Occasionally, clients ask their broker to generate a new funding position when the home buyer finds an interesting property and wants to know the cost implications. Because service is the name of the game, the broker generates a new funding position. Maybe multiple positions.
If you previously created a funding position for that client, generating a new funding position with a different valuation (and possibly a different deal type) is quick and easy. This article shows you how.
Contents
Prerequisites
Duplicating a funding position
Updating the new funding position
Setting the default position
Changing the deal type
Related articles
Prerequisites
Know how to create a funding position.
Duplicating a funding position
The first step is to locate and clone an existing funding position.
Open a lead or deal in full view mode.
Go to the side panel and select Funding under the Strategy section
Go to the funding position name and click the three-dot icon.
Select Duplicate.
Go to the new position, click the pencil icon, and change the file name. Click the checkmark to save.
Updating the new funding position
Go through the new funding position and update the valuation, base loan, and details (e.g. stamp duty, LMI, etc.).
In this scenario, we assume the client is interested in a home with a valuation of $600k ($100k more than the valuation in the original funding position).
Go to the Loan Splits section and update the Loan Amount field. If required, update other fields (e.g. lender, product, etc.). Click Save. Optionally, download the funding position as a PDF or Word doc.
With a few clicks, the broker can generate a new funding position with a projected cash shortfall and monthly payment for the property that interests the client.
Setting the default funding position
When the client finally selects a property and loan package, set the relevant funding position as the default.
Go to the panel and select Funding.
Go to the selected funding position.
Click the three-dot icon and select Set Default.
Optionally, delete the non-selected funding positions or keep them as records of past work.
Changing the deal type
Depending on the client's needs, you can duplicate a new funding position and change the deal type.
Open a funding position and click the Deal Type field. There are five options:
Purchase
Refinance/Debt Consolidation
Construction (Own Land)
Land and Build
Top Up
Each deal type form has a few different fields, so review the forms carefully.
A different article shows you how to use the top-up deal type. Extract equity from a property and use the surplus to help the client secure a non-cross-securitized loan to purchase a second property.
Related articles
Funding Positions for Multiple Securities (Crossed), Purchase and Refinance