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How mysherpas Helps Certified Development Companies (CDCs) and 504 Lenders Streamline Their Lending Operations

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:

  • Collateral
  • LLCs
  • S-Corps
  • C-Corps
  • Partnerships

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:

https://calendly.com/wilson_suafilo/intro-call

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How mysherpas Improves Loan Operations Efficiency for 7a Lenders

The mysherpas platform gathers, organizes and consolidates loan documents from a single location, providing maximum visibility for all stakeholders and a better borrower experience. It also automates messaging and other follow-up processes in addition to simplifying document uploads. Moreover, mysherpas reads, renames and drops documents into the designated folder, then generates a to-do list for users. mysherpas also offers specific features that make it an excellent solution for Small Business Administration (SBA) 7a lenders.

Overview

The SBA 7a loan program is the SBA’s primary business loan program for small businesses. It guarantees loans for lenders, allowing them to provide financial assistance for businesses with special requirements. 7(a) loans can be used for a variety of business purposes, including:

  • Real estate development
  • Working capital
  • Refinancing debt
  • Changes of ownership
  • Buying and installing equipment
  • Multiple purpose loans

The maximum loan amount for a 7a loan is $5 million. Key factors that determine a business’s eligibility include its source of revenue, credit history and geographic location.

Needs List

mysherpas provides a pre-built needs list for all SBA 7a loan types, including the following:

  • C-Corps
  • S-Corps
  • LLCs
  • Partnerships
  • Collateral

Users can review their entire loan pipeline at a glance, allowing them to see the documentation their borrowers have provided, and the remaining documents needed to complete the file and move the loan to closing. The platform also keeps stakeholders up-to-date and ensures they know what they need to do without the need to send status emails or make calls. The mysherpas needs list is also dynamic, as it automatically updates when borrowers, brokers and lending team members complete action items like requests for files and information. In addition, users can assign items on the needs list to multiple people.

Visibility

mysherpas offers complete visibility of borrower and lending team tasks, including real-time visibility of loan files and their status as they progress from lead to origination to servicing. This capability also eliminates the need to create folders, rename files, email downloads and upload files to shared drives. mysherpas also integrates hard and soft Transunion credit reporting on borrowers, as well as quick-flag risk reporting on businesses and individuals. In addition, it provides a simplified package view for borrowers and lending team members, so they no longer need to know where files should go.

Configurable

Users can configure mysherpas to an existing process, maximizing the efficiency of loan officers. For example, it includes the standard 10-tab format required for SBA submissions, but users can change the format to one required by a particular lending institution or broker. The secure upload page is also configurable to accommodate team members who interact with borrowers or brokers, such as business development officers and loan officers.

Unified Documentation

mysherpas seamlessly integrates all processes into an intuitive, user-friendly workspace, thus facilitating collaboration between borrowers, lending team members and managers. Standard forms also automatically populate, making them digitally fillable and signable. In addition, the platform offers one-click export for loan closing and servicing activities.

Learn More

To learn more about the mysherpas platform and how it can help improve efficiency for your lending operations, visit mysherpas.ai or schedule a free demonstration here:

https://calendly.com/wilson_suafilo/intro-call

Read More

Press Releases

mysherpas Announces Patent that Strengthens Company’s Intellectual Property Position in Commercial and SBA Lending Markets

SALT LAKE CITY, Utah –mysherpas announced today that the United States Patent and Trademark Office (USPTO) has issued a patent for its unique lending technology platform. This is the first patent issued to the innovative technology company and will attest to its novel approach in the commercial lending market. The patent allows mysherpas to collect and package data for commercial and SBA lenders more efficiently than earlier methods and presents that information to its users.

About Our Platform

mysherpas is a single platform that gathers, consolidates and organizes loan documents while also maximizing visibility for all parties and creating a better borrower experience. Users can finally consolidate emails, attachments, texts, needs lists and application status into a central location that’s visible to everyone. mysherpas also provides a streamlined digital workspace at which borrowers, lending team members and managers can collaborate to seamlessly speed your loans to approval.

All standard forms automatically populate and are digitally fillable, signable and accessible to everyone, eliminating emails and text exchanges. mysherpas makes folder creation, file renaming, email downloads and shared drive uploads a thing of the past. It also seamlessly integrates these actions into an intuitive, user-friendly workspace that every stakeholder can access.

Users can review the entire loan pipeline at a single glance. They can easily identify the documents borrowers have provided and which ones still need to be gathered. mysherpas also updates stakeholders about missing documentation without needing to send a status email or make a phone call.

About mysherpas

A team of real estate, finance, technology and engineering executives founded mysherpas in Salt Lake City, Utah, on April 15, 2021. Based on their own experiences, they set out to create a smart commercial loan process that provides a single source of truth (SSOT), allowing borrowers and lenders to work together transparently and efficiently. Delivering this solution in a connected world helps lenders dramatically increase their capacity, improve deal flow and improve the loan experience for borrowers.

mysherpa’s founders had all experienced the commercial lending process as borrowers and lenders, which they found frustrating due to the process’s inefficiency. They also knew that loan origination and credit analysis create both expenses and value in banking, making this problem highly expensive. The founders also had ideas about streamlining this process and standardizing the integration of software technologies and data sources. They realized that this problem has existed for decades and that solving it could provide substantial cost savings for banks.

