Advanced Loan Modifications Now Available on Lightning Docs
IRVINE, April 21, 2023 – Lightning Docs, a proprietary cloud-based business purpose loan document generation system, has just completed Beta testing their advanced loan modification module. Available to all users, the platform now offers numerous loan modifications for users to select. Created by Fortra Law attorneys and partners, Lightning Docs sets the standard in loan documents for the private lending industry.
The development team at Lightning Docs is consistently working to improve the platform for the end user through the addition of new features based on feedback from current and prospective clients.
“One of the main objectives for the Lightning Docs team is to listen and understand our clients’ needs, along with the products and services that they are offering to their clients,” said Audie Munoz, Client Service Manager for Lightning Docs. “This, in turn, lets us know what we can add or improve upon in our platform, to help make our product as streamlined and as user-friendly as possible.”
“Unlike other document systems which can only provide for basic loan modifications such as simple loan extensions, the attorneys at Lightning Docs sought an advanced system which not only produced the Modification Agreement but also advanced documentation such as entity certificates, re-affirmations of any personal guaranty, new business purpose certificates, and more,” noted Nema Daghbandan, CEO of Lightning Docs. “Just as much as Lightning Docs represents best-in-class, attorney-grade loan documents, the Modification Module now represents the most advanced legal coding available for any software product available in the marketplace.”
The latest software update will allow Lightning Docs users to modify closed loans. Some of the key options now available are:
- Change in the Amount of Principal Balance: Increasing or decreasing the original loan amount. For example, the original loan amount was originally $800K, but due to the current state of the property, the borrower needs an extra $200K, so the lender can modify the amount to reflect the full $1M. This will produce a general Modification agreement and a custom recordable security instrument identifying the change in the principal loan balance.
- Change in Interest Rate: The ability to increase or decrease the interest rate for a loan is now available.
- Extension of Maturity Date (AKA a Loan Extension) (This is the most used option). This allows the lender to extend the loan because your borrower needs more time to repay the principal balance.
Users can now select multiple options in the same Modification agreement.
“Our team is proud of the value we provide to our clients and we are determined to remain the premier provider of loan documents in the space,” said Munoz. “We look forward to implementing additional features in the coming months to address the needs of our clients and providing an opportunity to produce attorney-grade documents for all business purpose needs.
About Lightning Docs
Lightning Docs is a proprietary cloud-based business purpose loan document generation system developed in-house by the attorneys and partners at Fortra Law. Lightning Docs permits its clients to generate business purpose loan documents nationwide at the click of a button. The system will generate any business purpose loan documents including bridge, fix and flip, ground up construction, DSCR rental, portfolio rental, etc. The documents have been used for numerous rated and unrated securitizations and are considered the industry standard for the private lending industry. For more information about Lightning Docs please visit https://lightningdocs.ai/ or contact Nema Daghbandan at nema@geracillp.com or 949-379-2600.
About Fortra Law
Fortra Law is the nation’s largest law firm dedicated almost exclusively to the private/non-conventional lending space and is the leading legal resource for specialty lenders, asset-based lenders, private lenders, and non-bank institutions. Our legal departments include Banking & Finance, Corporate & Securities, and Litigation & Bankruptcy, while our Geracicon conference line provides networking and educational opportunities to the industry at large. For more information on Fortra Law, visit: https://fortralaw.com/.
