Referral Program Terms & Conditions
The UnBankers and Referral Partner agree as follows:
A. Definitions
The UnBankers Referral Partner – the professional services provider who, through this arrangement, has agreed to make referrals to The UnBankers as described in this arrangement.
Borrower – a company or business leader who seeks to receive financing from a Lender through the services of The UnBankers.
Lender – The UnBankers’ relationship who could provide financing to the Borrower.
Term Sheet – this is a nonbinding arrangement that shows the basic terms and conditions of the loan the Lender is interest in offering to the borrower.
Closed Loan – a completed transaction where the Borrower has received their funds.
Closing – the meeting during which the Lender formally provides funds to the Borrower, and during which the UnBankers receives their compensation.
The UnBankers’ Success Fee – the fee charged by The UnBankers to the Borrower to either the borrower or the lender, which is paid upon successful funding of the loan.
Finder’s Fee – the agreed upon percent of The UnBankers Success Fee that The UnBankers awards to the Referral Partner.
The UnBankers System – the proprietary system The UnBankers developed for entering Borrower information for presentation to a Lender or group of Lenders.
The UnBankers – a dba of iMAGROW, as iMAGROW intends to Utilize the brand “The UnBankers” for marketing and providing the services as described in this document.
B. Overview
The UnBankers is in the business of connecting Borrowers with Lenders who can potentially satisfy their needs for financing. The UnBankers relies on a network of Referral Partners to introduce those businesses in their network who may require financing.
C. The UnBankers Process.
Referral Partner introduces a Borrower to The UnBankers. The Borrower’s information is entered into The UnBankers system by the UnBankers and is subsequently presented to the Lender by The UnBankers. The Lender issues a Term Sheet to the Borrower and, once the conditions are satisfied, the Lender provides the funds to the Borrower. At closing or soon after, The UnBankers receives its Success Fee, and The UnBankers pays the Referral Partner its Finder’s Fee.
D. Role of the Referral Partner
The Referral Partner, through their professional relationship and knowledge of client needs, such as a business or business owner who may benefit from receiving a business loan, is electing to make introductions to The UnBankers as they understand it will benefit the borrower.
Referral Partner Role is to:
Make introductions to The UnBankers of potential borrowers for the purpose of securing financing.
Facilitate the gathering of needed information and business data from the borrower as quickly as possible.
Assist The UnBankers in having all Borrower’s information available for The UnBankers to enter into The UnBankers system.
Help the borrower complete any requests or requirements from the lender in a timely manner.
E. Compensation
The UnBankers recognizes the value of the Referral Partner’s relationships and offers a Finder’s Fee for those introductions that convert to a Closed Loan. Finder’s Fees will be paid to the Referral Partner within fifteen business days of The UnBankers receiving its Success Fee and will be expressed as a percentage of that Success Fee.
The percent paid to a Referral Partner is 20% of The UnBankers’ Success Fee for those Borrowers directly introduced by Referral Partner for all loans that close, no matter the loan amount.
F. Termination
Either Referral Partner or iMAGROW may terminate at any time by providing notice in writing to the other party. iMAGROW may elect to suspend or terminate this arrangement without advanced notice should there be a client complaint or some other reason of concern. Upon termination, Referral Partner will receive any Finder’s Fees owed for the introduction of a borrower that then subsequently converts to a Closed Loan as described in Section 6.
This termination is immediate upon Referral Partner’s death or dissolving of the legal entity with whom this arrangement is signed. This arrangement is non transferrable for any reason, including matrimonial breakdown, collateral assignments, or any creditor actions taken against the Referral Partner.
G. Anti-Money Laundering
Referral Partner acknowledges that, pursuant to applicable law concerning or related to money laundering or financing terrorism (“AML Laws”), iMAGROW may be required to, among other obligations, obtain, verify and record information regarding each Referral Partner or Borrower. Referral Partner shall promptly provide all such information as may be reasonably required by us in order to comply with AML Laws.
Referral Partner represents and warrants that (i) Referral Partner is, and has conducted Referral Partner’s business, in compliance with AML Laws; (ii) Referral Partner is not the subject of any investigation, inquiry or enforcement proceedings by any governmental authority regarding any offence or alleged offence under any AML Laws and no such investigation, inquiry or proceeding is pending or has been threatened; and (iii) to the extent applicable to Referral Partner, Referral Partner has implemented and maintains in effect policies and procedures designed to ensure compliance by the agent with AML Laws.
H. Miscellaneous
Referral Partner is an independent contractor of iMAGROW and nothing in this Arrangement will cause Referral Partner to be treated as an employee, agent or partner of iMAGROW, nor create any partnership, joint venture, agency or employment relationship between Referral Partner and iMAGROW or between a party to this Arrangement or the employees, agents or independent contractors of the other party.
This Arrangement shall be binding upon the parties hereto and upon their successors and permitted assigns.
If any term of this Arrangement is determined to be invalid or unenforceable, this Arrangement will be deemed severable and the remainder of the Arrangement will be unaffected.
This Arrangement shall be governed by and interpreted in accordance with the laws of Alberta, Canada and all actions brought under this Arrangement shall be brought in the courts of Alberta, Canada.
Referral Partner agrees to provide proof of their identity when asked by The UnBankers, which will include a copy of a government-issued photo identification.
Regarding lending, as it is assumed that Referral Partner is not a licensed professional, Referral Partner recognizes that no Referral Partner or unlicensed professional is permitted to quote rates or provide advice to Borrowers.