Housing loans and auto loans both fall under the loan category, but they have their own unique requirements. A land loan is a type of financing that is used to purchase plots of land. Unlike with housing loans where a loan is given and its value determined by the collateral of the home itself, land loans are can be tricky when it comes to determining the right value and as a result, interest rates tend to be higher.
Our client, located in the Caribbean, gives out land loans to its customers. They came to us through a Sage Partner with a few different challenges. For one, they were looking for a solution to replace their existing solution that runs on a mainframe system. Secondly, they needed to find a solution that could integrate with Sage 300, an accounting software they were already using. This integration would eliminate the inefficiencies and data integrity risks of doing double data entries to both systems to keep track of their loans and transactions.
SYNDi streamlines the loan management process by giving our customers the ability to manage the entire lifecycle of a loan from start to finish. User(s) can set up a borrower, and loan, run amortization and interest accruals and enter receipts. Because different markets and industries have different requirements to support their own business rules, SYNDi can be configured by user-driven parameters to enable features tailoring to their needs. For instance, the Sage 300 integration feature. When enabled, it allows the user to push loan advances, amortization/accruals, and receipt transactions directly into Sage 300 seamlessly. SYNDi Loan Manager includes a large collection of reports such as loan balance summaries, transaction history, GL summary/detail reports, loan maturity report, and amortization schedules.