Welcome to BridgeLoanNetwork.com (the “Site”). Please read through the following terms and conditions before using this Site. If you do not agree to the terms and conditions, do not submit information to, or access any information from, this Site.
This Lender Account Agreement (the “Agreement”) governs your access to and use of any software, applications, or other functionality contained or offered through the Site (the “Services”) and any information, text, graphics, photos or other materials uploaded, downloaded or appearing on the Services (collectively referred to as the “Content”).
1. Use of Site
a. Company’s Non-Circumvention
Our Commitment to You:
While Bridge Loan Network (BLN) affiliates are granted equal access to the BLN platform as lenders or brokers, BLN does not allow any lenders or brokers access to borrowers’ information, nor do we allow solicitation to borrowers. BLN promises never to directly contact your borrowers who submit information within our site. However, if your borrower initiates contact with another lender or broker, no breach of contract has been made and therefore the lender or broker can provide communication.
Company hereby acknowledges and agrees that as a result of Lender’s use of this Site and its Services, Company may have access to Borrowers, Brokers and Lenders that utilize the Site and its Services. As a result thereof, Company would be capable of significantly and adversely impacting the future success of the Lender’s relationships with its Borrowers, Brokers, and other Lenders. Company hereby acknowledges that the Lender has a legitimate interest in protecting its future success and aforementioned relationships against solicitation and interference.
Company shall not initiate any contact with any of Lender’s Borrowers whose loan information is already listed in the Site, except for notices required under this Agreement, other applicable terms and conditions to the use of the Site and its Services.
The affiliates, parents, and subsidiaries of the Company and their respective employees, officers, counsel, agents, successors, and assigns shall not be permitted to initiate any contact with any of Lender’s Borrowers whose loan information is already listed in or on the Site; provided the Borrower was not already known to the affiliates, parents, and subsidiaries of the Company and their respective employees, officers, counsel, agents, successors, and assigns prior to the Borrower’s information becoming listed in or on the Site. Notwithstanding the foregoing, neither the Company nor any of its affiliates, parents, and subsidiaries of the Company and their respective employees, officers, counsel, agents, successors, and assigns shall initiate any contact with any of Lender’s Borrowers with respect to any loan application such Borrower has listed in or on the Site irrespective of whether the Borrower was known to the Company nor any of its affiliates, parents, and subsidiaries of the Company and their respective employees, officers, counsel, agents, successors, and assigns prior to the Borrower’s information becoming listed in or on the Site.
The Company, its affiliates, parents, and subsidiaries, shall not access any files, data, or Confidential Information of the Lender stored within the Site unless and until it is directed to do so by the Lender for the purposes of technical or other support. The Company shall retain this information in confidence for so long as the information is stored in the Site and remains Confidential. The Company acknowledges that all files, data, and Confidential Information entered into the Site by Lender is and remains property of the Lender.
Nothing in this Agreement shall limit the ability of the Company’s affiliates, parents, and subsidiaries and their respective employees, officers, counsel, agents, successors, and assigns from equally participating in the use of the Site to the same extent as any other Lender, Broker, or Borrower would be entitled to participate in its use.
b. Lender’s Non-Circumvention
Lender hereby acknowledges and agrees that as a result of Lender’s use of this Site and its Services, Lender may have access to Borrowers, Brokers and Lenders that utilize the Site and its Services. As a result thereof, Lender would be capable of significantly and adversely impacting the future success of the Company’s relationships with its Borrowers, Brokers, and Lenders. Lender hereby acknowledges that the Company has a legitimate interest in protecting its future success and aforementioned relationships against solicitation and interference.
Without the prior written consent of the Company, Lender shall not initiate any contact of any nature with regard to any loan application or Borrower whose loan information is already listed in the Site, with any Brokers, Borrowers, or Lenders except through use of the Site and its Services. Without limiting the foregoing, Lender agrees not to:
1. Solicit Borrowers or Brokers identified through the Site and its Services to perform work outside of the Site; or
2. Accept Loan proposals or solicit parties identified through the Site to deliver services outside of the Site. This restriction shall not apply to third parties other than a Borrower or Broker such as a vendor/service provider whose services can only be delivered outside of the Site, (e.g. appraisals, inspections, background searches, etc.)
Lender hereby agrees to notify the Company immediately if it becomes aware any user of the Site that improperly contacts Lender or suggests circumventing the Company. Lenders may submit confidential reports of any suspected circumvention by sending an email message to: email@example.com.
c. Unsolicited Contact not subject to Non-Circumvention.
