Congratulations! You’ve now signed the necessary contracts required to secure financing for your solar project through a loan with Wunder Capital. There are a couple of additional steps that must be completed before Wunder can release funds. This page describes these steps and provides more guidance on when you can expect funds to arrive in your account.
The Wunder disburses capital once a week according to a regular schedule (shown below). This is designed to give borrowers like you certainty both around: i) when to provide data / required information; and ii) when you can expect funds to arrive in your account. Additionally, this batching process allows us to execute funding on a range of different projects types and sizes with a high degree of operational efficiency, allowing us to serve parts of the markets that other lenders aren’t.
What this means for you:
- Wunder aggregates all disbursements into weekly batches and initiates the funding process on Fridays with capital received by the appropriate parties by the following Thursday.
- From the time the borrower provides all outstanding items, the entire disbursement process can take 9-13 business days.
DETAILED STAGE DESCRIPTIONS
Each stage is described in detail below.
- Connect Bank Account. Wunder needs to have the borrower’s bank account set-up and verified in our system prior to releasing funds. The borrower must enter their bank account information in our user portal and initiate the verification process at least two Fridays prior to the funding date (stage 6), though Wunder strongly recommends completing this step earlier. This will initiate two small micro-deposits into the borrower’s bank account which can take 1-3 business days. For more information, see Bank Connect.
- Verify Bank Account. The borrower must verify receipt of the micro-deposits by logging back into the borrower portal and entering the deposit amounts. This step must be completed the Wednesday before the funding date (stage 6), though Wunder strongly recommends completing this step as early as possible. For more information, see Bank Connect.
- Conditions Precedent Satisfied. Wunder often contracts deals with a number of ‘conditions precedent’ outstanding. This is documentation that has been discussed during the diligence process but may not yet have been available. This list of information and documentation will need to be provided before the disbursement can move beyond Step 3.
- Disbursement Set Up & Approval. Once the documentation has been received, Wunder will process the data and set up a disbursement request. Given the volume of funding requests Wunder processes in any given week, this could take 1-3 business days. Once Wunder has processed the data, we will set up a disbursement request in the borrower portal and send it to the borrower for approval. Borrowers must approve the disbursement request in order to proceed.
- Initiate Funding Process. Every week, Wunder aggregates all approved disbursements into “batches”. The batches are aggregated on Thursday and initiated every Friday. Please note that delays in step 3 could result in your disbursement being pushed into the next batch the following Friday.
- Funds Settle in Beneficiary Account. Due to variability in bank processing time, funds may take up to 4 days to settle in the recipient’s account, though the transaction is often completed sooner.
2019 Q1 DISBURSEMENT SCHEDULE
|2019 Q1 Disbursement Schedule|
|Batch Number||Drop dead data received by date||Target funds received date|
|*Adjusted to reflect Holidays|
2019 Q2 DISBURSEMENT SCHEDULE