Sometimes, it takes one company with a vision to bring new technology to an industry and show other businesses its potential. Private Mortgage Leads is doing just that in the private lending industry with AI. 

Private Mortgage Leads takes a full-funnel approach to marketing, engaging with potential customers across a myriad of social media platforms and other areas, rather than focusing on one digital channel. At the heart of it all is the AI program the company has developed.

“I got into the private money lending space because I realized marketing agencies in this vertical were behind in terms of their experiences and strategies employed. I was confident with my experience, I could build an AI lead generation platform that would help private money lenders/brokers/loan officers receive real-time, high-quality leads that they could ultimately close,” company owner Mike Chao told Originate Report in a recent interview.

Although Private Mortgage Leads is a new company, the team who built the service brings decades of experience. Chao has been in digital marketing for decades, including the software company Oracle, where he pioneered their user marketing strategy, and a second company that is one of the largest lead aggregators in the conventional mortgage sector. He also draws upon a deep bench of talent that includes “engineers with extensive experience in technical system design, automated testing and development, and data scientists and analysts with expertise in regression analyses and large dataset operations.”

AI is everywhere in the company’s lead generation process: developing iterative messages and creative content for users, assessing the quality of each lead, and optimizing the company’s targeting to increase the quality of its leads.

Behind the technology is a marketing philosophy built around a full-funnel approach. That is important, Chao says, “because different digital channels connect with users in particular phases of the user journey better.” For example, display ads or videos are better suited to customers at the initial phase – awareness. Ads on social media connect with those in the next two phases, interest and consideration, while search-based ads work best for those in the final phase, evaluation.

“If you are able to show your ad and brand to a particular user at every stage of their journey then you will be able to essentially nurture the lead all the way to the evaluation stage and influence a conversion or lead,” Chao said.

Some marketers don’t pick up on these advantages. A less experienced advertiser might make a formal sales pitch for a particular brand before a user has even decided whether to buy it. Other marketing agencies also avoid a full-funnel approach because of the costs in the short term, according to Chao.

Private Mortgage Leads may not be the cheapest, but their costs are the lowest when it comes to their peers in terms of lead quality. Chao says some companies would bill a flat fee of $750 monthly, charge extra for any ad spending, and then charge for the lead itself. Private Mortgage Leads charges only for the leads it generates. “We are only charging the client on a valid, qualified lead,” Chao said.

Quality leads are distinguished by higher FICO scores and the loan amount. Private Mortgage Leads provides leads with a guaranteed stated FICO Credit Score of 680, a guaranteed loan amount of $150,000 and up, and guaranteed stated investment property—something no other lead generator offers, according to Chao. “We are also referring to users that are ready to transact. This is a much shorter timeline since we almost always deliver the lead when there is high intent and the user is ready to transact,” Chao said. In other words, what he calls a ‘hot lead.’

In addition to a basic profile of the lead, including their credit score, the loan product they are seeking, and whether they have already picked out a property or note, private lenders get a text and a call the moment the borrower makes an inquiry. “This ultimately improves the connect rate, as you are calling the prospect the instant the prospect inquires,” Chao said.

There is also a budgeting feature that gives brokers and lenders the option of choosing how many leads they want to receive per month.

After launching operations only just last year, Private Mortgage Leads has already brought on board 50 clients and frequently is helping them close deals worth over $1 million.

For more information, visit https://privatemortgageleads.com/.