Nothing in this Agreement shall prohibit any Person, including the Company, its affiliates, parents, and subsidiaries and their respective employees, officers, counsel, agents, successors, and assigns, the Lender and its affiliates, parents, and subsidiaries and their respective employees, officers, counsel, agents, successors, and assigns, any Broker and its affiliates, parents, and subsidiaries and their respective employees, officers, counsel, agents, successors, and assigns from accepting unsolicited contact that is initiated by a Borrower so long as the recipient of the contact has no reason to believe the Borrower is bound by this Agreement or any other applicable term and condition that would prohibit the contact.
d. Not a Party to Loans
By using this Site and its Services, Lender irrevocably acknowledges and agrees that the Site merely provides technological tools that borrowers, lenders, brokers, agents, individuals, and companies may use to transact business. The Site is not involved in the actual transaction between borrowers, lenders, brokers, and any other related party, and is not the agent of, not has any authority on behalf of any of the aforementioned parties or any other third party, for any purpose whatsoever. At no time and in no event shall the Site become involved in any dispute or transaction between the aforementioned parties or have any responsibility or liability in connection therewith, including, but not limited to, making or guaranteeing any payment that may come due as a result of any transaction or agreement between the aforementioned parties.
Notwithstanding anything to the contrary herein contained, the Company, by offering this Site and its Services, will not be deemed a partner or joint venturer with Lender and Lender agrees to hold the Company harmless from any damages and expenses resulting from such a construction of the relationship of the parties or any assertion thereof. Notwithstanding anything to the contrary contained herein, under no circumstances shall the Company and/or any of its members, parents, affiliates, subsidiaries, or other related parties and/or any of their respective members, officers, directors, shareholders, agents, and/or employees have any personal liability in connection with this Agreement, this Site, the Services, and/or any matter or circumstance related thereto.
Lender will be required to create a Lender Account in order to use this Site and its Services (a “Master Account”). The Services offered on this Site are available only to Persons that are able to form legally binding contracts under applicable law. The Services are not available to minors, Persons lacking the requisite mental capacity to contract or to Persons that have been temporarily or permanently suspended from using this Site.
By registering, Lender is representing and warranting that it possesses all necessary licenses and permits, if any, to accept or offer to accept applications for loans, solicit or offer to solicit loans, negotiate the terms and conditions of loans, or make loans in the state in which the Property is located. Lender further represents and warrants that it is registering and is at all times using this Site for legitimate business purposes.
Lender understands and agrees that by registering, creating a Lender Account, and logging on to use the Site, Lender is entering a private, non-publicly accessible website. Lender further understands that information shared on the Site is not publicly accessible and shall not be disclosed unless under the provisions provided for herein.
If Lender adds additional account holders registered to use this Site on behalf of Lender (“Junior Account(s)”), each such Junior Account holder shall also be required to accept the terms and conditions of this Agreement. The Lender represents and warrants that Lender has given such Junior Account holder actual authority to legally bind the Lender and the Junior Account holder to the terms of this Agreement. The Junior Account holder additionally and separately represents and warrants that the Junior Account holder has actual authority to legally bind the Lender and the Junior Account holder to the terms of this Agreement. Lender expressly acknowledges and agrees that is fully responsible for the Junior Account(s) it may register to use this Site, and that it may be held individually liable for all actions taken by the Lender’s Junior Account holder, and for all damages, costs, and expenses, including reasonable attorney’s fees.
The terms and conditions of this Agreement apply equally to Master Accounts and Junior Accounts unless otherwise specifically stated herein.
f. Username and Password
By registering on the Site, Lender will be provided with a username password. Lender is solely responsible for maintaining the confidentiality of its username and password and the Company will not be responsible for any breach of security caused by the failure to so maintain the confidentiality of Lender’s username and password. Lender further agrees that it will be responsible for all transactions and activities that occur as a result of Lender’s disclosure of its username and password, whether or not such transactions and/or activities were authorized by Lender. Lender agrees not to provide its account information to third parties and shall at all times be responsible and liable for any transactions or activities that occur on its account. Lender shall immediately notify the Company in the event of any unauthorized use of its account or if it becomes aware of any other breach of security.
The following fees do not include any fees that may be charged by Brokers or Lenders, in connection with the funding of a Borrower’s loan.
a. ACH payments made through the Site by the Borrower to the Lender will incur a three percent (3%) processing fee. Lender will be entitled to ninety seven percent (97%) of the payments made by Borrower through the Site. The fees will be collected by BLN and disbursed to the Lender on regular intervals. A report summarizing the payment activity during such interval will be provided to Lender upon each disbursement.
In the event a Borrower initiates a chargeback on a fee they had paid through the Site, BLN will ACH from the Lender’s account for the amount of the chargeback. At the conclusion of the chargeback dispute, if the BLN or Lender are found to be entitled to the payment, BLN will re-ACH to the Lender the amount of the chargeback previously taken.
b. BLN will collect a fee (the “Referral Fee”) on each closing of a loan which was discovered by Lender by use of the “Lender Opportunities” service on the Site. The Referral Fee is variable and shall be negotiated between BLN, the Lender, and any other interested party prior to closing.
c. Referral Partners – those who refer borrowers directly to BLN without a broker – will be entitled to a Referral Fee equal to One Percent (1.00%) of the maximum principal balance of the loan.
