This Lender Participation Agreement (the "Agreement") is entered into by and between Lender and BizWorth, LLC, ("BizWorth"), collectively referred to as the "Parties."
This Agreement outlines the terms and conditions governing the Lender's participation in BizWorth's PreQual ProcessTM , specifically providing conditional approval responses for business loans.
By submitting this form, Lender confirms that its institution complies with all relevant industry regulations and standards applicable to business loans.
Lender agrees to abide by BizWorth's partnership terms and conditions as outlined in this Agreement and any additional terms provided by BizWorth.
Through participation in BizWorth’s PreQual ProcessTM , Lender commits to exerting best efforts to promptly respond to prequalification requests with approval or denial within 10 business days. Lender recognizes that BizWorth's referral algorithm considers the response rates of banks to prequalification requests, and, in part, prioritizes referrals based on response performance.
Lender acknowledges that there is no obligation to purchase reports from BizWorth in return for referrals from BizWorth. Lender further acknowledges that BizWorth’s referral algorithm considers the Lender's purchase history with BizWorth. Alongside various factors, the algorithm prioritizes the number of referrals to a lender based on the historical record of report purchases, including but not limited to valuation reports, quality of earnings reports, field audits, and machinery & equipment appraisals.
By participating in BizWorth’s PreQual ProcessTM , Lender understands that BizWorth will make best efforts to provide referrals to participating lenders deemed best suited for the needs of BizWorth’s clients. Nevertheless, Lender acknowledges that BizWorth makes no commitment to providing referrals.
Lender commits to treating all information obtained through BizWorth's PreQual ProcessTM as confidential and agrees not to disclose or utilize such information for any purpose other than the evaluation of loan prequalification and conditional approvals.
The loan closing commission refers to the compensation disbursed to the designated broker upon the successful closing of a business loan for a client they represented. This commission must align with the selected commission range specified during the application process for the Preferred Lender Program.
Lender agrees to pay out to the designated broker the highest commission available for a loan of the same amount as it would offer to the lender's largest accounts.
Lender agrees to remit its selected commission to the designated broker in the event of a successful loan transaction. Failure to remit the lender’s selected commission in the application process to the designated broker within a reasonable time may result in the lending institution’s temporary suspension or removal from the program.
The Lender hereby recognizes and acknowledges that BizWorth is obligated to uphold independence in the execution of business valuations, and as such, is precluded from receiving commissions from lenders.
Unless otherwise indicated, Lender grants BizWorth permission to promote and market the Lender as a participating institution in BizWorth's Preferred Lender Program, including on BizWorth's website and marketing collateral. If Lender prefers not to be promoted or marketed to BizWorth’s network of brokers and clients, please send an email to officeadmin@bizworth.com,including the institution’s name and address.
This Agreement takes effect on the specified date and remains in force until terminated by either Party with a 30-day written notice. BizWorth retains the right to terminate this Agreement immediately if the Lender breaches any terms or conditions outlined herein.
This Agreement shall be governed by the laws of Texas, United States without regard to its conflict of law principles.
