Updated: Jun 30, 2021
In these challenging times, lenders are feeling the impact of a weakened economy as new business efforts and funding grind to a halt and loan defaults begin to rapidly escalate.
Many are starting to adjust to the "new normal" and some are allowing employees to continue to work remotely.
At the same time, those who routinely accepted in-person payments or even payments by mail have had to create workarounds in order to protect the health and well-being of customers and employees alike.
Yet, there is a real opportunity for lenders right now, in particular hard money and private lenders, to improve your internal processes and automate your monitoring and managing capabilities by using a loan management software system.
Bryt Software is tuned into the needs of hard money and private lenders and understands your desire for a simple, flexible and cost-effective loan management alternative ─ especially as you wrestle with heightened business distress, social distancing and economic uncertainty.
Hard money and private lenders looking for a modern software solution that fits the simplicity of your standard loans yet has the flexibility to handle more complicated transactions will appreciate Bryt Software’s cloud-based, modular loan tracking, servicing and origination system.
The Move to Modular
The Bryt team’s first order of business was to negate the “all-in-one” paradigm that developers of loan management software have relied on and, instead, create a modular system that would allow hard money and private lenders to purchase a scalable software solution that deliver the following benefits:
Pay only for what you need/Cost-effectiveness – By creating software modules with different functionality, you only pay for those loan tracking and management functions you will actually use as opposed to buying one comprehensive solution that offers more features than you truly need.
Ease of implementation – A modular approach lends itself to fast and easy implementation. In fact, installing the base software module and receiving training on it can be accomplished in about an hour. And we offer live, remote support by phone at no additional cost.
Smooth transition to more sophisticated features - By structuring a system that builds more and more features into each module, you can easily transition to greater functionality on a piecemeal basis over time, rather than being overwhelmed by an all-in-one solution that requires considerable training and process/work-flow adjustments all at once.
Embracing the Cloud
Developing a 100% cloud-based software solution was the Bryt team’s next priority, and it has proved to be a mission critical feature in today’s unusual environment where lenders are expected to work remotely and have no face-to-face interaction with borrowers. Bryt’s cloud-based technology means:
Loans can be managed/serviced from anywhere – all that is needed is an Internet connection
Documents are accessible from anywhere
Loan payments can be made via ACH – eliminates in-person and mail-in processing
Data is safe and secure thanks to best-in-class hosting on the Microsoft® Azure Cloud
Software can be accessed by multiple users in multiple locations
Data is backed-up and the software is updated automatically, seamlessly