VeriComply, Inc. assists in closing $900 million loan transaction
IRVINE, CA- Sunday, January 5, 2010
Acting as a legal process advisor, VeriComply assisted Wells Fargo Bank and a large real estate developer in closing a large complex loan transaction. The transaction involved over 50 large real estate projects in 5 states, 60 lenders, 50 borrower entities, over 1,100 loan documents and four national law firms.
"By combining legal expertise, process improvement, naming conventions and proprietary technology, we were able to help manage the complex process," commented Roger Cohen, the CEO and founder of VeriComply. "In my earlier career as a corporate attorney, I developed the deal management skills for these complex legally intensive processes. We now are using technology to simplify and automate many of these expensive processes."VeriComply assisted by:
- Developing standardized naming conventions for properties, entities and lenders
- Developing a master closing document checklist and process flow for the transaction
- Organizing due diligence processes with a leading title insurance company
- Creating templates and structured data to streamline the production of over 50% of the loan documents
- Distributing 5,550 draft loan documents over 10 days with batch distribution tools in the VeriComply Vault
VeriComply's contribution was recognized by the attorneys, bankers and executives. Commented a Senior Vice President at one of the lenders, "VeriComply helped us successfully navigate through this complex transaction. In a word, they helped lawyers be more efficient."
VeriComply, Inc simplifies and automates compliance for document intensive industries with turnkey solutions that save time and money. The Company's solutions make managing documents and data as easy as emailing a document in and getting an excel report of extracted data sent to decision makers. As a result, companies benefit with reduced expense and risk of non-compliance. Our robust Software as a Service (SaaS) Vericomply platform allows customers to get started easily and realize immediate benefits.
For more information contact Roger Cohen, CEO/Founder, at rcohen@vericomply.com or (949) 340-0921, Ext. 6
