Private Lending Software for Direct Lending, Non-bank Lending and Financing
The demand for direct lending has increased over the past decade in response to tight credit policies. Middle market businesses are being hit the hardest, making them the most credit hungry.
Direct lenders, or private lenders like institutional investors are raising larger sums of capital each quarter to fund their private lending operations. 45 funds closed on $29.1 billion in direct to business loans in 2014, and those same funds raised another $16 billion for direct lending in the first quarter of 2015.
Private lending, often referred to as non-bank financing, allows institutional investors to implement a private debt strategy, but there’s already plenty of competition.
To stay ahead of the pack and keep their capital out in the field, the non-bank lender must make smart approval and pricing decisions in days instead of weeks by leveraging automated credit scoring and risk assessment tools. So a specialized private lending software is essential.
Speed, Accuracy & Efficiency
Speed and accuracy are critical when it comes to non-bank lending. Regardless of whether you’re processing a new application, managing customer payments, or mining customer data to refine their risk profile and identify incremental marketing opportunities.
Turnkey Lender provides an advanced lender software and account management system that delivers the level of automation and credit scoring that minimizes processing time without compromising security, pricing accuracy or risk tolerance.
Here are some of the key factors to consider when choosing a private lending software that delivers long-term benefits to your direct lending operation.
It’s important to get your staff up-to-speed quickly to get the most from your new system. The Turnkey Lender platform provides an all-in-one loan origination and servicing system, so there’s no need for the IT department to integrate separate software into the existing origination platform. And our intuitive workflow acts like a built-in training tool.
IT support and customer service is available 24/7 to answer all your implementation and training questions getting you up-and-running fast.
Automation & Workflow
Turnkey Lender was created with the end-user in mind. It creates efficiencies by automating multiple mundane tasks, so your loan servicing managers can focus their best efforts on high level evaluation & decision tasks. Your business and your servicing managers are individuals. We start with a rules based foundation system with pre-sets based on lending industry best practices – that’s easily customized to meet individual needs.
Comprehensive Origination & Servicing Functionality
- Automated decision-making and borrower evaluation cycle
- Automated calculation of optimal loan parameters: loan amount, term of the loan, interest rate, etc.
- Customer risk segmentation
- Flexible management of the lender’s credit rules, credit policies and scoring models
- Remote access for distributed sales points
- Setting individual evaluation processes for different products, portfolio segments and business lines
- Evaluating the efficiency and adequacy of the loan origination system’s performance and staff productivity
- Ability to swiftly adjust credit policy (new lending rules, changes in lending rules, appropriate risk margin)
- Digital statement capability to supplement or even replace high cost paper statements
- Automatically tracks all interactions between lender and borrower, including payment history and customer service queries
- Automatically updates borrower credit bureau data
- Push communications via SMS, text and/or email for account alerts and payment reminders
- Customers can upload documents for fast, easy application review
- Customers can make payments via direct debits and auto-pay features
Interface & Integration
Simplicity is key when you’re designing a software solution that creates measurable efficiencies. The Turnkey Lender interface is clean and clear. It was designed to be understood intuitively with little or no cross reference to cumbersome manuals or pop-up screens. It easily integrates with multiple outside providers, so all the loan servicing tasks can be completed without the need to exit the loan servicing environment. This outside vendor integration also allows numerous data fields to be auto-populated, saving substantial time and energy by reducing the need for manual data re-entry. This process also reduces processing time by reducing human error during the data re-entry process.
IT Support & Customer Service
As a small to mid-size lender you don’t often enjoy the luxury of an internal IT department that manages all your technology needs in real time. At Turnkey Lender you (and your customers) get the next best thing. A team of technical professionals who are on-call and at your disposal 24/7 via online chat, email, live telephone call, or online Q&A. Whatever communication channel works best for you.
One with all the functionality reserved for big financial institutions, but specially designed for a small to mid-size lender?