Uploading Borrower/Guarantor Documents
This process will be identical if you decide to upload documents from the Contacts page or directly from a Deal.
Once a new Contact has been created, users can upload background and financial documents for each Contact. This will include documents such as tax returns, financial statements, and liquidity statements.
Users can upload all available documents for any Contact at one time with Blooma's bulk upload option. Navigate to the "Deal Contacts" page, and select the Contact you would like to upload documents for. Once the Contact page is open, select the "Upload Document" icon at the top right of the screen. Users can select one or more files to upload to the Contact from this window.
Any time documents are uploaded for a Contact, Blooma will automatically classify and sort the uploaded documents. Users can review the uploaded documents within the "Documents" page.
The uploaded documents will all be classified in subfolders under the Contact's name. Current document classification and supports: Personal Financial Statements, Schedules of Real Estate, Tax Returns, and Liquidity Statements. All other document types will be classified and saved within an “Other” folder. Blooma will automatically parse data from any uploaded financial file, and will transfer that parsed data into the corresponding "Financials" page for the Contact.
Individual Contact Analysis
Uploading documents for a Contact will trigger Blooma to begin parsing and analyzing the data from within those documents. Blooma will perform both a financial analysis and background check for each Deal Contact:
- Financial Analysis: Blooma reviews cash flow, DSCR ratios, net worth, and liquidity for each Contact. A large portion of the analysis is automated for users, and the individual processes are further described below:
- Personal Financial Statement – Values within the uploaded Personal Financial Statement will populate the Contact financial sections in Blooma. Total Net Worth and Liquidity values are calculated at an individual and global level. *Please note that users are currently required to utilize the Blooma PFS Template when uploading a personal financial statement into the system. The template is attached within this guide.
- Schedule of Real Estate - *Please note that users are currently required to utilize the Blooma SRE Template when uploading a schedule of real estate into the system. The template is attached within this guide.
- Tax Returns - cash flow data is parsed by Blooma. Proforma cash flow values are then calculated by Blooma for each Contact based on the parsed data. Debt service coverage ratios are calculated at an individual and global level.
- Background Check - Blooma runs an OFAC background search on all Deal Contacts. The OFAC search will cross-reference the Contact name, date of birth, address, and SSN. Once the Deal Contact has been cleared with the OFAC search, a blue verification checkmark will be displayed next to the contact's name.
Blooma calculates a global analysis of all borrowers, guarantors, and collateral for the Deal. The global analysis can be found at the bottom of the Summary page of the Deal. The global analysis provides a summary of all financial sources that are securing the Deal.
The global financial review on at the bottom of the Deal Summary page provides a consolidated view of global DSCR, equity/net worth, and liquidity.