Stage 4: Borrower Closing
Once all the setup for the Borrower Pool is done, it's time to open the borrower pool and close the fundraise. This happens in the below steps:
- Open the Borrower Pool: On the pre-agreed day, the Borrower pool will open for funding
- Backer Funding: Once the Borrower pool opens, Backers will be able to fund your Borrower Pool. They do so by:
- Signing the Agreement + Funding - Below is an image of the Agreement Signing and Funding interaction
Please note that the 'Loan Agreement' hyperlink above takes the Backer to a copy of the Loan Agreement that the Borrower provides.
- Funding Complete: Once the pool has been fully funded, the Borrower Pool will be locked
- Borrower Executes the Agreement: You will receive the details of the Backers who participated in your Borrower Pool. You will be responsible for appending their details to the loan agreement and executing the agreement.
- Creating a live dataroom: You will be responsible for creating a live dataroom, and granting access to all Backers who participated in your Borrower Pool. In this dataroom you will upload:
- The executed transaction agreements
- Any relevant updates for the Backer community from time to time.