The Loan Management System (LMS) allows you to create an unlimited number of collateral types, and associate a Wholesale percentage to each type.  But what happens if your collateral is something like a security agreement that covers equipment, inventory, accounts receivable, and more?  A single Wholesale percentage may not apply to all of those “sub-categories” of your collateral.  You could add Equipment, Inventory, and Accounts Receivable as separate collateral records, but this could duplicate the ticklers that you need to track, such as the Security Agreement and UCC. What you would do in this case is add a single collateral record (such as Blanket Business Filing, or a user-defined collateral type that you may have created).  Then you would create a Detail Collateral Listing for that Blanket Business Filing.  Within your Detail Collateral Listing, you can add your sub-categories of the collateral, each with an associated wholesale percentage.

For example, this Blanket Business Filing has Accounts Receivable at 50%, Equipment at 75%, and Inventory at 70%.

The total Retail Value and Wholesale Value for this Collateral record will reflect  the sum of those three sub-categories.

You can also use a Detail Collateral Listing for a dealer floor plan.  Simply list all vehicles or other inventory as independent items within the Detail Listing.  Then when some of the inventory is sold, you can delete that particular item and the total Retail Value and Wholesale Value will update to reflect the changes.

For more information, you can watch the most recent recorded session on our Lunch and Learn page.  Lunch and Learns are free training sessions offered on the first and third Wendesday of every month at 12:00 CDT.