LoanStreet allows you to initiate a vote of the syndicate by navigating to the Vote tab of a LoanFile.  Whether a vote is required, is determined by the Master Terms of Syndication.

The Vote tab maintains a historical index of all of the votes undertaken and their results.  To initiate a new vote select “New Vote” in the upper right hand corner.  Then select the category such as amendment or waiver, provide a brief description and set the date by which votes are required to be cast. 

LoanStreet allows you initiate two types of voting – blind or visible.  “Blind” votes hide the on-going results from the syndicate and “Visible” votes allow syndicate members to see the on-going results in real time along with the loan originator who always has access to the on-going results.

You can terminate a vote at any time by clicking on the delete icon (the trash bin).  The deleted vote will remain as part of the index for purposes of maintaining the historical record but will no longer be accessible.

LoanStreet suggests that you also update the dataroom with all files applicable to the vote being requested so that syndicated members can make an informed decision. 

All syndicate members, including the loan originator, can cast a vote by selecting its decision, Yes, No or Abstain during the period where the vote is open.  Once the period for the vote ends, the loan originator must return to enter the final results of the vote by clicking on “Results.”

If the vote results in a change to the loan documents that are a part of the summary terms in the Details tab of a LoanFile, the loan originator should return to the Details tab of the loan, select “Edit”, and revise and then “Save” the modified terms.

LoanStreet will automatically notify each member of the syndicate that new vote has been initiated as well as any time a new document has been uploaded to the dataroom.  Finally, LoanStreet will also send out a notification to each syndicate member if any of the terms in the Details tab are revised.