The Client
Capital Development is a direct lender dedicated to assisting small to medium sized businesses in financing owner occupied and investment commercial real estate nationwide with expertise to provide financing with lower downpayment requirements than traditional bank loans for acquisitions of commercial real estate.
The Need Commercial real estate loans require more than 50 forms and documents to process. The forms are accomplished by a number of individuals, including the borrower(s), appraiser, environmental inspector, secondary market buyer and lender, among others. Capital Development needed a system to manage the status of all these documents in order to keep the loan application process on track.
Also, with several different agencies involved, they needed an extranet application that would allow different users to upload completed documents. The various users must only be able to see loans they were responsible for, and would only be allowed to upload or download documents they were authorized to access within a specific Loan Package.
A prototype system created by another developer proved the feasibility of an extranet, but it had limited functionality, was not scalable and did not clean up files after a Loan Package was complete, so Capital Development was rapidly running out of server space.
The Solution Superlative Solutions analyzed all the needs for an online loan document management system and developed the eDocLending system for Capital Development. This extranet application has a roles-based security system that ensures users only see the screens and Loan Packages they are authorized to view.
Each Loan Package is accessed by means of a simple interface that shows only the documents the user can access, a simple upload/download link, and document status. Additionally, users can batch upload or batch download large numbers of documents.
A simple Loan Wizard allows users with administrative privileges to create a new Loan Package with a few mouse clicks. The team members for the particular loan type are automatically notified by email that they have been assigned a new Loan Package, and deadlines for the various documents are established.
A daily process updates loan status and sends out email notifications to users if they have overdue documents. The messages aggregate all Loan Packages and documents, so the users only receive one daily reminder.
Additionally, when users upload new documents, the system notifies all designated team members that the upload has occurred, which is crucial for speedy processing of the loan.
The daily process also automatically archives completed Loan Packages as ZIP files, and deletes outdated archived loans off the server to conserve file space.
Because the document management system leverages database technology, the system can generate a variety of reports. These enable AmeriSource managers to instantly view loan status, track user actions, and measure process time on the various phases of a loan for the purpose of continuous improvement.
The Results Creation of the eDocLending system has allowed Capital Development to significantly speed up commercial real estate loan processing. The technology enables geographically separated team members to upload documents to the server, rather than rely on the postal system or courier services. With all the documents stored in a designated location, the administrative burden of assembling packages for Small Business Administration (SBA) loans is radically reduced.
And, with the immediate status feedback possible with the various reports, Capital Development can track status, measure process time, and continuously improve their service to their customers - and ultimately their market share - in the commercial real estate lending business.
For more information you may wish to contact: John Steele
CEO/CFO, Capital Development
(303) 941-2350 |
