The process to apply for and receive financing from Mynizaga is as follows:
STEP 1: Contact us to discuss the details of your project so that we can determine if it suits our lending model. If it does, we will provide you the applications and documents you'll need to apply for a loan.
STEP 2: Submit your application package. This will include
Proof of Funds, showing appropriate initial funds ready to deploy into the project
Project Business Plan Pro Forma
Financial Forecast
Project Use of Funds Schedule
Preferred Drawdown Schedule
Identification Information of Applicant/Signatory (passport, but this can be done by your lawyer with our lawyer at the appropriate time) (Required for KYC, Banking Compliance and Anti-Money Laundering protocols)
Articles of Incorporation.
Board Resolution (stating the signatory has the ability to bind the corporation to contracts)
Letter/MOU/LOI From the Third-Party Investor Posting the Initial Funds (if applicable) We then submit your project to our risk assessment team, who will analyze your application package to ensure the project makes sense for us to participate in .
Step 3 If your project is accepted for funding, you will be sent your comprehensive "Term Sheet" which outlines the primary terms of the loan. Once both parties have agreed to terms, both parties sign the "Term Sheet" to proceed to the next step.
Upon Mynizaga and the borrower signing the Term Sheet the refundable $10-20k application/engagement fee is due. It is refunded in full at the first distribution of the loan proceeds. Please note this is a ONE-TIME fee. Subsequent loans have no fees for return borrowers. In addition if the borrower has their own funds for the set aside, the application/engagement fee is not charged. We only charge the fee to assist in sourcing the third party lenders the borrower will need to complete our loan process.
STEP 4: BANKING COMPLIANCE At this point you will be put in contact with our banking compliance team, whose role is to ensure compliance with all banking requirements and regulations by both parties (lender and borrower) and to ensure that your initial capital is appropriately positioned to remain unencumbered and un-depleted during the drawdown of our loan. This process is described under the heading "Financial Safekeeping" below. The loan is then submitted for compliance confirmation, where the involved central bank(s) involved examine and approve all aspects of the transaction. This compliance process takes approximately 60 days to complete (at certain times of the year, this process will take longer due to holidays, etc..)
STEP 5: During the compliance confirmation, we create the Final Loan Agreements for your signature. This is done lawyer to lawyer.
STEP 6: Once compliance clearance has been complete, your loan facility is opened, and disbursements commence per your loan contract.
