Private Lending Software with Open-Ended API; Lightning Docs 2.0 Released

IRVINE, Calif., Oct. 22, 2024 /PRNewswire/ -- Lightning Docs™, the Official Loan Documents of the American Association of Private Lenders®, announces the launch of its Lightning Docs 2.0 platform. This comprehensive development project, which took over a year to complete, empowers clients with successful API connections to enhance and expedite their processes.

Churchill Funding, an esteemed capital provider to private lenders, is leveraging the platform's API integration to better serve its originators. This integration enables seamless creation of fix-and-flip, bridge, construction, DSCR, and portfolio-rental loan documents nationally, effectively eliminating manual data entry and re-keying of pre-existing data.

"Lightning Docs 1.0 demonstrated our ability to deliver law firm-quality documents to mortgage lenders online. With 2.0, we have taken significant strides to ensure that our best-in-class documents are more accessible and efficiently produced using cutting-edge technology. With over 200 active users, including more than 60% of the top 50 largest private lenders in the country, and handling more than 3,000 private lender loans each month, it was essential for Lightning Docs to evolve alongside our clients' needs. We are proud to say we have fulfilled that promise," said Nema Daghbandan, CEO of Lightning Docs.

Initially developed to serve Geraci LLP, the nation's leading private lending law firm, Lightning Docs was designed to streamline the drafting of document packages for thousands of business-purpose loans across various states. Recognizing the absence of commercially available solutions tailored for private lenders, the attorneys at Geraci LLP created a platform capable of delivering complex, legally compliant results while mimicking the analytical capabilities of their highly trained legal team.

Commenting on the successful integration and its impact, Glenn Tatham, Managing Director of Churchill Whole Loan, stated, "As a leading player in the Business Purpose Lending capital markets, we recognize that efficiency and quality are crucial for providing an outstanding experience to our partners. The API is an additional tool to help us allocate our capital more effectively."

Lightning Docs continues to set the standard as the most advanced legal solution custom-built for private lenders. The platform offers features such as preparing table-funded, white-label, and correspondent loan documents. Users can also effortlessly create remarkably complex loan transactions involving multiple properties, borrowers, guarantors, and lenders across state lines, all within a single transaction.

Lightning Docs 2.0 Key Features:

1. API. Lightning Docs 2.0 permits the use of true API technologies allowing users to never need to leave their loan origination systems (proprietary or commercially available), with the click of a button users can produce loan documents. System integrations include Salesforce, Encompass, The Mortgage Office, LendingWise, Liquid Logics, Mortgage Automator, and Elphi.
2. Customizable Loan Product Templates: Ability to set up unlimited defaulted loan scenarios at the user level, for example, a fix and flip loan and a DSCR loan template where users can default the answers to questions and show/hide questions. Now, users can create unlimited loan products in their system, remove keystrokes, and reduce the potential for errors.
3. User-Centric Design: An intuitive, user-friendly interface that simplifies navigation and enhances the user experience.
4. Robust Compliance Engine: First-to-market detailed compliance warnings are provided with every loan, notifying users of potential licensing, usury, prepayment penalty restrictions, and more.
5. Access to Full Library of All Features: Direct access for all users to numerous features and customizations to the loan documents, including revolving lines of credit, bridge to perm documentation, numerous holdbacks and reserves specific to private lenders, deferring of origination and broker fees, cannabis-specific loan documents, MERS compliant docs, SNDA's, Intercreditor Agreements, 360/Actual, 365/Actual, and numerous other features.
6. Audit/Version Control: Individual user accounts, including version audit control, to understand who, what, and when changes occurred in the loan interview. All company users will have access to all company files so employees can edit freely and independently of each other all while maintaining visibility of any changes made.

For more information about our exciting new interface or to schedule a live demonstration of the system, please contact us at  [email protected] or visit www.lightningdocs.com

Contact:
Lightning Docs
90 Discovery
Irvine, CA 92618
(949) 379-2600
[email protected] 

SOURCE Lightning Docs