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VENTURES
IRS W-9 newest version available
We have added the newest version of the IRS form W9 to Ventures. IRS Form W9 - No Address document will generate without information filled out in Line 5 and Line 6. We made some of the merging data logic "smarter" from the last version to be more in line with IRS Form instructions, depending on business entity type, listed below.
- Line 1: If borrower has a business entity type of Sole Proprietorship, Individual, or Single Member LLC, the name of either the entity or individual with highest % ownership will be merged. All other business entity types will merge Borrower Name.
- Line 3a: If borrower is a single member LLC type, nothing will be checked. The lender/borrower will need to indicate appropriate tax classification per IRS instructions.
- Part 1: If borrower has a business entity type of Sole Proprietorship, Individual, or Single Member LLC, the Tax ID of entity or individual from Line 1 will be listed in the appropriate SSN or EIN field. If borrower has a business entity type of Trust, the Tax ID of entity in the appropriate SSN or EIN field based off Entity’s Tax ID Type designation will be merged. All other business entity types will merge Tax ID into EIN field.
SBA 504 Lenders - Updated NADCO 327 Templates
Ventures is working closely with the NADCO team to bring you the updated versions of the NADCO 327 Templates. As a reminder it is always best practice for the lender to review the templates to ensure they adhere to the request and make any modifications as needed. Since the 327 Templates have converted over to Web Templates, the user now has the ability to Copy the Web Template and further customize if needed. Please review the KB article labeled Copying Web Templates for steps on how to copy.
- NADCO 327 Templates #2 - #11 have been updated and published as Web Templates
- The updated versions of 2 -11 can be generated from within a 504 loan > Documents > Generate > Filter: Closing > NADCO 327 > System
- Important Note: Generating the 327 Templates #'s 2-11 from within the Closing Requirements > Post Approval Action menu will generate the OLD Word version of the templates.
504 Lenders - Lease-Related Collateral Fields added to Real Estate Tab
We added the "Collateral exists on leased premises:" dropdown from CAFS to Ventures. It is labeled "Leased Premises Type" and located at the bottom of the Real Estate tab when you select a Collateral Type that is mapped to a leased SBA collateral type. (Loan > Collateral > Real Estate)
SBA Lenders - Default Liquidation Percentage for Equipment Collateral Instructions
Are you aware of how to adjust the default liquidation percentages for Equipment Collateral? Your Site Administrator can follow these instructions to make the necessary updates:
1. Navigate to Administration.
2. Select Reference from the left-hand menu.
3. Choose Collateral from the Reference submenu.
4. Click on Collateral Types within the Collateral submenu.
5. Locate the Collateral Type within the grid or by searching using the search bar. Select the Collateral type by clicking on the hyperlinked type. This will prompt a pop-up window to appear.
6. Within the pop-up, modify the Default Liquidation %.
7. Save your changes by clicking on the "Save" button.
8. Repeat these steps for all relevant Collateral types.
SBA Lenders - Borrower Contributions and Injections changes
We now support the ability to enter Borrower Injections on 504 Loans. Some changes we made apply to the injection screens on non-504 loans as well.
For 504 loan purposes, a Borrower Contribution is the standard contribution by a borrower for a 504 loan. It is typically 10% of the loan total, though it can be higher. A Borrower Injection occurs when SBA or the Lender requires the Borrower to inject additional funds to their business as a whole for reasons besides the standard Contribution. There are a variety of reasons the SBA or Lender may require the Borrower to do this (i.e. to meet an equity ratio). Borrower Injections can be entered on the Borrower Injection tab for 504 loans. See this KB article for more. See this KB article to help determine the difference between a Borrower Contribution and a Borrower Injection for 504 loans.
We will also be adding a Borrower Injections content block to the SLPC Credit Memo to account for this data. If you are not using the Ventures SLPC Credit Memo, you can add that content block to your custom credit memo once it is made available.
For non-504 loans, Providing Company/Contact and Receiving Company/Contact fields were added to all Injections on non-504 loans. Amortization Type and 1st Payment Due were added to non-504 borrowed type injections as well. Now, the experience should be more clear and consistent for all loan types.
