How To Generate Seller Financing Notes From Land Records

There are currently 2 different types of Seller Financing Notes, (Loan and Lease Purchase) that exists in Investment Dominator.

Seller Financing Notes for either a Loan or Lease Purchase note can be easily generated from Land Records in Investment Dominator by executing the following instructions.

Note: Please check with LPG Management Staff regarding associated costs for servicing Seller Financing Notes in your Investment Dominator account. 

Step 1) Access The Payment Calculator For A Specific Land Record

To access the ‘Payment Calculator’ for a specific land record, the following must be completed:

      • 1) Access the ‘Selling Stage‘ records
      • 2) Land Record must be in ‘Complete/ Ready To Sell‘ status
      • 3) Select the ‘Option‘ function for the Payment Calculator
      • 4) Select ‘Payment Calculator’ to calculate terms

Access the ‘Payment Calculator’ for a selected land record as shown:

Step 2) Enter Appropriate Seller Financing Term Data

Enter the appropriate Seller Financing Term data based on the ‘Type’ of Seller Financing Note selected.

If generating a Loan Type note populate the ‘Enter Down Payment’, ‘Enter Annual Property Tax’, ‘Enter HOA/POA’, ‘Enter Interest Rate’, ‘Enter Monthly Loan Service Fee’, ‘Enter Term’ fields as appropriate based on agreement with potential buyer.

If generating a Lease Purchase Type note populate the ‘Enter Deposit’, ‘Enter Annual Property Tax’, ‘Enter HOA/POA’, ‘Enter Base Rate’, ‘Enter Monthly Loan Service Fee’, ‘Enter Term’ fields as appropriate based on agreement with potential buyer.

Note: Hover over any [?] associated with a specific field to reveal a detailed explanation on how to best utilize that field in the note transaction.

Once the Seller Financing Term data has been entered press the blue ‘Summarize Terms‘ button to calculate current amounts due; as well as, show monthly Loan or Lease Purchase payments. 

An example of a Loan Type note for a 48 month term is shown as follows:

Step 3) Send Terms Output To Potential Buyer Or Create New Loan

Once terms of either the Loan or Lease Purchase have been calculated from Step 2) this information should can be sent to the potential buyer (in a PDF file format) for agreement by pressing the blue ‘Copy To Clipboard‘ button as shown:

Note: After pressing the blue ‘Copy To Clipboard’ button and showing all information highlighted, to create a PDF file format simply paste the contents of the Clipboard into a Word file and save that word file, (as PDF).

If the terms of either the Loan or Lease Purchase have been approved by the potential buyer then press the blue ‘Create New Loan‘ button as shown:

Step 4) Enter Appropriate Buyer And Verify Loan Information

After pressing the blue ‘Create New Loan’ button from Step 3) the system will migrate to the Notes section of Investment Dominator.

It is important to select the appropriate ‘Primary Buyer’ and/or ‘Secondary Buyer(s) prior to proceeding to the final Step 5) Creating the Note.

Verify all information in ‘Note Information’ section (i.e. Original Sale Amount, Monthly Payment etc.) for accuracy as shown:

Step 5) Create Note In Investment Dominator

Once all note information has been verified in Step 4) proceed with pressing the blue ‘Create Note‘ button to actually generate the Loan or Lease Purchase Note in Investment Dominator as shown:

The newly created Seller Financing Note should appear when accessing the Notes function in Investment Dominator and be in ‘Open’ status as shown:

The Status of a Note and How To Update It

The Status of a Note is important because it is what controls the overall state of the Note is as well as properly indexes your records for accurate reporting.

Here is a brief explanation of the built-in Note Statuses and what they mean:

  • Preview: Initially when you create a new Note record from the Payment Calculator the default status of the Note is set to ‘Preview‘ which is a way for you to review and refine the settings of the Note before you actually go live.
  • Open: To active a Note you need to change the status to ‘Open‘.
  • Delinquent: When a Note becomes delinquent the Status changes to ‘Delinquent‘ and then back to ‘Open‘ once the Buyer gets caught back up.
  • Pre-Foreclosure: When you are in the process of taking the property back due to non-payment you can manually move a Note into the ‘Pre-Foreclosure‘ Status.
  • Complete: When a Note term has completed the status of the Note can be updated to the ‘Complete‘ status.
  • Canceled: If someone cancels a Note prior to the term ending, you can update the Status to ‘Canceled‘ which saves the record and payment history of the Note but deactivates in the system.

How To Change The Status of A Note

In order to change the Status of a Note you must first click on the ‘Edit‘ link to the right of the Note record in the Notes overview table that you want to update.

Next, click the ‘Edit Record‘ button located to the top right of the record to open edit mode.

Under the ‘Status‘ field select the status that you would like to move the record into.

NOTE: Selecting the ‘Open‘ status will trigger the system to generate any payments due between the current date and the Note’s origination date so you’ll want to confirm what you have entered under the ‘Origination Date‘ field prior to saving this change.

Click the ‘Save Changes‘ button to save your updates.

Notes: How To Link Buyers To a Loan or Lease Purchase Record

To link buyer(s) to a Loan or Lease Purchase Note first click the ‘Edit‘ link to the right of the Note record that you want to update:

Click the ‘Edit Record‘ option to the top right of the screen:

Navigate to the ‘Buyer Information‘ section and under the ‘Primary Buyer‘ field select a Buyer Contact that you want to attach to the loan.

NOTE: The contact must be entered under the ‘Marketing‘ tab as a ‘Buyer’ record in order to be attached to a Note.

NOTE: You can also attach additional Buyers to the Note under the ‘Secondary Buyer(s)‘ field.

All the buyers that are referenced under the ‘Buyer Information‘ area will be referenced in Note Documents that you generate from the system regarding the Note.

Click the ‘Save Changes‘ at the top right of the record to apply the changes.