LOAN MANAGER – CALCULATIONS

I would like to convert 7500 of accrued interest to principal. Can this be done in Margill Loan Manager?

Question: I would like to convert 7500 of accrued interest to principal. Can this be done in Margill Loan Manager? Answer: Certainly with special Line statuses. First, go to Tools > Settings: Make sure “Interest paid” is available (not checked to Hide from menu) as well as an “Add. Principal X” Line status. We will […]

How can I create a schedule where I can see the interest that accrues on a daily basis, every day?

Q: My law firm must calculate the interest from June 30, 2019 to May 28, 2020 on an amount due by an insurance company. I must be able to see the interest that accrues every day. Interest rate is 4% annually and amount is 150,250.33. A: In Margill Law Edition, you would usually use the […]

Easily create and manage Covid 19 (Coronavirus) Emergency Business Loans with Margill Loan Manager Software

Federal, state and provincial governments, townships, cities and towns all over the world have created very generous loan programs to help businesses as they struggle with the global pandemic and the effect of confinement. These loans can take many shapes and finding the right software to properly create and manage these is not always easy. […]

Calculating Interest Distribution to Investors in Complex Participation/Syndicated Loans, Pools or Funds

Maximizing Investor Returns / Reducing Risk through Participation/Syndicated Loans Investors are constantly looking for new ways to maximize their returns. Investing in higher risk private loans is a method to generate 10 to 20% + annual returns. Of course, one of the objectives is to reduce risk and this can be achieved when multiple investors […]

Margill Loan Manager – Ageing report – with refinanced loans

Q: If a loan was refinanced and the payments revised based on the refinanced balance, can the loan account still be in arrears?  Doesn’t the refinancing and revised payments take into consideration any prior arrears?  A: Arrears are always a little tricky with refinanced outstanding amounts since a human must take a decision as to […]

Automatic Margill Loan Manager emails – Gmail managed emails (G Suite / formerly Google Apps) are blocked

Q: I have set up automatic emails in Margill Loan Manager. We use G Suite for these but when I test the email connection if get a message saying the Google blocked the app since it is a less secure app. What can be done? A: We see this once in a while when using […]

Setting up and Servicing Agricultural (Farm) Loans Efficiently

Setting up and Servicing Cash-flow adapted Agricultural (Farm) Loans Efficiently Most farmers have special needs when it comes to their loans to buy land, equipment and other farm assets because of their seasonal cash-flow and income spikes. Therefore, agricultural loan products shouldn’t be set up like conventional personal or business loans or mortgages with regular […]

Loan Servicing with Excel? Pitfalls and alternatives

Loan Servicing with Excel? Pitfalls and Alternatives I’m a great fan of Excel. I think it is the most important and useful software ever developed. I first started using spreadsheets many years ago with Lotus 123 which was a great tool that lost the spreadsheet war to Microsoft. Excel can be used in so many […]

How to obtain the daily interest amount (per diem) in Margill Loan Manager

Q: How to obtain the daily interest amount (per diem) in Margill Loan Manager? A: This can be added very easily through a simple Mathematical Equation.  Go to Reports > Equation Management and click on   Name the Equation Select the two required fields (balance and interest rate) from the various themes on the left Add […]

Interest-only: Regular monthly interest vs. Exact day interest

Question: My company does interest-only 12 month bridge loans calculated in two ways. Payments are based on the number of days in a month with a balloon payment at the end (so payments change depending on the month) Each of the 12 payments is equal with a balloon payment at the end. Can these two […]

A borrower missed a payment last month. This month he doubles up his payment to compensate. Doubling should get him back on track but I get a higher balance at the end of the loan? Help!

Question: A borrower missed a payment last month. This month he doubles up his payment to compensate. Doubling should get him back on track but I get a higher balance at the end of the loan? Help! Answer: Your borrower will be CLOSE to back on track but there was accrued interest for the month he missed […]

Can I apply a payment only to principal even if there is outstanding interest?

Question: Can I apply a payment only to principal even if there is outstanding interest? Answer: Yes when this advanced feature is activated. In the Trial version, this is not activated by default since a more advanced feature. To activate, go to Tools > Settings > User Settings > “Options: Interest-only and Fixed Principal” (blue link). […]

How to enter loan number, Federal Tax ID, set up automatic late fees, create a line of credit, etc.?

Questions: In Margill Loan Manager: 1) How/where do I enter my loan #? Can I change the identifier number automatically assigned by Margill? 2) Most of my clients are businesses, and I do not see a place to enter the Federal Tax ID number. I would also like to add fields for type of company, […]

Long first payment deferral versus normal one period (month) deferral

Question: When we compare a loan using a normal amortization schedule (amortization book or calculation on an online website) we do not reach the same number of payments in Margill as in the on-line calculator. Why is this? Here is an example: Origination Date:  July 14, 2017. Original Principal: $ 11,374. 10% interest rate 48 […]

How to extend a loan once the loan has reached a maturity? Term is to be extended by 48 months.

Question: How to extend a loan once the loan has reached a maturity? Term is to be extended by 48 months. Answer: As you may know, Margill Loan Manager is probably the most visual software on the market so this kind of change takes a second. In the payment schedule, simply click on the icon […]

Can Margill Loan Manager do progressive Advances to my clients?

Question: Can Margill Loan Manager do progressive Advances to my clients? For example, my borrower was authorized for a $100,000 loan but this will be disbursed in stages. So 15,000 one day, 10,000 another and so forth… Answer: Short answer… very easily… You first create a new Record. In this case the first advance of […]

How to setup weekly or biweekly payments

Question: How to setup weekly or biweekly payments in Margill Loan Manager? Answer: When creating a new record, set up the Period of Payments at ”By day(s)” and input 7 for weekly or 14 for biweekly payments. We also suggest that you setup the Compounding Period to match the Period of Payments.

Why am I not getting the right amount of interest for a month?

Question: Why am I not getting the right amount of interest for a month? I’ve created a payment schedule for my client for a $250,000 loan with these dates (my date format is Day/Month/Year, so the first payment is one month after May 5).