1. When does the contractor get paid?
Upon completion of the project, the homeowner must submit the completion documents to Matadors: Certificate of Completion, Notice to Proceed, Authorization to Release Customer Information, and the final invoice. Upon review of the completion documents, Matadors will send the homeowner the loan closing documents to complete, sign and return. All of this can be done either by email or postal mail. Once Matadors receives the signed closing documents, the loan will be funded and the contractor will receive payment within 2-10 business days by check.
2. Are there any progress payments to the contractor before the work is finalized?
Progress payments are not part of our program. However, contractors get paid the full amount in a timely manner once the work has been completed, within 2-10 days.
3. How does Matadors know that the project is complete?
The homeowner will submit the completion documents to Matadors, which includes the Certificate of Completion, Notice to Proceed, Authorization to Release Customer Information, and the final invoice.
4. Is this type of loan a personal loan or attached to the property?
This loan is a personal loan, so it is attached to the applicant and not the property.
5. Is there a sheet for showing the client this type of loan?
Yes. There is a Home Energy Loans flyer available on our website for you to download. If you would like physical flyers, please let us know by email at firstname.lastname@example.org and we will gladly send you some.
6. Is this an unsecured loan?
Yes. It is an unsecured loan, but a UCC-1 lien may be required.