Here is a quick overview of how to create funding positions for two types of transactions: debt consolidation (e.g. equity release) and cross-securitized loan.
Contents
Prerequisites
Video walkthrough
Creating an equity release funding position
Related articles
Prerequisites
Know how to create a funding position.
Video walkthrough
Watch Craig demonstrate how to create three kinds of funding positions.
Creating an equity release funding position
Follow these steps to create an equity release that generates surplus funds.
Open a funding position.
Go to the Deal Type and select Refinance/Debt Consolidation.
Select a Lender and product package.
Scroll down to the Funding Position Detail section.
Go to the Valuation field and enter the value of the client's current property.
Go to the Existing Loans to Refinance field and enter a figure.
Enter other fees as required (e.g. bank fees).
Go to the Base Loan field and enter the total for the client's new loan (e.g. 80% LVR).
The green bar at the bottom of the section shows the available surplus funds generated by this deal.
Scroll down to the Loan Splits section. Click the Calculate Loan Splits button.
In the first split, enter the value of the current home loan. In the second field, enter the value of the proposed equity release loan. Click Apply and Yes in the confirmation popup.
Scroll down and enter loan product details for each split.
Creating a cross-securitized deal