Conditional Right to Extension Feature Update

We’ve just pushed an update to the system that will now allow Lightning Docs users to include a conditional right to extend their loan, without including a fee for doing so.

Previously, users only had the option to choose either a dollar amount, or a percentage of the loan balance, but we realized that wasn’t applicable for some some of the loan packages that our clients were offering, so we decided to expand our options.

Please Note:

As the button mentions, this is a conditional right to extend the loan. 

Including this term in your loan package does not mean that your borrower can proceed with extending the maturity date as they see fit.

They would still need to receive written approval from the beneficiaries prior to moving forward with the extension.