- Time-to-market and cost savings drove decision
PORTLAND, Ore. & DELRAY BEACH, Fla.--(BUSINESS WIRE)--Sila Inc., a fintech software platform that provides payment infrastructure as a service, today announced that Constitution Lending Partners, the premier hard money lender for all property types, selected Sila as its strategic partner to realize its vision of democratizing access to real estate credit opportunities and to provide a better more seamless lending experience for borrowers.
Constitution Lending’s founders set out to democratize access to real estate debt for normal investors. Their goal was to empower individuals to invest in asset classes that until recently were reserved for hedge funds and other institutional investors. They quickly realized that in order to do so, they would need to get up to speed quickly on all the laws and ordinances governing the highly regulated payment industry in the US, as well as finding a banking partner that would support a small up-and-coming firm.
“Without Sila, this part of our corporate history could have easily dragged out for years and cost us hundreds of thousands of dollars in legal and other fees,” said Ricardo Sims, Founder and CEO, Constitution Lending. “Sila not only had all these requirements figured out and rolled into a complete payment platform available as a service; they also are a bank agent, which allows us to stay out of the funds flow completely.”
“We are proud to be supporting innovative companies like Constitution Lending by providing a payment infrastructure as a service,” said Shamir Karkal, co-founder and CEO of Sila. “Our vision is similar in that we are looking to lower the barriers of entry for people with great ideas on how to change what’s possible in regulated industries such as finance, real estate, and igaming to name just a few.”
While many financial regulations apply on a federal level, most every state has its own set of rules that companies must follow. Added Ricardo: ”It was business-critical to our success to not make any mistakes, or suffer from poor oversight when building the firm.”
“Time is money,” said Karkal. “That is why Sila has put a lot of effort into building a powerful and complete payment infrastructure solution. And in cases where additional capabilities are required, our customers can easily connect with our vast network of partners assembled in our fintech marketplace.”
About Constitution Lending
Constitution Lending is an alternative credit origination and investment platform founded in 2019 to make life easier for borrowers and earn higher risk adjusted returns for investors. For more information go to https://constlending.com/.
About Sila
Sila is a fintech software platform that provides payment infrastructure as a service, a business-critical element for all companies that need to integrate with the US banking system and blockchain quickly, securely, and in full compliance with US regulations. Sila offers banking, Digital Wallet & ACH Payments APIs for Software Teams. Sila is headquartered in Portland, Oregon. For more information go to www.silamoney.com.
Contacts
Sila: Ty Beckmann, ty@silamoney.com, 415-867-6508
Constitution Lending: Lend@Constlending.com, 203-423-3534