Commercial Real Estate Document Management Tips

Mr. Murphy’s candy business has been booming lately.

What started out as a one-man garage operation has grown into an online viral phenomenon. Now, Mr. Murphy wants to take his business to a whole new level – manufacturing his patented recipe in your local community. Obviously, to do this, Mr. Murphy needs capital. That’s where your bank comes in.

Sure, he’s been a loyal customer from the beginning. Since day one, he’s made weekly deposits at your bank. As order volume grew, he even took out a small line of operating credit to buy inventory and supplies. But now Mr. Murphy is asking for a whole new level of commitment – a factory, which involves property and equipment.

You believe in what Mr. Murphy has cooking, but he can’t wait around forever. Will you lend him the money?

Although we can’t make this decision for you, we can help you make a faster, more informed decision. We can also help you service the loan in a more efficient way.

In this post, we’ll explore how technology can streamline your commercial real estate document management workflow – from approval through the life of the loan.

Hit the Ground Running with Mr. Murphy

The last thing Mr. Murphy wants to do is waste time by gathering documentation that he’s already provided your bank in the past.

How can you quickly tell which documents you still need from Mr. Murphy? Well, if you’re using paper loan files, there’s no easy answer. Unless you’re at the main office, you’ll probably have to submit a request for his records to be sent to your branch. Once it’s couriered over, it’s possible that you’ll discover some records (which should be in the file) are missing. This makes it difficult for your bank to make an informed decision, but it also creates an unnecessary friction point with Mr. Murphy.

Compare this approach to using a tool like AccuAccount. Unlike paper documents, which are easily misplaced or overlooked, electronic documents in AccuAccount are stored securely on your institution’s server. Wherever you’re connected to your network drive, with a few clicks you’re able to see every document Mr. Murphy has ever submitted to your bank. And, best of all, AccuAccount allows you to gain a 360-degree view of your relationship with Mr. Murphy. Accounts, loan balances, linked entities, credit data, collateral, guarantors, notes, exceptions, and much more are all continuously synchronized with your core (on a nightly basis). This ensures AccuAccount feeds you highly accurate and timely information.

bank account documents

Streamline the Approval Process

Even after you’ve collected the necessary documentation, a paper-based system will force you through the arduous process of routing the application to internal stakeholders. Someone call the courier!

Loan approvals don’t need to take forever. For example, by leveraging the AccuApproval module for AccuAccount, the entire approval process can be outlined and tracked within an intuitive, browser-based dashboard. As a loan request passes from one stakeholder to the next, emails and tasks are automatically created, notifying the next user that it’s time to take action. And, since everything is done electronically, the days of waiting for a hard copy loan file to arrive are gone. Each staff member at your bank can have his or her own login account, allowing real-time access to the electronic loan file.

As the loan passes through the necessary steps, all of the approval and underwriting documents are stored securely in Mr. Murphy’s digital account (viewable in AccuAccount). Banks use our software to manage every commercial real estate document imaginable, such as:

  • Loan applications
  • Correspondence
  • Loan information sheets
  • Approval documents
  • Boarding data
  • Checklists
  • Purchase agreements
  • Commercial loan agreements
  • Promissory notes
  • Construction contracts
  • Contractor invoices
  • Draw requests
  • SBA documents
  • Disclosures
  • …and many others

Make Mr. Murphy Happy He Chose Your Bank

Once you’ve made the decision to fund Mr. Murphy’s candy operation, the work is far from done. As with most commercial loan accounts, a real estate note requires your institution to continuously collect certain documentation on an ongoing basis. Corporate financials and proof of insurance documents are just a couple examples.

Automate the collection of subsequent documents – without annoying Mr. Murphy. AccuAccount can automatically remind your loan administrators to generate notice letters, helping you avoid exceptions.

Mr. Murphy will receive your letters and, being the good customer that he is, quickly send in the necessary documentation. Once received, your team can scan in the missing documents, thereby automatically clearing the exception in AccuAccount. No manual ticklers to update – it’s all there in AccuAccount.

Enhance Your Commercial Lending Workflow

Trust the platform used by more than 14,000 community bankers. Request more information about AccuAccount today, and take the next step toward automated commercial real estate document management. Mr. Murphy would be proud!

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Connect with Jennifer Mitchell

Jenn Mitchell is AccuSystems' Sales Manager, overseeing sales and marketing operations. Jenn previously worked as a Loan Originator for several community and regional banks. Connect with Jenn >>