GoDocs Launches Newest Version of Commercial Lending Technology Featuring C&IDocs

GoDocs Launches Newest Version of Commercial Lending Technology Featuring C&IDocs

Reduces the Loan Doc Process from Weeks to Just Minutes for Complex C&I Loans

IRVINE, Calif., March 22, 2023 /PRNewswire/ — Today, GoDocs, the automation leader in commercial loan document generation, announced the expansion of their commercial lending automation product line, introducing C&IDocs, a commercial and industrial (C&I) loan doc generation tool.

GoDocs has once again transformed the industry with the release of its attorney-powered C&IDocs platform. C&IDocs represents the most powerful set of commercial and industrial loan documentation features and capabilities on the market. GoDocs has raised the bar on C&I lending to provide customers with an attorney-powered solution that reduces the loan documentation process to just minutes for all C&I loan types and complexities.

“GoDocs C&I Docs is an easy-to-use Cloud loan documentation solution. We are so thrilled with the quality and process of their software,” commented Michelle Cardell, SVP Loan Operations, Anchor Bank.

With C&IDocs, the new capabilities are robust, easy to use, and come with the most comprehensive and versatile built-in lender protections. Customers can engage in the dynamic C&IDocs platform to create a range of capabilities, from easy to the most complex, to support their specific underwriting requirements, e.g., multiple collateral types, revolving or non-revolving lines of credit, and unique collateral monitoring customizations that include financial covenants for all loan parties, all without any outside legal support. Simply stated, customers can generate a sophisticated, 50-state compliant product that articulates their important decisions into attorney-powered documents.

Specifically, some of the highlights of the new C&IDocs platform include the ability to document the following transactions:

  • Term loans (single disbursement with interest-only or amortizing repayment options);
  • Line of credit loans (multiple disbursements typically used for collateral types representing equipment, vehicles, or inventory);
  • Revolving line of credit loans (borrowing base transactions secured by multiple collateral types, such as inventory, receivables, intellectual property, equipment, accounts, etc.);
  • Business line of credit loans (revolving or non-revolving) secured by all business assets; and
  • Interest-only bridge loans secured by a pledge of ownership interest(s) and/or a business assets general security agreement.

“Once again, GoDocs has taken a leadership position in the document generation category by automating the full range of C&I loans, including complex loan structures that previously had to be handcrafted by attorneys,” says GoDocs CEO Steve Butler. “All too often, we have heard horror stories from customers where the loan documentation process – both standard and complex – has taken days, weeks, or even months to finalize, and along with that comes exorbitant legal fees. We knew we could do better for our customers, and we have. We’ve turned those weeks into just minutes for the entire C&I industry with an unmatched product.”

Recently, US Bancorp published great success in the C&I space, which clearly shows that while interest rates have increased, C&I lending remains strong. “U.S. Bancorp outperformed its peer group and the bank sector as a whole with approximately 4% average loan growth in Q3’22, including over 6% commercial and industrial (or C&I) lending growth and 6% card loan growth.” Now lenders will be able to take advantage of GoDocs’ C&IDocs features to outpace the competition.

Handcrafting loan documentation simply isn’t an efficient or effective approach in today’s modern world; customers expect and demand more without sacrificing quality. Automation has sped up the process, but with some systems, attorneys still must help lenders translate their underwriting requirements into legally binding representations and covenants on the front end and make modifications on the back end. GoDocs is the only automated loan documentation system that is engineered for efficiency, effectiveness, innovation, and sophistication, transforming attorney-drawn documents into GoDocs attorney-powered documents that produce the same (and often better) results while reducing the process from weeks to minutes. GoDocs has officially raised the bar on automating C&I lending and accelerated loan documentation to a whole new level.

About GoDocs
GoDocs, the automation leader in commercial loan document generation, offers a next-generation software platform for banks, credit unions, and private lenders that creates a streamlined process for closing commercial loans. The first and only purely SaaS system for automated loan document generation, GoDocs provides lenders with a pay-as-you-go digital solution that requires no training to use. The company has the #1 NPS customer satisfaction score in the industry and is trusted by industry-leading banks as well as community banks, Federal and local credit unions, and private lenders of all sizes. GoDocs is proud to back its solutions with 100% onshore support.

GoDocs Media Contact
Virginia Bush
VP of Marketing
GoDocs
949.274.7907
[email protected]

SOURCE GoDocs

Originally published at https://www.prnewswire.com/news-releases/godocs-launches-newest-version-of-commercial-lending-technology-featuring-cidocs-301778549.html

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