A new mortgage lender formed by Coeur d’Alene-based Lakeside Cos. and Plano, Texas-based Benchmark Mortgage will target new construction homebuyers in the Inland Northwest.

Loan Peak Financial LLC launched this summer with a focus on simplifying financing for new construction home purchases, an area that can involve more moving pieces than a typical home transaction, according to a July 15 press release from Lakeside Cos., the business name for Lakeside Capital Group LLC.

The new lender combines Lakeside Cos.’ regional development connections and experience with Benchmark Mortgage’s construction lending expertise, says Melanie Cronk, branch manager and mortgage loan officer for Loan Peak Financial. Benchmark Mortgage is a trade name for Ark-La-Tex Financial Services LLC.

"Lakeside is local and knows the market and saw the demand," Cronk says. "Kootenai County alone is projected to need around 4,000 new homes a year to keep up with demand."

Loan Peak has an office at 1859 N. Lakewood Drive, Suite 104, in Coeur d’Alene, and Cronk says the firm is primarily focused on serving Kootenai and Spokane counties initially.  The company is headquartered in Plano, Texas. She declines to say how many employees the company currently has.

New construction purchases can require buyers to navigate construction schedules, financing requirements, taxes, homeowners association fees, and other community-specific closing costs, Cronk says. Loan Peak Financial aims to coordinate those components from application through closing while keeping buyers informed throughout the process.

"For builders and Realtors, our focus is reducing the friction of financing," Cronk says. "The transaction moves faster and with more confidence with a lender who understands the build timeline instead of working against it." 

The partnership will bring a builder-focused lending approach to homebuyers and residential developers across the Inland Northwest. Cronk says the main goal right now is to improve client and builder relationships.

Loan Peak Financial offers conventional, Federal Housing Administration, U.S. Department of Veterans Affairs, U.S. Department of Agriculture, and jumbo loan programs, Cronk says. The company uses a digital application process designed to streamline financing and move buyers toward closing quicker, according to the release.

"Combining our local development expertise with Benchmark Mortgage’s national strength in construction lending was a natural fit," says Lakeside Cos. CEO David Weeks in the release. "We’re proud to bring Loan Peak Financial to the Inland Northwest and give homebuyers the clarity and confidence they deserve."

Finding a foothold into maintainable growth and developing relationships are the immediate goals, but Cronk says she hopes to see the startup grow in the next three to five years.