Commercial brokerage GPARENCY offers free marketing service

Commercial mortgage brokerage GPARENCY has launched a new service that allows borrowers to market their prospective mortgages to lenders without the need to pay commissions.

Through the offering called Market the Deal, the firm markets the client’s mortgage directly to its database of over 3,000 banks and lenders for seven days, with no cost involved. GPARENCY co-founder and CEO Ira Zlotowitz said the new service is a way for borrowers to get a “free taste” of its services.

“GPARENCY is a full-service mortgage brokerage, which charges a maximum fee of $16,000 for any size deal, and that includes one-year annual membership,” Zlotowitz said. “This is a well-needed change from the industry norm of steep, percentage-based, broker commissions based on deal size.”