GoDocs, which has software that it claims reduces the loan document process to "minutes," announced a new version for commercial and industrial (C&I) loans, called C&IDocs.
Last summer the company was making the argument that document automation could increase efficiency in one part of the lending process and that could help close deals as rising interest rates would have an impact on multifamily in particular. It was still early in the Fed's march of rate hikes. At this point, it isn't clear that a somewhat faster loan process would add enough efficiency to be significant in the face of current financing costs and tightening lender requirements, including significantly reduced leverage.
That said, if document preparation could be handled faster without problems (not necessarily a given depending on the technology), it might help deals close faster, which can have strategic benefits.
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