Future Developments

It’s shocking that today’s loan approvals remain a largely manual process, given how dependent they are on software. mysherpas is the only company that delivers a turnkey solution to streamline loan processing without requiring software downloads or IT integration. In the future…all lenders will work this way.

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mysherpas Completes 2nd Round of Funding

SALT LAKE CITY, Utah— mysherpas announced today, it has completed its second round of Simple Agreement for Future Equity (SAFE) Note Funding as of March 31, 2024. Founders of the innovative technology company have a history of success and have operated multinational businesses during their careers. They have launched more than 15 products that have generated over $2 billion in revenue and hold more than 100 patents as named inventors.

The global company intends to improve the efficiency and transparency of the lending market through technology and artificial intelligence. It currently has a presence in more than five countries and officially started to market itself in the United States as of January 2024.

mysherpa’s market focus includes the following:

  • Auto Lenders
  • Certified Development Companies (CDCs) Who Work With Third Party Lenders
  • Commercial Loan Brokers
  • Community Banks
  • Credit Unions
  • Private Lenders
  • SBA 504 Lenders
  • SBA 7a Lenders

About Our Platform

mysherpas is a single platform that gathers, consolidates and organizes loan documents while also maximizing visibility for all parties and creating a better borrower experience. Users can finally consolidate emails, attachments, texts, needs lists and application status into a central location that’s visible to everyone. mysherpas also provides a streamlined digital workspace at which borrowers, lending team members and managers can collaborate to seamlessly speed your loans to approval.

All standard forms automatically populate and are digitally fillable, signable and accessible to everyone, eliminating emails and text exchanges. mysherpas makes folder creation, file renaming, email downloads and shared drive uploads a thing of the past. It also seamlessly integrates these actions into an intuitive, user-friendly workspace that every stakeholder can access.

Users can review the entire loan pipeline at a single glance. They can easily identify the documents borrowers have provided and which ones still need to be gathered. mysherpas also updates stakeholders about missing documentation without needing to send a status email or make a phone call.

About mysherpas

A team of real estate, finance, technology and engineering executives founded mysherpas in Salt Lake City, Utah, on April 15, 2021. Based on their own experiences, they set out to create a smart commercial loan process that provides a single source of truth (SSOT), allowing borrowers and lenders to work together transparently and efficiently. Delivering this solution in a connected world helps lenders dramatically increase their capacity, improve deal flow and improve the loan experience for borrowers.

mysherpa’s founders had all experienced the commercial lending process as borrowers and lenders, which they found frustrating due to the process’s inefficiency. They also knew that loan origination and credit analysis create both expenses and value in banking, making this problem highly expensive. The founders also had ideas about streamlining this process and standardizing the integration of software technologies and data sources. They realized that this problem has existed for decades and that solving it could provide substantial cost savings for banks.

Future Developments

It’s shocking that today’s loan approvals remain a largely manual process, given how dependent they are on software. mysherpas is the only company that delivers a turnkey solution to streamline loan processing without requiring software downloads or IT integration. In the future…all lenders will work this way.

Read More

Upcoming Trade Shows

Credit Union Leadership Convention

July 30-August 2, 2024

Caesars Palace, Las Vegas

The CU Leadership event is designed to bring together industry leaders and executives to discuss key trends, challenges, and opportunities in the private equity sector. For specific details on agenda, speakers, and registration, you can visit their official website: https://www.peievents.com/en/event/cu-leadership/.

America East Small Business Lenders Conference 2024

August 14-15, 2024

Hilton Midtown, New York

The America East Small Business Lenders Conference 2024 is a premier event for SBA lending professionals, taking place at the iconic New York Hilton Midtown in the heart of NYC. This conference provides a cost-efficient opportunity for comprehensive training across all levels of SBA lending, from underwriters and processors to program managers, directors, and bank presidents. For more information, visit https://americaeast.net/.

(CBAI) Annual Convention 2024

September 19 - 21, 2024

Springfield, Illinois

This year, the Community Bankers Association of Illinois (CBAI) proudly celebrates its 50th Anniversary. Established from humble beginnings in 1974, CBAI has grown into one of the largest banking associations in the country, dedicated to supporting community banks across Illinois. Convention serves as a hub for learning, collaboration, and celebration within the community banking sector.

NAGGL Spring Conference

April 23-25, 2024

Nashville, TN | Grand Hyatt Nashville

NADCO Spring Summit 2024

May 5-8, 2024

Arlington, VA| The Renaissance Arlington Capitol View

Utah Bankers Annual UBA Convention

June 23-26, 2024

Sun Valley ID | TBD

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