Yes – it is called FUEL (FirstFunding Utility and Electronic Ledger). FUEL is entirely internet browser based. It is available 24/7 and can be accessed from anywhere in the world.
Our renewal requirements are fairly simple. We maintain a short list of a few items that we need to renew your facility on its anniversary. We will prompt you for these items prior to the renewal date. Most of our customers are surprised at how simple it is.
Yes. There are a number of ways that a customer can reduce FirstFunding’s fees. We offer innovative volume and loan quality incentives. The more a customer does, the more they can potentially save. The better quality the files, the faster they are purchased by the investor, the more the customer can save. Similarly, FirstFunding developed unique fulfillment service levels that enable the customer to choose what service level (and by extension – the associated cost) he wishes to operate with a given secondary investor.
A floor interest rate or “floor rate” is generally the minimum interest rate for accrual on a credit or funding facility. In the case of warehouse funding, the floor rate will be the minimum rate (annualized) at which interest will accrue on the then outstanding warehouse advances.
FirstFunding generally establishes the warehouse facility with its customers based on their estimate of their production ability with the investors on our list of approved investors. We do not generally limit the size of the warehouse facility to a multiple of the customer’s net worth.