New Margill Loan Manager client in South Africa

We already mention on our website that we sell in 38 countries, but it is always interesting to see our software at work overseas.

Its flexibility and powerful mathematics make our Loan Servicing Software useful for our new client in South Africa, Forward Finance.

Welcome from the Margill team!

For more testimonials: https://www.margill.com/en/client-testimonials/

 

Typical questions before software purchase – Margill Loan Manager

Questions:

  • We are a secured lender, our loans are secured against properties. Does the system allow us to input details of the property and loan to value against each loan? How do I do this?
  • Will the system give me an overview of our loan book as a whole?
  • Some clients pay monthly, some clients we deduct the interest payments from the loan on completion. Can I input these options?
  • From an Excel spreadsheet can I input the loan book /data how do I do this /what information is needed?
  • How do I start is there someone I can speak to (I am based in the UK)? Read more

Margill Standard/Law versions: How to do an irregular payments scedule

Question:

I have a principal of $200,000 starting 03/01/2017 (over 24 months) and the last payment to be made on March 1, 2019.

First payment is on 4/1/2017 at unknown amount.

Two $50,000 lump sum payments to be made on 05/01/2017 and 05/01/2018.

I must also compute the payments in between the $50,000 payments.

Interest at 5 percent.

Can did this be calculated in one calculation?

Answer:

Yes. Pretty easy to do in fact.

Go to “Recurring Payments” caclulation.

I will suppose compounding is Monthy.

Enter this preliminary data

Compute or F5 to get these preliminary results:

You can totally adapt this to your needs.

We know payments of 50,000 are to be paid on 05/01/2017 and 05/01/2018. Change these directly in the schedule.

As for the payments in between, they must be recomputed so as to reach a balance of 0.00 at the end.

Select all lines (Ctrl A) then exclude the 50,000 lines (Ctrl click on lines 2 and 14) and right click with the mouse. I want my balance to be 0.00.

And here you have it. My last payment if off by a few cents so I checked “Balance = 0.00” on the bottom right.

Save that calculation and you can then adapt to what happens for real over time.

Took less than a minute….


Client comment after post:

Marc, I just checked it. You made four people very happy today. One client, two attorneys, and me.

 I really appreciate your availability, patience, and instruction.

Why are there two sets of Custom Fields in Margill Loan Manager?

Question:

Why are there two sets of Custom fields in Margill Loan Manager?

Read more