SkyView Partners, formerly known as Succession Lending, today announced the launch of the industry’s first digital Lender Marketplace for banks seeking to fund loans to advisors, according to a news release.

The new service enables bank partners to login online anywhere and any time to view redacted information on the full universe of credit memorandums that are ready to fund. This is the first rollout for the Wayzata, Minn.-based SkyView since it rebranded from and expanded into investment banking services. The SkyView platform offers independent financial advisors nationwide a turnkey M&A solution.

“We created our Lender Marketplace to provide our bank partners with increased transparency regarding loan flow. We are providing our lenders with access to quality credits from a market historically underserved by banks, said Scott Wetzel, founder and managing partner of SkyView, in the release. “Ultimately, our Lender Marketplace strives to provide financial advisors with the best rates, terms and conditions possible,” he added.

So far, 16 banks and two investment banks have access to the Lender Marketplace. The lenders include community, regional and national banks with assets ranging from $2.2 billion to nearly $500 billion

The release noted that with the names of applicants and other banks still undisclosed, lenders on the marketplace can view key funding metrics such as the state where the applicant is based, the applicant’s credit score, whether the loan is conventional or an SBA, the requested loan amount, debt to service coverage, loan to value, as well as timing of the transaction.

It added that upon reviewing the data, each lender on the marketplace can then request an unredacted credit memorandum for the specific advisor applicants that the bank partner considers the most promising potential borrowers. After each applicant reaches an agreement with a lender, a term sheet from that lender is executed and the applicant enters an underwriting exclusivity period. The exclusivity period provides 30 days for the bank to complete its own underwriting and fund the loan.

During that time, no other lender has access to the applicants’ credit memorandum. If the loan does not close in 30 days, the exclusivity expires and competing lenders can pursue the loan again.

“Technology allows us to scale our lending business and support a more competitive environment for advisory funding in the future. Wetzel said. “We are very encouraged by early adoption rates by our bank partners. We are adding lenders to our Marketplace weekly,’’ he added.