Private lending software

Most Popular Reply

Beth JohnsonPro Member
Lender · Renton, WA · Member since 2018 · 215 posts · 216 votes
6y

@Matthew T.

After considerable research on the matter a few years ago when we maxed our ability to manage on spreadsheets, we went with Lendingwise. LOVE this software for the flexibility and cost - inexpensive set up and monthly costs by comparison to others like Liquid Logics and the Mortgage Office. No servicing function yet but the loan origination and CRM are pretty darn good! Can do online application via your website, auto generated term sheets and loan docs, and pipeline management. Talk to the owner Chris Fuelling for a demo. Highly recommend. Lmk if you have more questions.

Only other one I liked was Bryt Software but they couldn't do much in the way of standardized loan life cycle task management (moving loans from application to document collection and review to underwriting and escrow and in-service). Also they can't support an online application.

[email protected]Podcast Guest on Show #210
1Reply
See this reply in the discussion

7 Replies

Jump to latestLatest
  • Alan Nelson
    Lender · Indianapolis, IN · Member since 2019 · 53 posts · 19 votes
    6y

    Great question, Matthew!  I ended up using a combination of XL (each loan has it's own tab with loan details and amortization/payment table), Outlook Tasks/Reminders (to track upcoming due dates/maturity dates), and QuickBooks (for general ledger)...all held together with some bubble gum.  While not the most efficient, I can effectively keep track of approx 30 active loans and it works for me.  The best recent move I made was to set up all new borrowers on ACH; I initiate the ACH batch to collect monthly payments.  Much better than spending the first 10 days of each month waiting for checks.

    I keep original loan docs in a fireproof safe and electronic copies on computer (each loan gets its own file).  I also keep an email subfolder for each loan to track correspondence.

    0Reply
  • Beth JohnsonPro Member
    Lender · Renton, WA · Member since 2018 · 215 posts · 216 votes
    6y

    @Matthew T.

    After considerable research on the matter a few years ago when we maxed our ability to manage on spreadsheets, we went with Lendingwise. LOVE this software for the flexibility and cost - inexpensive set up and monthly costs by comparison to others like Liquid Logics and the Mortgage Office. No servicing function yet but the loan origination and CRM are pretty darn good! Can do online application via your website, auto generated term sheets and loan docs, and pipeline management. Talk to the owner Chris Fuelling for a demo. Highly recommend. Lmk if you have more questions.

    Only other one I liked was Bryt Software but they couldn't do much in the way of standardized loan life cycle task management (moving loans from application to document collection and review to underwriting and escrow and in-service). Also they can't support an online application.

    [email protected]Podcast Guest on Show #210
    1Reply
  • Patrick Jackson
    Investor · Orlando, FL · Member since 2015 · 301 posts · 99 votes
    6y

    @Matthew T. Thanks for the insightful question. Now taking note of the answers I’m going to look into creating a custom app on Podio that handles that type of workflows.

    0Reply
  • Matthew T.
    OP
    Investor · Springfield, MA · Member since 2010 · 276 posts · 84 votes
    6y
    Thanks everyone. 
    0Reply
  • Chris Fuelling
    Specialist · Miami · Member since 2018 · 11 posts · 6 votes
    3y

    Thanks @Beth Johnson for the great review. We would love to help anyone on Bigger Poekct learn more... On our home page lendingwise.com you can take an interactive demo of the system:  Product Tour

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y
    Quote from @Matthew T.:

    To the hard/private money lenders out there. What software are you using to automate your lending business?

    Thanks

    Depending on the number of loans you originate, it may be a lot cheaper to have a servicer manage the loans for you since many can do it for $20-$25/mo per loan. 
    7e investments53 Reviews
    WebsiteView Page
    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free