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.
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: