Q: At what point is the borrower committed to obtaining a funding?
A: The borrower is not committed until the moment he chooses the winning proposal and signs the documents. If the terms and rates do not fit the needs of the borrower, the borrower is not required to close with any of the funding providers.
Q: How do borrowers know that the funder honors the rate and terms offered in their proposals?
A: MFC screens qualified funding providers before they receive a borrower's information. The funder agrees not to re-trade the customer if everything described in the borrower's live submission form is accurate. Of course, if the information submitted by the borrower is stale, false or misleading, then the funder has the right to re-negotiate the deal or not to participate. Also, there is a feedback form where borrowers rate funding providers. Having negative information given on a funder in the form will keep MFC from using that funder. Therefore, funding providers will want to follow through as promised.
Q: Will borrowers receive telephone calls or mail from soliciting funding providers?
A: Yes. Once you register, funding providers will be provided your contact info.
Q: How does the finance closing take place?
A: The funder and borrower arrange closing procedures directly, without MFC’s involvement. It is advisable to use the services of specialized professionals, such as attorneys, appraisers and accounting firms.
Q: How does the borrower know the funder is capable of funding the agreement?
A: When the funder applies to submit proposals on MFC, the funding firm defines it's criteria. The funder specifies what types of lending it will make in terms of size, sector of business, and category. Then MFC automatically matches only those borrowers that fit these lending criteria. Also, MFC uses a stringent process to review and approve funders, and only those licensed funders with proven performance records in the lending category are accepted.
Q: Is MFC a funder and/or broker?
A: No. MFC is neither a broker nor a funding provider. MFC is not licensed to make or buy loans. MFC is Your Gateway Matching Source to Business Finance Solutions.
Q: Can funding providers use MFC to see if a current customer is shopping for a new loan?
A: No, because information provided to funding providers for the initial proposal process does not include the borrower's name, so it does not reveal the borrower's identity or his current funder.