The Funding Requests Tab streamlines the process of initiating and reviewing funding requests to your capital provider. Finley uses the data from your credit agreement and servicing tape to determine the minimum and maximum advance rates, confirm that all covenants and obligations are met, and contact your capital provider. This allows you to make draw requests with a few clicks of a button and confirms you are in line with all the loan’s requirements.
To submit a funding request, you can navigate to the Funding Request Page. If you have no other funding requests currently being processed, you will see an option to initiate a new funding request. By Selecting this option, you will be presented with the recommended funding request package based on your assets and loan availability.
The paydown, recycling, draw request, and effective advance rate can be adjusted using the sliders on the page. Finley has calculated the maximum and minimum amount for each of the values on your request page according to your credit agreement and servicing tape, so you never have to worry about funding compliance.
Hint: In the table on the right, you can also see the impact to the loan outstanding and effective advance rate, as well as an overview of the components of your borrowing base.
After adjusting your request as necessary, you can continue to review the details of your request. From this page, you can confirm the amount, source, and destination of the draw request or source paydown. At the top of the page, you can also see the funding request ID, which we use to track your request’s status with the capital provider.
After submitting the funding request, you will receive an email notification with key deliverables that have been sent to your capital provider, including the notice of borrowing and the servicer report. Finley will coordinate with the capital provider and send a notification via email and Slack once the funding request is approved.
The video below shows the process of submitting a funding request from start to finish.
Submitting a Funding Request
From this history tab listed at the top of the page, you can see past funding requests that have been made. The rightmost column shows the status of the funding request. The status will show up as approved, canceled, submitted, pending, expired, or rejected. The meanings of each term are outlined below:
- Approved: The request was approved and you’ve received access to the capital.
- Canceled: You canceled the request. Note that this will appear for both pending and submitted requests.
- Submitted: The capital provider is still reviewing the request.
- Pending: The request has not been submitted yet and can still be modified by clicking on the request or going back to the submit funding request tab.
- Expired: The request was not submitted or approved in time.
- Rejected: The funding request was not approved. Check with your capital provider to see if there were any issues.
The details of each request appear in the 2nd, 3rd, and 4th columns of the history tab, and additional details can be found by clicking on the funding request. By clicking on the request, you can also view the notice of borrowing and the servicer report. You can filter the history of funding requests using the tool at the top of the history page.
Hint: The default screen lists the entire history, but the filter can sort by date or status.
You will notice that you can only submit one funding request at a time. If you have already submitted a funding request, you must either wait for it to be approved by your capital provider or cancel the existing funding request before submitting another one.
Hint: Only funding requests labeled as “Submitted” or "Pending” can be canceled.
You can also cancel from the history tab by clicking on the funding request and selecting the “cancel submission” button in the bottom right.
Cancelling a Funding Request