Exciting News: Companion Packages Coming to SPARK! 

We’re thrilled to announce that next month, we’ll be launching an exciting new feature in SPARK: Companion Packages. This addition allows you to manage multiple related loans or leases for the same applicant that are closing in the same timeframe. 

I want to give you a preview of the exciting functionality that's coming by telling a story. At a fictional bank, Ignify Lending, we have a package team made up of three key players: Bob the Business Development Officer (BDO), Claire the Credit Analyst, and Candice the Closer. 

How It Works

Initial Setup 

A business owner wants to buy real estate and submits a lead to Ignify Lending. Bob, the BDO, chats with the business owner about their financing needs and sets up the deal in SPARK. During their conversation, Bob realizes they’re a great candidate for both an SBA 7(a) loan and a 7(a) Express line of credit. 

Creating a Companion Package 

Bob starts by setting up the primary SBA 7(a) package for building acquisition and improvements. Then, he creates a companion package for the SBA 7(a) Express line of credit.  

As part of the process, Bob selects businesses and individuals from the 7(a) package to share with the Express package. After he creates the companion package, he is able to leverage the following shared features to streamline the intake process:

• Sources & Uses: The full project is accounted for in shared sources and uses, including the calculation of a combined guaranty fee when applicable. 

• Documents: Shared document placeholders for tax returns, financial statements, and more are synchronized. 

• Shared Letter of Interest: Bob can generate one Letter of Interest for the applicant that encompasses details for both companion packages. 

As Bob updates the shared information in one package, its companion package is simultaneously updated to reflect those changes.

Underwriting 

Now, the companion packages are in the hands of Claire, the Credit Analyst. She efficiently creates a shared guarantor analysis, financial analysis, collateral analysis, and more! Claire generates a credit memo that includes relevant details for both companion packages and sends a decision request that includes both companion packages.  

Closing 

Once each package is approved by E-Tran, Candice, the Closer takes over to finalize the packages. She leverages shared tasks like SAM and UCC searches to stay up to date on the remaining tasks needed to close the deal. Candice ensures all fees are meticulously documented and, if necessary, can move fees between companion packages for accurate project accounting.  

Summary of Key Enhancements for Companion Packages

In summary, here are some improvements you can look forward to using once these updates are live!

• Shared Features: Seamlessly manage businesses, individuals, collateral, documents, tasks, fees, and more across companion packages. 

• Streamlined Underwriting: Enjoy the benefits of shared analyses and commentary, making underwriting smoother. 

• Simplified Process: This new approach eliminates the need to copy packages, enhancing efficiency. 

• Customizable Configuration: After these updates are released, collaborate with your Customer Success Manager to tailor shared letters, memos, tasks, and document placeholders to your specific needs. 

Launch Details 

We’re aiming for a release in late August. Watch for an invitation to our upcoming webinar where we’ll give a detailed walkthrough of the Companion Packages feature and answer all of your questions. We can’t wait to see how this new feature enhances your SPARK experience!