Teisha

Laserpro Construction Loan Agreement

24th September 2021

Laserpro Construction Loan Agreement

posted in Uncategorized |

I asked Mitch what impact LaserPro has on law firms. He suggested that if a particular bank accepted LaserPro, a law firm that had previously been tasked with preparing credit documents for a given business loan would likely only be asked to take over negotiations on the terms. That, of course, is the goal of any document editing system — transferring resources from something that should be laborious to higher-quality tasks. LaserPro, a document assembly system for creating loan documents, is a particularly interesting example of the efficient use of document assembly. It is a service of Harland Financial Solutions, an indirect subsidiary of M&F Worldwide Corp. In “In Re Duckworth” (March 22, 2012), the Chief Bankruptcy Judge passed a decision for the Central District of Illinois, which will have a significant impact on some lenders using laserPro and other automated credit documentation software. The absence of a clause on “future advances” (also known as cross-hedging) in LaserPro documents resulted in the loss of the bank`s security for a loan. Search for an example of an HVCRE language (i.e. The borrower`s contribution at 15% to the project), which can be included in the credit agreements to the construction of the bank. I am best acquainted with the LaserPro documentation, which contains the boilerplate HVCRE language. Currently, FLO is used, which is not the case.

Any help would be much appreciated! Thank you very much. The core of LaserPro is a proprietary document assembly system that brings language together from more than 13,000 paragraphs created over the years by LaserPro employees, based on the loan officer`s responses to requests. The system allows for a considerable degree of adaptation. For example, Mitch says LaserPro`s payment delivery language could be assembled in 4 million different ways. For example, I have already mentioned the AIA`s contractual document system. Well, document editing is so accepted in the construction industry that it now has a competitor, ConsensusDOCS. Instead, LaserPro`s success can be attributed to the following factors: (1) The documentation is large and of relatively high quality; (2) It contains a specific level of adjustment, high enough to render the traditional scissors and pastes process inefficient, but not high enough to exclude the compilation of documents that is aimed at credit officers and not lawyers; (3) In order to monitor the difference between jurisdictions and tribunals in this area, it is necessary to commit resources that would exceed most banks. and (4) The early launch of LaserPro gave it an advantage over the competition. . . .

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