This page allows you to add additional Collateral Types.

• Click on Administration in the menu at the top of the page.
• Click on Reference in the menu on the left.
• Click on Collateral in the reference submenu.
• In the Collateral submenu click Collateral Types.
• To add a Collateral Type click Add.

 

• The add Collateral Type pop-up will appear. Enter a name for the type you are creating. This is the name that will appear in the dropdown menu when a user is selecting it, so make it as descriptive as possible.
• Mark the type active. If the active box is not checked, the type you are creating will not be available for selection.
• Use the Category dropdown menu to select the category that best fits the collateral type you are creating. You are options are Business Asset, Equipment, Other, Real Estate and Unsecured.
• Enter the Default Liquidation percentage in the Default Liquidation % field if applicable.

For SBA lenders the next step is vital.

• Use the SBA Collateral Type dropdown menu to map the Collateral Type you are creating, to the equivalent SBA collateral type. Make sure you select the correct Collateral type to map to. If loan data containing the type you are creating is submitted to SBA, the process will map the type you are creating to the SBA type you select here.
• When you finish filling out the information you need to, click save.

 

Items entered here appear in the Collateral Type menu, when you are adding, or editing Collateral in the loan.

 

To edit a Collateral Type:

• Click the hyperlinked type name .

 

• The edit Collateral Type pop-up will appear. Make your edits and click save.

 

In general, we do not recommend deleting Collateral Types, instead if you want to remove Collateral Types as an option in your system, mark it inactive by clicking on the type name as demonstrated above and unchecking the active box, then clicking save. This will remove the type from selection in Ventures, but will not affect loans the collateral type has already been used in.

If you do want to delete a Collateral Type:

• Click the X icon in the row of the type you want to delete.

• Before you confirm that you want to delete the type, it is important you use the Replace With dropdown menu to select a collateral type to replace the type you are deleting. Any collateral that have been assigned the type you are deleting will be updated to the collateral type you select here. Make sure you select a type to replace the deleted type with. Do not skip this step!
• Confirm that you want to delete the type by clicking the delete button.

 

You will return to the Collateral Type page and the type will be deleted.