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Press Release

First Union Securities, Archon Financial, ARCS Commercial Mortgage and CIT Join LoopNet in Launching FinanceNow

Integration of Lending Services With LoopNet's Property Listings Expedites Commercial Real Estate Sales
One Step Closer to a Truly Online Transaction Platform

SAN FRANCISCO, May 23 /PRNewswire/ -- LoopNet, the largest online commercial real estate marketplace, and leading commercial mortgage lenders today launched FinanceNow, a new service that expedites property sales by integrating detailed financial termsheets and real-time loan rate information with LoopNet's commercial property listings. More than $91 billion of commercial property is currently listed for sale in the LoopNet marketplace (www.LoopNet.com), which is used by more than 182,000 commercial real estate professionals.

LoopNet launched the service today with industry leaders Archon Financial, a Goldman Sachs company (NYSE: GS news); ARCS Commercial Mortgage, the number-one Fannie Mae DUS lender; CIT Small Business Lending Corporation, a unit of CIT (NYSE: CIT news); and First Union Securities Inc, a subsidiary of First Union Corp. (NYSE: FTU news). FinanceNow is a product of LoopLender.com, LoopNet's online financing service.

With FinanceNow, commercial real estate brokers listing property for sale on LoopNet can choose to add to their online listing packages loan rate information and detailed termsheets from participating lenders. This point-of-sale financing option enables potential buyer-borrowers to access competitive financing for the subject property on the spot. Upon selecting a lender, a buyer can request a loan application that LoopNet automatically pre-populates with property information, expediting the loan process and accelerating the entire property sale transaction.

"This is a powerful proposition for every party involved in the sale transaction," said John Gough, Managing Director, LoopLender. "The brokers win by including competitive financing terms directly in their property listings, the lenders win by expanding their loan origination channels and loan volume, and the buyers and sellers win as a result of streamlined sales and loan closings."

For the participating financial institutions, FinanceNow's point-of-sale integration provides direct, upstream access to LoopNet's multiple listing service and allows them to market their loan programs to LoopNet's more than 182,000 registered members as they're searching for properties to buy.

"We believe there's a future for the online property sales and loan origination markets, and FinanceNow provides an important application for the online connection between buyer and seller, borrower and lender," said Steve Jones, Senior Vice President, First Union Securities Inc. "Because LoopNet is the market leader in online property listings, First Union believes it can benefit from a great deal of investment property traffic."

"We are focused on broadening our avenues of distribution, and our relationship with LoopNet allows us to maximize, through the visibility of the Internet, the exposure of our lending programs," said Roddy O'Neal, Co-Chief Executive Officer, Archon Financial.

"FinanceNow brings new efficiencies to the mortgage origination process, reducing the up-front due diligence timeframe dramatically," said David Levine, Vice President of E-Commerce Financing Programs, ARCS Commercial Mortgage. "What otherwise would take two to three weeks can be done immediately with FinanceNow. Another benefit of this service is its geographic reach. Anyone can buy and finance a property anywhere in the country. Previously, that would have been quite difficult."

About Archon Financial
Archon Financial, a Goldman Sachs company, is a full-service commercial mortgage lender, providing first-mortgage financing on income-producing office, industrial, retail and multifamily properties nationwide. Goldman Sachs is a leading global investment banking and securities firm, providing a full range of services worldwide to a client base that includes corporations, financial institutions, governments and high net-worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. For FinanceNow, Archon Financial will offer fixed-rate and floating-rate first-mortgage financing on office, industrial and retail properties valued in excess of $10 million.

About ARCS Commercial Mortgage
ARCS Commercial Mortgage is the number-one Fannie Mae DUS lender five years in a row, their number-one DUS affordable housing lender, and one of the top five Freddie Mac multifamily lenders for 2000. ARCS is organized into four specialized divisions: multifamily and co-op, smaller multifamily, affordable multifamily and capital markets. The company network includes 18 offices providing national strength and local expertise to clients across the U.S. For FinanceNow, ARCS will focus on multifamily properties valued at $3 million or more.

About CIT Small Business Lending Corporation
CIT Small Business Lending Corporation is a unit of CIT, the world's largest publicly held commercial finance company with more than $50 billion in managed assets and $2.2 billion in revenues. CIT Small Business Lending is the nation's number-one Small Business Administration (SBA) lender. SBA 7(a) and 504 loans are available for the purchase, new construction or substantial renovation of owner-occupied commercial real estate or other fixed-asset acquisitions. For FinanceNow, CIT will finance owner-occupied small business properties ranging in value from $200,000 to $4 million.

About First Union Securities Inc
First Union Corp. is the nation's sixth-largest commercial bank based on assets of more than $254 billion as of December 31, 2000. To complement its real estate loan portfolio of more than $16 billion in First Union National Bank, First Union Securities established the Real Estate Capital Markets Group in 1996. The group first committed its efforts to a large, fully integrated conduit/commercial mortgage backed securities (CMBS) operation that has originated and securitized over $14 billion since inception. First Union has a Master servicing rating of CMS2 from Fitch and a rating of "strong" from S&P. For FinanceNow, First Union Securities will provide fixed-rate and floating-rate permanent and bridge financing for retail and multifamily properties with values greater than $3 million.

About LoopNet
LoopNet, Inc., which recently announced its merger with PropertyFirst.com, Inc., is the largest online commercial real estate marketplace, attracting the largest community of commercial real estate professionals. The LoopNet marketplace, which currently includes more than $91 billion in properties for sale and 1.7 billion square feet of properties for lease, is used by more than 182,000 commercial real estate professionals and over 145 organizations, including Coldwell Banker Commercial, Colliers International, the CORE Network, Cushman & Wakefield, Grubb & Ellis, Homestore.com, Inc., Insignia/ESG, Marcus & Millichap, RE/MAX and Trammell Crow Company. LoopNet powers nearly 1,300 Web sites as an application service provider. LoopLender, LoopNet's online financing service, provides direct access and fast loan approval through 40 of the industry's top lenders, including JP Morgan, Morgan Stanley, First Union and Wells Fargo Bank, among others. For more information about LoopNet, please visit www.LoopNet.com.

SOURCE: LoopNet, Inc.
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