Loans with Multiple Lenders

Moneylender Professional supports setting up multiple lenders on a single loan. Select a loan, then click on Loan > Lender > Multiple Lenders from the main menu to open the Multiple Lenders dialog. From here you can associate lenders with percentages of the loan for a specified period, manage those associations, and remove associations.

For example, assume a loan is owned by two lenders. When the loan is created, the primary lender — the one who will service the loan — is identified in the Lender dialog of the Loan Wizard.

If necessary, add a New association from the Multiple Lenders dialog. Select the "silent" lender in the Associate Lender with Loan dialog. Percent Interest is set to 50% (half ownership). Begin and End dates match the Open and Maturation dates of the loan (These are defaults for a new lender association record).

Clicking either New or Edit from the Multiple Lenders dialog opens the Associate Lender with Loan dialog. From here, adjust what percentage of a loan is owned by a lender and the time span that the ownership applies.

Moneylender generates a special set of reports, (under Reports > Multiple Lenders) which break down income, interest, principal, etc., according to the percent ownership as described by the Lender Association records.

If less than 100% ownership is assigned at any given time during a loan, Moneylender automatically attributes the remainder to the primary lender on the loan (the one selected in the Loan Wizard, whose name appears in the list of loans).

If more than 100% ownership exists at any time during the loan, Moneylender ignores the inconsistency and reports based on the ownerships allocated. For instance, if Lender A owns 75% of a loan and Lender B also owns 75%, the Multiple Lender report shows a $100 payment alotting $75 to Lender A and $75 to Lender B.