and manual process-driven. LenderTrax changes that. It is always our goal to deliver best-in-class products and services to our customers to help them grow their businesses, and LenderTrax is our latest and most significant effort in that regard. There is no other platform like it. We combine the deep balance sheet lending capability of ENGS with our rich industry data and the latest technology to create a fast and intelligent finance platform for our customers.”

LenderTrax’s completely automated process includes:

• SMART Credit Application using OCR technology
• Auto-Decisioning
• Auto Documentation
• Mobile Ready- close business from your phone

“LenderTrax provides unmatched automation allowing for improved customer experience and quicker turnaround times. This product has revolutionized the credit application, approval and funding process and puts ENGS ahead of the competition in an age-old market landscape,” said Roman Gajda, director of Fintech Solutions for ENGS.