Perhaps you're exploring a new deal with a borrower and are ready to take in diligence documents. Or, you just signed a term sheet and are ready to start collecting documents for your deal. All of this can be done once you kick off a deal on ProDeal.
To start working on your deal using ProDeal, follow these 4 simple steps:
Create your room (Room is synonymous with Deal).
Send a kick-off email (introduce ProDeal to all interested collaborating parties).
Create teams and add users into ProDeal (setting access and responsibilities).
Carry out third-party training calls as needed (making sure everyone is onboarded and comfortable using ProDeal).
Create your room
Each deal on ProDeal gets its own room. Rooms contain a checklist that you can present to a borrower or third parties in order to gather and share documents.
There are two ways to create a new room on ProDeal:
Send a kick-off email
Giving your colleagues, third parties, or counter-parties a heads up that they will be
invited to ProDeal is a way to ensure they do not miss their invitation email. You can use the template below (and feel free to revise as needed).
We will be using ProDeal to manage our due diligence/closing checklist on this transaction.
You will receive an invitation to create an account and log in shortly.
All parties will upload and download documents to line items on the checklist instead of emailing them. Please upload your comments to the site as well.
To keep you updated in real time, ProDeal will send activity notifications, as well as a daily recap of the prior day's events. You can fully customize these notifications to pick and choose what you would like to receive.
If you have any questions, ProDeal support team is one click away and always ready to help.
In addition to the above email, you can also send along these very helpful resources:
Create teams and add users to ProDeal
After you have set up your room, add teams and team members that need to work in
the room with you. You can create an unlimited number of teams within your room.
To create a new team and invite a new team member:
Click Teams from the left-hand sidebar on your checklist or use the 3 dot menu for that room on the dashboard and then select Teams.
Click +Create Team at the top right corner.
Enter the Team Name and Abbreviation, then select the Type and Role.
Click Invite Users.
Add the email addresses you want to add to the team (use a comma as the separator).
Click this link For more information on how to Create Teams and Add Users
Carry out third party training calls as needed
Utilize the following resources to onboard third parties:
You can use these links to brush up on your ProDeal knowledge and share it with others. Please remember that our team is standing by for any questions or if you need help - we are always one click away.
How to close a deal on ProDeal outlines all of the basic steps to closing your deal on ProDeal. A must-read before getting started.
Video on general workflow. This video is our most frequently watched video as it simply and quickly explains how to use ProDeal. All users starting transactions send this to their colleagues and counterparties.
To learn more about how to kick off a deal, check out our quick, free course on ProDeal University.