To add an Entity to a Loan: 

• Click on the Entities menu option in loan menu on the left. If there are already Entities entered for the loan, a submenu may appear that lists the names of said Entities, make sure you click on the word Entities and not the name of any other Entities.
• The Entities page will load. The Primary Operating Company will already be listed. It will be automatically input based on the Operating Company you selected when you created the loan.
• Click the Add Entity button to add an Entity. The Add Entity pop up will appear.

• Type in the name of the Entity you want to add to your loan. If the Entity exists in the system, the system will filter results that match what you are typing. Click on the Entity to select them. If they are not in the system, click the Add New option that appears in the field. The Add Loan Entity pop up will appear. This is where you will create the Virtual Card for the Loan Entity. You can find out more information about Adding Companies using the Add New option here, and about the importance of Virtual Cards, by clicking here.
• Once you select your Entity, select the Association from the dropdown menu. You can select from: Primary Operating Company, Operating Company, Eligible Passive Concern (EPC), Affiliate, Inactive and Related non-affiliate.
  • If you select Primary Operating Company, the Entity you are adding will replace the current Primary Operating Company. The current Primary Operating Company will be updated to an Operating Company as there can only be one Primary.
• Next choose what Guarantee Type applies to the Entity.  You can select: Not a Guarantor, Secured Full, Secured Limited, Unsecured Full, Unsecured Limited.
• Finally, if the Entity is a Co-Borrower, make sure you check the Co-Borrower check box.
• Click Save

 

You will return to the Entities main page and you should see the Entity you created in the Entities table.

Now you have to enter contacts and set up the ownership structure for the Entity you have added. You can start this process in several ways:

• By clicking on the arrow icon in the column next to the name of the Entity. This will reveal the Contact menu for that specific Entity. Click Add Contact in the menu to begin the process.

• You can click the Show/Hide Contacts button to display the Contacts menu for all Entities in the menu. Click Add Contact under the Entity you wish to add the Contact to.

• You can click on the name of the Entity. The General tab for the Entity will load. Scroll to the bottom of the page, and click Add Contact in the Ownership/Principals/Contacts section of the tab.

 

Regardless of which way you click Add Contact, once you click it, the Add Contact pop up will appear.

• In the pop up select if you are adding a Contact (a person) or an Entity (a company). Entities can be selected as it is possible for one Company to own another. The Entity need to be listed on the Entities page for it to be available for selection as an owner of another company. For step by step instructions on how to indicate one company owns the other, please click here.
• In this example we will use a Contact. Search for the Contacts name in the contact field. If the Contact exists in the system, the system will filter results that match what you are typing. Click on the Contact to select them. If they are not in the system, click the Add New option that appears in the field. The Add Entity Contact pop up will appear. This is where you will create the Virtual Card for the Contact. You can find out more information about Adding Contacts using the Add New option here, and about the importance of Virtual Cards, by clicking here.
• Once you have selected the Contact, use the Ownership% field to enter the percentage of the company the contact owns. The number in this field will default to the remaining amount to reach 100% based on the ownership percentage of other contacts of the company. For example, if there is already a contact listed as owning 30% of the company, when you add a second contact, the field will be filled in with 70%. You can edit it as needed.
• After entering the Ownership percentage, choose the kind of Guarantor they are using the Guarantee Type dropdown menu. You can choose from Not a Guarantor, Secured Full, Secured Limited, Unsecured Full, Unsecured Limited.
• Under the Guarantee Type dropdown, there are check boxes where you can mark if the contact is someone who is a signer for the company, or if they have control of the company by checking the respective boxes. If you do not check the signer box for a contact, they will not appear in signature blocks that are part of documents you generate for this loan.
• Click Save

• The pop up will disappear. You will return to the main Entities page or the Entity details page depending on where you click Add Contact. If the page has a save button, click save. 

Fill in the ownership structure for each Entity you have. Make sure the ownership percentage totals 100% for each.

Every Entity and Contact has several tabs of information that you need to fill out. It is of vital importance that you go through and fill out relevant information including the Tax ID. All Entities and Contacts must have a Tax ID entered.

For instructions on filling out the Information for an Entity click here.

For instructions on filling out the Information for a Contact for an Entity, click here.