The Reality of It All
If your attorneys are doing their jobs, they often come to you with concerns, no matter the topic. When it comes to automation software, your lawyers may have what they feel are some natural objections to digitizing closing docs. The following are some primary concerns you may hear from your attorneys and the actual facts involved.
Automated documents are too simple.
Reality: When it comes to technology in this day and age, “simple” doesn’t mean lacking in complexity. Today’s technology has the ability to take the most complex business and attorney decision trees and automate them to provide a wide range of loan structure options that are user-friendly. With this, you retain the needed complexity while enjoying a “simpler” process. For example, GoDocs provides complex loan structures such as revolving line of credit construction loan documents, borrowing base C&I loan structures, and other similar complex structures.
Only attorneys can understand and interpret business requirements that need legal structuring.
Reality: Business requirements can be understood by GoDocs attorneys, who can then build the proper legal requirements into an automated format so that a deal-by-deal interpretation is not necessary. The GoDocs legal team (with over 150 years of combined experience) reviews and drafts all provisions to be included in the templates.
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If a lender has any questions, an attorney on hand is necessary to address such matters.
Reality: GoDocs provides customer support, which includes legal team support (along with an affiliated legal network), to provide guidance and direction to permit a lender to properly use our advanced automated platform to yield fast, efficient, and legally compliant document preparation.
The GoDocs customer/legal support teams provide free and prompt support and guidance, whereas attorneys tend to be much slower in responding to questions and typically charge for any support they provide to a client.
A lender needs to have its own counsel to walk the parties through every stage of the due diligence, documentation, and closing processes.
Reality: A top-tier loan document solution, like GoDocs, will address all legal needs for the commercial lender’s loan documents. GoDocs offers entity reviews, loan document negotiations, and additional legal services through its GoDocs LegalNet automated solution.
Having said that, with legal fees for borrower negotiations at a premium, borrowers are willing to reduce or eliminate negotiations when:
- The loan documents are complete and accurate;
- The automated loan documentation fee is a fraction of legal costs;
- The speed of loan document delivery can be almost immediate upon final loan approval; and
- 50-state legal compliance is supported.
The GoDocs platform, in most instances, eliminates negotiations and provides statistical data in support of this extremely valuable claim. It is a known fact that very few outside counsel entities are able to make the same claim.
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The Reality of It All If your attorneys are doing their jobs, they often come