System Training
You need some assistance? We're here to help! Check out this page for all of the latest training resources Lightning Docs has available.
Bridge Loan Training
This short video demonstration will cover the basics of drafting a short-term bridge loan using Lightning Docs. We'll start off using our "Loan Scenario" tool, then work our way through each page, one by one. If you're just starting off on your Lightning Docs journey - this video is for you!
Resource Text
If you're unsure what a specific feature is, or what it does, clicking on the small question mark next to that feature will provide you with some more information. If you still have some outstanding questions, please reach out to our support team and we'd be happy to assist!
Signature Blocks
If a signature block is missing from your document set, you'll want to double check the Borrower, and Property Information pages of your interview. It can be easy to forget to enter in a signer for your borrower, or an owner for your collateral property, but adding those in should fix any missing signature blocks.
Loan Scenarios
If you are starting a new file, a loan scenario can do most of the heavy lifting for you. This is essentially a "template builder" used to set specific pieces of information to be included upon the creation of a new file. This can significantly reduce the time spent drafting new loan documents!
Training Guides
User Guide
Our Lightning Docs user guide should tell you everything that you need to know when navigating through the system.
To view and download our user guide, click here.
Creating Scenarios
“Scenarios” can be a helpful tool for our Lightning Docs users who frequently use (or offer) the same loan terms and products across various different transactions. This tool can help users reduce the potential for errors, such as typos, and cut down the time they are spending drafting loan documents.
To view and download our guide for editing and creating scenarios, click here.
Enabling Permissions
Lightning Docs has an extensive list of loan terms and features that are hidden from users who are drafting basic loan files.
We typically don’t activate these features in our “out-of-the-box” loan interviews, as they aren’t relevant for most companies; however – they can be turned on, very easily, by using our “Scenario” tool.
Some common features that can be activated on this page include:
- The inclusion of a First Payment Letter
- Deferring all monthly payments until the loan’s maturity
- Enabling deferred broker and origination fees
- Etc.
To view and download our guide for enabling permissions, click here.
Duplicating a Loan File
Are you working on a transaction that has very similar terms as one that you’ve drafted in the past?
Rather than starting a new one from scratch, Lightning Docs will allow you to duplicate a file, so you’ll only have to change a few pieces of relevant information.
To view and download our guide for duplicating files, click here.
Converting a CSV to a JSON File
Rather than typing in all your loan information, by hand, Lightning Docs will allow you to import your loan information via a JSON upload. We recognize that many proprietary systems will only allow you to export your loan information as a CSV, so in an effort to make system integration a bit easier for our users, we’ve developed a tool that will convert these files to JSONs.
To view and download our guide for converting CSVs to JSONs, click here.
Correcting Missing Signature Blocks
Are you looking through your loan documents and noticing that one or more signature blocks are missing from the set? Not a problem, there is likely a quick and easy fix that will get this issue resolved.
To view and download our guide for correcting missing signature blocks, click here.
Prepayment Penalties
A “Prepayment Penalty” is a premium, or fee, that becomes due and payable by your borrower when repaying all, or some, of the principal balance prior to the loan’s maturity.
Lightning Docs will allow you to enter in four different types of prepayment penalties, see below:
Guaranteed Interest:
Selecting “Penalty in Months” from the prepayment penalty options in Lightning Docs requires your borrower to make a specific number of monthly interest payments, even if the loan’s principal balance is repaid prior.
For example, if you are requiring 6 months of guaranteed interest, and your borrower repays the entire principal balance in the 3rd month of the loan term, they will still be required to pay the lender an additional 3 months of interest payments.
To view and download our guide for entering this type of PPP into the Lightning Docs interview, click here.
Step-Down Prepayment Penalties:
(Commonly referred to as a “5-4-3-2-1 Prepayment Penalty)
In a Yearly Step Down PPP, the aforementioned premium decreases, each year, as the loan ages closer towards its maturity.
To view and download our guide for entering this type of PPP into the Lightning Docs interview, click here.
Non-Linear Step-Down Prepayment Penalties:
In a Non-Linear Yearly Step Down PPP, the aforementioned premium fluctuates, each year, as the loan ages closer towards its maturity.
To view and download our guide for entering this type of PPP into the Lightning Docs interview, click here.
Strict Prepayment Penalties (Lockout):
Premium charged as either: a specific number of monthly payments, a percentage of the amount prepaid, or a specific fee amount
A “Lockout Period” simply refers to the period of time in which your borrower will be penalized for repaying all, or some, of the principal balance prior to the loan’s maturity. This is referred to as a “strict” prepayment penalty, as the premium is calculated as a set amount regardless of when the loan is prepaid during the lockout period. The premium can be collected as a specific number of monthly payments, a percentage of the amount prepaid, or a specific fee amount.
To view and download our guide for entering this type of PPP into the Lightning Docs interview, click here.
Basic Loan Extensions
You now have the ability to seamlessly create basic maturity date extensions within Lightning Docs. Whether your original loan was built in our system or not, this extension product will work for you.
We call this the Basic Extension because it is designed to be used solely for extending a loan’s maturity date, not for any other loan modification as it does not contain reaffirmations of the guaranty, entity consents, or recordable documents.
To view and download our guide for creating basic extensions on Lightning Docs, click here.
Compliance Warnings
Our built-in compliance warnings inform you of specific requirements you should know, prior to closing your loan. These state-specific warnings touch on various different subjects, such as: usury, table funding, default interest, late fees, prepayment penalties, and more!
To view and download our guide on compliance warnings, click here.
Understanding Payment Dates
Lightning Docs takes the guesswork out of most date and payment calculations. It will automatically determine the amount of payments and when they are due. The First Payment Date, is probably the most important date to communicate to borrowers and for lenders to understand.
To view and download our article on first payment dates, click here.
New York CEMA/EMA Production Guide
CEMA: Consolidation, Extension, Modification, Agreement
This feature is used in order to avoid paying the Mortgage Tax in New York. Specifically, it is New York custom that lenders in refinance transactions do not pay off the existing lien, but instead the existing lien is assigned to the refinancing lender and the refinancing lender creates a CEMA restating all of the loan documents to avoid the borrower having to pay Mortgage Tax on the refinanced portion of the loan. Using a CEMA permits the Mortgage Tax to only be assessed on the “new money” (i.e. any amounts of additional principal beyond the original loan balance being refinanced), if any.
To view and download our guide on CEMA/EMAs, click here.
New York Building Loan Production Guide
The state of New York requires a recordable document (a “Building Loan Agreement”) detailing exactly how much money is set aside for construction, and how/when it should be dispersed to the borrower. This “application” allows you to create a Building Loan Agreement and related documents that are needed to make a building loan in New York.
To view and download our guide on NY building loans, click here.
SNDA/Tenant Estoppel Production Guide
Generally, these documents are used when the collateral securing the loan is commercial real estate that is currently occupied by one or more tenants.
To view and download our guide on SNDA and Tenant Estoppels, click here.
Loan Modification Production Guide
A modification agreement is a legal document that changes the terms of an existing loan between the borrower and the lender, often entered into to help the borrower avoid default.
To view and download our guide on Loan Modifications, click here.
Subsequent Modification Production Guide
A modification agreement is a legal document that changes the terms of an existing loan between the borrower and the lender, often entered into to help the borrower avoid default.
To view and download our guide on Loan Modifications, click here.