Occasionally Mynizaga is asked to provide references or proof of funding. It is generally something we cannot accommodate.
All of our clients are under NDA with us. We cannot give out details about a clients loan any more than a bank can to a third party. Go to your bank and ask them to give you the last 10 commercial loans they provided. They can not and will not. We adhere to the privacy laws that exist.
Should a client disclose our loan, we are fine with that.
Sometimes applicants essentially ask us to what amounts to an "Interview" for the "honor" of lending money to them. We are not borrowing capital from the applicant. They are doing so with us.
Since all of life is a two way street, those applicants who insist on doing so, we will change our terms and they will receive a Term Sheet that would then include Personal Guarantees and full recourse.
Why? Because if the borrower insists on the funding capability proof, which we can provide, we will insist on the proof the borrower can pay us back. Therefore personal guarantees and liens will be required by Mynizaga. Which in our normal program, are NOT required.
Mynizaga is not aware of a single loan ever not closed once the set aside deposit was duly provided anywhere in the 7 continents Mynizaga and my fellow channels partners lend. And since our program never asks the borrower to send the deposit to Mynizaga, we do not own the deposit. You do. We do not collateralize your loan with the deposit, like a bank does. Our financial resources allow us to simply hypothecate it using our own funds , which mirrors your set aside deposit, from the PFO credit line.
