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A large regional bank needed experienced commercial lending professionals with documentation expertise to review commercial loan files for LIBOR language (i.e., the London Interbank Offered Rate) in advance of the LIBOR rate index transition. The bank’s existing loan documents were non-standard, however, and required extensive review to capture the rate language and determine the appropriate rate index conversion strategy.
We developed a database to record captured data, which enabled bank personnel to develop conversion strategies for various portfolio segments based on similar language. In addition, we captured documentation from the bank’s document management system and migrated it to shared files that could be accessed by remote teams.
The bank was able to use the data we captured to convert rate indexes in mass based on segmentation.