mysherpas offers a platform that allows lenders to gather documents, organize and consolidate them from a centralized location. It provides loan stakeholders with complete visibility into the lending process and gives borrowers a better experience. Additional features of this platform include automatic messaging, simplification of document uploads and generation of a list of outstanding action items. mysherpas is an excellent solution for lenders, including those involved with Small Business Administration (SBA) 504 loans.
Overview
The SBA 504 program provides long-term, fixed-rate loans that promote the growth of a business and the creation of jobs. They’re available through Certified Development Companies (CDCs), which are community-based partners that the SBA certifies and regulates. The maximum loan amount for a 504 loan is $5.5 million, although borrowers may be able to get $5.5 million each for certain energy projects, up to a maximum of three projects.
Borrowers can use 504 loans to buy or build a variety of assets, such as land, buildings, facilities, streets, utilities and landscaping services. The purchase of machinery may also be a valid use of 504 loans, provided the machine has at least 10 years of useful life remaining.
Needs List
mysherpas allows lenders to review their entire pipeline at a glance, letting them see the documents their borrowers have already provided and what they still need to move the loan to closing. Stakeholders like borrowers, lending team members and third-party lenders remain up-to-date on what they need to do without the need for status emails or phone calls.
mysherpas provides a pre-built needs list for all SBA 504 loan types, including the following:
The needs list is also dynamic, as it automatically updates in response to stakeholder actions. In addition, users can assign tasks on the needs list to multiple people.
Configurable
Users can configure mysherpas for an existing workflow. For example, SBA submissions for 504 loans must be in the standard 28-tab format, but users can configure a loan package format for a particular Certified Development Company (CDC). They can also configure secure upload pages for forward-facing team members like business development officers who interact with borrowers or third-party lenders.
Collaboration
mysherpas consolidates documents such as attachments, emails and needs lists in one central location that’s visible to all stakeholders. This feature facilitates collaboration among stakeholders, allowing them to seamlessly progress loans toward approval.
Visibility
The mysherpas platform provides complete visibility of tasks for both borrowers and lenders. Users can view the loan status in real time, as it progresses from lead to origination and then servicing. The simplified package view means that borrowers and lending team members no longer need to know where each file goes.
Done-for-You
mysherpas performs many tasks that lenders have historically needed to perform manually, including filling in digital forms and making them signable. It also provides one-click export for closing and servicing the loan. In addition, mysherpas integrates hard and soft Transunion credit reports on borrowers, along with quick-flag risk reporting on businesses and individuals.
Learn More
To learn more about the mysherpas platform and how it can help streamline your lending operations, visit mysherpas.ai or schedule a free demonstration here:
