As a technology provider to a growing number of lenders, we at Cloud Lending Solutions have found that the key to successful and competitive underwriting is the ability to manage process, accountability and time. This is especially true for complex asset types such as commercial real estate or collateral-based loans that typically take weeks and months to get approved. Emerging alternative lenders are looking to close these complex loans within days, challenging banks and traditional lenders and they need a technology that can enable a fast lending process.
For these lenders, we have launched the Cloud Lending Solutions Deal Room, a collaborative online document management and due diligence process management feature that powers any complex underwriting process involving multiple parties. The Deal Room provides real-time collaboration between all stakeholders in the lending process and provides up-to-date visibility into all outstanding action items to close the loan. Stakeholders can upload documents, check status and communicate with one another in the Deal Room resulting in a highly transparent loan services process with a real time view in the tasks necessary to complete the loan process.
Once the loan is approved, a deal room is created and all stakeholders are invited where they can view the respective tasks assigned to them. When the documents are submitted and reviewed, specific attributes from the submitted documents can be used to define the scorecard. The Deal Room enables timely management of a large number of tasks and documents from a multitude of parties including,
- 1. Gathering documents via self-service and mobile-enabled apps.
- 2. Notifying all participants in the financial deal during due diligence.
- 3. Managing tasks, events and notifications.
- 4. Facilitating approvals, and
- 5. Communicating a true status update to all stakeholders.
Many lending products have customer portals or a number of third party systems that allow for document upload, collaboration and management. As part of our origination and underwriting platform, CL Originate, Deal Room takes a unique approach by providing document management, task management and collaboration in the origination and underwriting environment.
The Deal Room allows complex lenders to clearly manage process, accountability and time by providing complete transparency and significantly shortening the time to close a loan. This results in operational efficiency, reduced risk and ultimately more capital to more borrowers to build more business in fraction of the time it takes traditional lenders to fund a loan.