What is the Funding Process?
- During the initial and ongoing steps, education is important. We must learn what your specific needs and goals are in order to be successful. We become your "tour guides" through this process, because you may not be accustomed to our language, customs, and experiences.
- If the variety of our services are what you need, then complete our online application with information regarding your cash flow (or income stream), the nature of it, amount, number of payments, who the payor is, the payment history, the payor's creditworthiness, etc. We will also need to know how rapidly you need this completed. Similar information will be needed if you are using any type of collateral.
- Taking the above information into consideration, our professional software will analyze your information and email your information to the best funding source. The funding sources tend to work within specific categories, geographical areas and risk factors, amount of funding required, etc. Submission is done via our online applications.
- Based on the information submitted, the funding source assesses the transaction.
- If this seems like the transaction that will meet your stated needs and those of the funding source, a proposal will be submitted outlining the terms to you within 24 to 48 hours in most cases. (Excluding major holidays)
- While reviewing the proposal with advisors, (CPA, attorneys, business partners, spouse) keep in mind your original wants, needs, and goals. Financial decisions need consideration. If all is satisfactory, we (client and consultant) sign the proposal and return it to the funding source.
- Due diligence is the next phase that is carried out by the funding source to ensure accuracy of information and to provide added security. It can include research on the income stream, associated liens, UCC searches, credit checks, appraisals, etc. There may be fees associated with the due diligence, depending on its nature and extent.
- Once the due diligence is successfully completed, the closing documents are prepared by the funding source for you (and any associated parties) to sign.
- When the documents are received by the funding source, you will receive a confirmation letter by email. The funds will be sent to you by check or wire transfer, or may be closed at an escrow company near your hometown or city.
Congratulations in taking the steps needed to achieve your goals!