Boost your commercial loan process with Spark's Quality Control Checklist, ensuring thorough client evaluation, risk assessment, and smooth loan disbursement.
1
Review and compile client information
2
Check client's credit score
3
Analyze the business stability
4
Review the company's financial statements
5
Assess risk level
6
Approval: Risk Assessment
7
Determine loan amount and term length
8
Calculate potential interest rate
9
Compile loan contract
10
Approval: Loan Contract
11
Schedule client meeting
12
Present loan contract to client
13
Approval: Client Agreement
14
File the signed contract
15
Initiate disbursement of funds
16
Set up loan repayment schedule
17
Update client’s record in the Spark database
Review and compile client information
Review and compile all necessary client information to assess eligibility for a commercial loan. This task is crucial in gathering data about the client's business, financials, and background. The results will inform the decision-making process and shape the loan terms. Do you have access to all required documents?
1
Business registration
2
Financial statements
3
Tax returns
4
Bank statements
Check client's credit score
Analyze the client's credit score to evaluate their creditworthiness. This step significantly impacts the loan assessment process and helps determine the borrower's level of risk. Has the client provided their latest credit report?
Credit Report Request
Analyze the business stability
Assess the stability and performance of the client's business. This task focuses on evaluating the duration of operations, market reputation, and sustainability. Gather the necessary data to determine if the business is stable. Are you confident about evaluating the business stability?
1
Highly stable
2
Moderately stable
3
Uncertain stability
4
Instable
Review the company's financial statements
Carefully review the client's financial statements to gain insights into their financial position. This step helps in understanding the company's revenue, expenses, profitability, and ability to repay the loan. Have you reviewed all the financial statements provided by the client?
Assess risk level
Evaluate the risk level associated with providing a loan to the client. This step involves analyzing various factors, including credit score, financial statements, and business stability, to determine the risk involved. What is your assessment of the risk level?
1
Low
2
Medium
3
High
Approval: Risk Assessment
Will be submitted for approval:
Assess risk level
Will be submitted
Determine loan amount and term length
Determine the loan amount and term length that aligns with the client's requirements and risk assessment. This task involves considering the client's financials, projected cash flow, and repayment capacity. What loan amount and term length do you recommend?
1
1 year
2
3 years
3
5 years
4
10 years
Calculate potential interest rate
Calculate the potential interest rate applicable to the loan based on various factors, including risk assessment, loan amount, and term length. This task plays a crucial role in determining the loan's overall cost. What interest rate calculation method are you using?
1
Fixed rate
2
Variable rate
3
Prime rate plus margin
Compile loan contract
Compile a comprehensive loan contract that incorporates all the agreed-upon terms and conditions. The contract should clearly outline the loan amount, interest rate, repayment schedule, and any additional clauses. Have you compiled the loan contract?
Approval: Loan Contract
Will be submitted for approval:
Calculate potential interest rate
Will be submitted
Compile loan contract
Will be submitted
Schedule client meeting
Schedule a meeting with the client to discuss the loan terms, address any questions or concerns, and finalize the agreement. This task aims to ensure both parties are informed and in agreement. What date and time should be scheduled for the client meeting?
Present loan contract to client
Present the compiled loan contract to the client during the scheduled meeting. This step involves explaining the terms, answering questions, and obtaining the client's signature. Have you presented the loan contract to the client?
Approval: Client Agreement
Will be submitted for approval:
Present loan contract to client
Will be submitted
File the signed contract
File and store the signed loan contract securely for future reference. This step ensures easy accessibility and compliance with record-keeping standards. Have you filed the signed loan contract?
Initiate disbursement of funds
Initiate the process of disbursing the loan funds to the client's designated account. This task requires coordination with the finance team and adherence to established procedures. Have you initiated the disbursement process?
Set up loan repayment schedule
Establish a loan repayment schedule based on the agreed-upon terms and conditions. This task ensures clarity for both the client and the lending institution regarding repayment expectations. What repayment schedule has been set up?
Update client’s record in the Spark database
Update the client's record in the Spark database to reflect successful loan application and disbursement. This step ensures accurate and up-to-date data for future reference. Have you updated the client's record in the Spark database?
