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Bank of Internet USA Announces Another Change In Banking: ApartmentBank.com

San Diego, CA (September xx, 2002) - Bank of Internet USA (BofI.com), the highly successful Internet-only bank, has opened its first "branch": ApartmentBank.com

Unlike most banks, ApartmentBank.com offers 3-day credit approvals and a 30-day close. ApartmentBank.com is the one place for apartment lending that is efficient, affordable and user friendly.

In typical Bank of Internet fashion, Pat Dunn, Chief Credit Officer, directed the in-house technology team to develop an artificial- intelligence based BofI proprietary program. Nothing off the shelf was available since this is a whole new way of banking.

With ApartmentBank.com an Apartment Owner or broker can shop rates and apply from their home or office online.

In addition, "they can track exactly how the loan is progressing and communicate with an experienced loan officer at any time. " explains Mr. Dunn. "Our whole business is based on using technology to drive our clients closer to personal service lost at the traditional brick and mortar shops."

"ApartmentBank.com (ApartmentBank.com) is the first of its kind," Gary Lewis Evans, President & CEO says. "We are using the most efficient business delivery channel available to make low cost loans on apartment buildings. We are able to originate high quality assets at a fraction of the cost of our competitors. That allows us to pass on the savings to our clients.

Apartment Bank.com represents the dawn of an automated, central marketplace, providing the customer with a much better deal. This is similar to the discount brokerage phenomenon in the early 80's or the automation of home loans in the late 90's. We are at the forefront of providing multi-family dwelling loan products as efficiently as today's single-family lenders."

Mr. Dunn points out what applicants can expect. " Last week, we funded a $1.7 million loan on an apartment building in Tucson; the loan was made only 18 days after receipt of the application on ApartmentBank.com. In some banks, a customer may not get a call back in that time! This service and our pricing keep our clients coming back." Mr. Dunn and the board of directors identified a niche that technology could fill and created ApartmentBank.com. Multi-family loans accounted for almost half of all commercial real estate loans in the USA last year. Bank of Internet's Evan's says there are "inefficiencies in today's marketplace that allow for a great opportunity for the right lender. Bank of Internet's proprietary, technology-supported CRM, Loan origination and Underwriting system create loans that are more cost-effective for the borrower and easier to process.

"ApartmentBank.com has a national reach, but the initial lending areas include California, Arizona, Texas, Utah and Colorado. Additional regions will be added as our capabilities to originate quality assets continue to grow."

Additionally, the bank offers a highly trained, friendly staff ready to assist and guide the Internet novice through the process.

The same Bank that introduced revolutionary banking programs has come up with yet another unique service. This one is for loans on multi-family dwellings that will save people time, save people money and change an industry.

For more information log onto www.bankofinternet.com.