GoDocs now supports the ability to include an Unused Facility Fee in connection with Fix N Flip orders. Lenders may now opt to charge a fee if less than a certain percentage of the loan funds held back for repairs to the mortgaged property are drawn before the maturity date of the loan. This new feature is designed for lenders who want to disincentivize a borrower’s underutilization of an availed credit line.
🧠When Will You See This Setting?
This setting will automatically appear in your order for Fix N Flip loans (which in our system can be ordered by turning on the repair agreement feature)
🖱️ How to Use the New Setting
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Go to the “Holdback” Tab
Once the above conditions are met, navigate to the Holdback tab in your order. -
Answer the New Prompt
You’ll see a new question:“Will there be a fee payable by borrower if less than half of the Holdback Amount is disbursed before the maturity date?”
- Select Yes if you want to apply the fee.
- Select No if this does not apply to your loan.
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Enter Fee Details (If “Yes” is Selected)
Two additional fields will appear:- Non-Usage Amount – Enter the percentage threshold (e.g., 50%)
- Fee – Enter the percentage of the total loan amount to be charged (e.g., 2%)
These values will automatically populate into your loan documents, ensuring the fee is clearly disclosed and enforceable.
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