Nearly 40% of small businesses have more than one owner. For lenders, qualifying and underwriting business financing requires identifying all owners with significant stakes, collecting their information, and assessing them both individually and collectively to calculate risk.
Lendio now automates the entire process for businesses with multiple owners (20%+ ownership), from data capture to decisioning.
How it works:
- Smart owner identification: When a borrower reaches the owner-info section of the application, they’re prompted to list additional owners, their percentage of ownership, and contact details.
- Automated owner outreach: Lendio notifies each additional owner of the application, requests their authorization to pull credit, and guides them through completing their portion of the application - including document uploads and signatures.
- Unified data in the IL Portal: Processors and underwriters can view all owners’ contact info, credit, and debt details in one place. The system automatically calculates DSCR, factoring in every owner’s financials.
- Policy-aligned decisioning: Automated decisioning highlights any policy requirements related to ownership and shows how each owner measures up against them.
- Comprehensive document management: Access all business and owner-specific documents - driver’s licenses, credit reports, certifications of beneficial ownership, and more - directly in the IL portal. Need additional documents? Request them instantly, and Lendio will collect them for you.
Businesses with multiple owners (20%+ ownership), now dynamically gathers all the necessary data, packages the application, and qualifies it automatically. The result: Faster decisions.
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