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Lendinero’s Lending or Cash Advance Options Disclosures and Our Role
Purpose: This disclosure explains the relationship options Lendinero can have with borrowers, investors, lenders and the requirement to clearly explain their role to borrowers and lenders.
This disclosure applies to anyone conducting business with Lendinero.
Clearly explain your role and working relationships in a transaction
Clients often do not understand their relationship in how a business loan or business funding is provided. The lender, the role of their agent or broker, the role of who arranges their loan, or the relationship their brokerage may have with lenders. You must make sure that everyone involved in a business loan, business funding or business cash advance transaction understands the borrowers role, the broker role, the lender role and who represents who. Business funding herein after can be a business cash advance, future receivables agreement, or any other type of funding provided to a business for business purposes. Not all business funding are considered loans.
Acting as an agent
When you agree to act for someone else, you become the agent for that person.
Your brokerage may choose one of three relationship options
Your mortgage brokerage may choose one of the following relationship options:
Depending on the situation, your brokerage may have different relationships with different lenders and borrowers. Each relationship carries different roles and obligations.
When Lendinero acts as a Direct Lender
Lendinero can act as direct lender in certain states but not all states. We will verify the state. Lendinero may use their own capital or investors capital to complete your business loan or business funding request. You will receive an agreement by Lendinero and lendinero has the right to collect payments and use other collection methods in the case of a default to collect any outstanding principal and interest payment due on the business funds provided to the borrower.
When Lendinero acts forms part of syndication as a Syndicate Lender
Lendinero can provide 1% to 50% of the funds to fund a loan with a Direct Lender. Under this scenario the agreement would come from the Lender and the agreement will disclose the name of the Lender. In some cases, we may have a white label agreement and the agreement may have the Lendinero logo and other information. Under this scenario, Lendinero shares the liability on the loan with the Lender and the Lender and Lendinero (KGFA Capital Ventures LLC) has the right to collect payments and any outstanding principal and interest balance in the event of a default provided to the borrower.
When Lendinero acts as an intermediary between the lender and borrower
When Lendinero is not representing the lender or the borrower, it can act as an intermediary between them, offering business funding products from multiple lenders to the borrower.
When dealing with the borrower as an intermediary, we:
When dealing with the lender as an intermediary, we:
The loan process, proposals, pre-approvals and business funding agreements
A loan offer, a proposal verbal, via email, or any other form of communication is an estimate and just a proposal of what the borrower may obtain. The final terms and conditions are fully disclosed on the loan agreement. We or the lender may provide you with an addendum to the business funding agreement subject to certain conditions such as early payment discounts, renewal options, etc. We provide you with a good faith estimate of what the terms are likely to be in the end and we will not be held liable on any quotes or proposals of payments and terms provided to the borrower until the final agreement is provided to the borrower by Lendinero, an Investor, a Funding Partner, or a Direct Lender. (Case 1) we may provide you with a loan proposal and a business funding agreement and upon signing the agreement there is an underwriting process. Upon executing the agreement Lendinero nor its funding partners are not committed or cannot guarantee that we will fund your business because we, the lender, funding partners and or investors will conduct underwriting which is the due diligence process. Upon completing that process you the borrower may be denied for the loan, the loan will fund with the same terms and conditions of the contract you sign, and or terms and conditions may change and a new agreement will be provided to you prior to funding. (Case 2) You may sign the agreement and the same terms and conditions will apply and you will receive funding. Please consult an attorney prior to signing any agreement. Also, there is no obligation on your part if you sign a business funding agreement to accept funding. You may cancel the request for funding at any time during the process or prior to funding. If there is a difference between any proposals or quotes versus the final business funding agreement please consult us by writing to [email protected] so we can provide you with an explanation. If you don’t agree with the terms and conditions of any funding agreement provided to you, you are under no obligation to sign and accept the funds. If we, Lendinero (1) sign an agreement or provide you an agreement to provide you specific terms and conditions on a loan and one of our officers or person who has the authority to sign that agreement (2) we conduct an underwriting process and you the borrower meet the guidelines or criteria (3) you sign the agreement, there is an obligation for Lendinero to provide you with the terms and conditions contained within the business funding agreement. Emails, verbal, or any other form of communication does not constitute an executed agreement by both parties.