Commercial lenders need to assess a ton of financial information to get a clear picture of a company’s solvency. It can take up to a month or longer for banks to complete the process. Somewhat counterintuitively, the process can take even longer for small business loans. That is when automated spreading comes in to transform the loan approval process.
Although these time frames are the accepted standard in the financial services industry, lenders can distinguish themselves from their competition and reduce their overhead with software that automates the loan approval process. Solutions, like Flashspread, can significantly shorten the time it takes to issue a loan and greatly reduce the work required for lenders to make an informed decision. This will not only delight your customers but also enable your organization to operate more efficiently.
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How Automated Spreading Helps Lenders Develop a More Efficient Loan Approval Process
FlashSpread is changing the game when it comes to financial statement spreading and automating the loan approval process. Our software lets you quickly and easily convert PDF tax returns into comprehensive, in-depth financial reports. This not only saves you time but also reduces the margin for error by eliminating any need for manual data entry. And because our software is GAAP-compliant, you can be confident that the financial statements you’re using to make decisions are accurate and up-to-date.
What’s more, FlashSpread offers several features and benefits that traditional financial statement spreading does not, including:
- The ability to quickly and easily generate side-by-side comparisons of multiple tax returns
- The ability to create custom report outputs based on your specific needs
- Integration with popular financial analysis software programs, such as Microsoft Excel
- A user-friendly interface that is designed for efficiency
FlashSpread is an amazing tool for standard commercial loans. It will save your loan officers and compliance department hours of labor. But it has even greater benefits for non-traditional business loans that can be even more complex, including small business and SBA loans, as well as loans to self-employed borrowers.
How Automated Spreading Helps Lenders Develop a Smarter Loan Approval Process for Self-Employed Borrowers
By automating the tax return analysis process, FlashSpread can help you quickly and accurately assess the financial viability of your self-employed borrowers. The software allows you to upload one or many scanned tax returns into the application.
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The file(s) is (are) next processed by the FlashSpread engine, which extracts the important data without requiring a single keystroke. FlashSpread also takes advantage of the tax return’s flexibility and proprietary algorithms to find any mistakes or omissions caused by poor image quality, watermarks or incorrectly completed tax returns— and even catches CPA errors in certain situations.
Automating this process can reduce the time and cost associated with loan production, speed up the qualifying process and confirm loan quality. This will result in happier borrowers at the end of the day. In addition, borrowers who the big banks have ignored will flock to commercial lenders that can provide a simplified and quicker funding process.
Simplify Compliance and Approval for SBA Loans
Small businesses were dealt a significant blow during the pandemic, and many are still trying to recover. Government-backed SBA loans are a safe alternative for these potentially riskier loans. However, SBA loans require a hefty amount of regulatory compliance and require more time and effort to approve.
FlashSpread uses intelligent APIs to automate and ensure regulatory compliance, even as the government makes changes to regulations. We can help you easily tap into this market without having to expand your workforce.
Automate Approvals for Improved Efficiency and Happier Customers With FlashSpread
Take the complexity out of commercial lending. Contact us today to learn more about how FlashSpread can help you improve your loan approval process. We’ll be happy to answer any questions you have and provide you with a free demo of our software.
