Warrington-based Windtree Therapeutics, a company focused on revenue generating, recently signed a letter of intent to acquire Arizona-based CommLoan, a commercial real estate lending technology company.
“Windtree is pleased to add a revenue generating fintech business as our subsidiary,” Jed Latkin, Windtree CEO, said. “We have spent several quarters trying to find the right business to spearhead our growth initiatives and we are very enthusiastic that CommLoan provides us with a unique advantage to seize on the growing trend in using software and AI (artificial intelligence) to streamline the lending process. CommLoan has put together a massive proprietary database that would take years to replicate and creates a massive moat between them and the other companies trying to compete in this space.”
During the transition period, Windtree is providing CommLoan with bridge financing. After the purchase is completed, CommLoan will become a subsidiary of Windtree. It will retain certain employees.
“Joining forces with Windtree positions us to accelerate that mission while maintaining control of our long-term direction,” Mitch Ginsberg, CommLoan CEO and founder, said. “This marks an exciting new chapter for CommLoan as we prepare for rapid expansion and the path ahead.”
CommLoan’s proprietary platform, CUPID, connects borrowers and originators with lenders nationwide, allowing users to compare rates, terms and loan structures.