FAQ
Lenders.
This FAQ provides an overview of how Beplace engages with lenders on behalf of borrowers. It covers lender selection and restrictions, and lender engagement processes.
|Lender Selection and Restrictions.
Does Beplace work with all lenders?
Beplace works with a broad network of lenders but follows a common-sense strategy when assessing lender suitability for each client. If a borrower is currently or was previously in dispute with a lender, Beplace does not submit loan applications to that lender on behalf of such borrower. If another Beplace client had a dispute with a lender, we evaluate the circumstances before making a recommendation. Some disputes are borrower-specific, while others reflect broader lender practices that could impact future transactions.
Borrowers may also instruct us in writing to exclude specific lenders from consideration. However, Beplace retains sole discretion over lender engagement and may decline to submit applications to lenders who do not align with our execution standards. Our priority is ensuring that borrowers engage with lenders that are a strong strategic fit, with terms that align with their business objectives.
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Can Beplace work with my existing lender?
Beplace does not initiate or solicit communication with a borrower's current lender unless the Borrower has provided prior written authorization and Beplace has explicitly agreed in writing to such engagement.
Beplace also does not acknowledge, respond to, or forward unsolicited communications from a current lender under any circumstances. Any unsolicited communication received from a lender will be ignored and not shared with the borrower. Beplace assumes no responsibility for the content, accuracy, or implications of such communications and disclaims any duty to act upon them.
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If the loan is in any stage of delinquency, default, forbearance, workout, pre-foreclosure, foreclosure, receivership, or bankruptcy but not yet in litigation, Beplace will proceed cautiously and follow the borrower’s directives while ensuring compliance with applicable legal and regulatory considerations. If legal action is initiated, Beplace will defer to the Borrower Attorney and follow any legal directives provided.
|Lender Engagement Process.
Does Beplace coordinate with multiple lenders at once?
During financing execution, Beplace may coordinate with multiple lenders to manage transaction requirements, due diligence, and closing logistics. However, Beplace does not handle lender sourcing or loan origination independently.
If a borrower requires lender sourcing, Beplace may engage a Borrower Broker under a co-brokerage agreement. In Collaborative Co-Brokerage, Beplace may assist with certain origination-related tasks before managing full financing execution. In Execution-Based Co-Brokerage, the Borrower Broker fully completes origination before Beplace assumes execution.
Borrowers should review the Brokers FAQ for more details on how Beplace collaborates with Borrower Brokers in origination-related scenarios.
What if a borrower needs to replace a lender mid-transaction?
Beplace can pivot quickly to maintain momentum if a lender needs to be replaced mid-transaction. However, if replacing a lender requires new loan origination, Beplace may engage a Borrower Broker under a co-brokerage agreement.
In Collaborative Co-Brokerage, Beplace may assist with certain origination tasks before taking over execution. In Execution-Based Co-Brokerage, Beplace assumes execution responsibilities only after the Borrower Broker completes origination.
Borrowers should discuss lender flexibility needs early in the transaction process to ensure a seamless transition if lender replacement is required.
|Have more questions?
For more answers on other topics, visit our general FAQ page.