In the event Company changes the fees as stated herein, it shall provide notice to Lender and such changes shall not take effect until 120 days after notice of the change is sent.
3. Accepting a Loan Request
When Lender identifies a Loan request that it is interested in funding, Lender may select the Loan to be given exclusive access to process the Loan. Lender acknowledges and agrees that time is of the essence in processing Loan requests on the Site and the Company has an interest in ensuring Lenders process Loan requests quickly. Lenders may have exclusive access to no more than five (5) Loan requests at any one time. Lenders may relinquish exclusive access to a Loan request at any time. Exclusive access to a Loan request terminates when the Loan is funded or exclusive access is relinquished by a Lender.
4. Posting/Message Content
Lender agrees to provide true, accurate and complete information whenever it posts any information or content on the Site (including but not limited to posting a loan request, posting your profile, and providing feedback). Lender agrees to update such information whenever it changes. Lender agrees to use good judgment when posting information, remarks or other content regarding other Brokers, Borrowers, Lenders, the Company, or any other third party. Lender understands that it may be held legally responsible for damages suffered by other Brokers, Borrowers, Lenders, the Company, or any other third party as a result of legally actionable or defamatory comments, remarks or other information or content which it post to the Site. Under Federal law (specifically, the Communications Decency Act of 1996), the Company is not legally responsible for any remarks, information or other content posted or made available on its Site by any user or third party, even if such information or content is defamatory or otherwise legally actionable. The Company is not responsible for and does not monitor or censor content for accuracy or reliability. The Company reserves the right to remove or restrict access to any information, content made available on the Site in its sole discretion, if ordered to do so by a court, or if the Company considers such information or content to be in violation of the this Agreement.
5. Rating and Feedback System
The Company encourages its users to leave objective feedback about the users with whom they have transacted. Lender acknowledges and agrees that the Site contains public feedback from users with whom it has transacted. Lender acknowledges that feedback results for it may consist of comments and ratings left by other users and that the Company may calculate a composite feedback number based on these individual ratings. The Company provides its feedback and rating system as a means through which users can express their opinions publicly, and the Company does not monitor or censor these opinions or investigate any remarks posted by users for accuracy or reliability. Lender may be held legally responsible for damages suffered by other users or third parties as a result of your remarks if a court finds that Lender’s remarks are legally actionable or defamatory. By law, the Company is not legally responsible for any feedback or comments posted or made available on this Site by any users or third parties, even if that information is defamatory or otherwise legally actionable.
6. Unauthorized Access and Use; Site Interference; Malicious Software
The Site contains robot exclusion headers. Lender agrees that it will not use any robot, spider, scraper or other automated means to access the Site for any purpose without our express written permission. Lender will not access the audiovisual content available on the Site for any purpose or in any manner other than streaming. Lender agrees that it will not: (a) take any action that imposes or may impose, in the Company’s sole discretion, an unreasonable or disproportionately large load on the Site’s infrastructure; (b) copy, reproduce, modify, create derivative works from, distribute, or publicly display any content (other than content Lender has submitted to the Site) from the Site, any software code that is part of the Site, or any services that are offered on the Site without the prior express written permission of the Company and any appropriate third party, as applicable; (c) interfere or attempt to interfere with the proper operation of the Site or any activities conducted on the Site; (d) bypass or assist others in bypassing any measures we may use to prevent or restrict access to the Site or any subparts of the Site including without limitation features that prevent or restrict use or copying of any content or enforce limitations on use of the Site or the content therein; (e) transmit spam, chain letters, or other unsolicited communications; (f) attempt to interfere with, compromise the system integrity or security or decipher any transmissions to or from the servers running the Site; (g) collect or harvest any personally identifiable information, including account names, from the Site; (h) access any content on the Service through any technology or means other than those provided or authorized by the Service; or (i) directly or indirectly, advertise or promote another website, product, or service or to solicit other users for other websites, products or services.
Additionally, Lender agrees that it will not post or introduce any invalid data, virus, worm, or other harmful or malicious software code, agent, hidden procedure, routine or mechanism, through or to the Site or the Site software, that is designed to cause to cease functioning, disrupt, disable, harm or otherwise impair in any manner, including aesthetic disruptions or distortions, the operation of, or to allow Lender or any other person to access, or damage or corrupt data, storage media, programs, equipment or communications or otherwise interfere with operations of or on, the Site or any other software, firmware, hardware, computer system or network of the Company or any third party.
Company represents, covenants, and warrants that all data entered into the Site is stored on Company’s own servers. All personally identifying information is encrypted and the security measures are in accordance with NIST / DOD standards for security hardening. Company’s servers are only accessible by Company’s administrative software engineers. No other clients of Company have access to Lender’s information, or the information of any other client. Lender’s information will only be viewed by Company’s staff in the event Lender requires technical support.
7. Third-Party Content
The Site holds personal, sensitive, and Confidential Information in electronic and in file form. Lender agrees that it will maintain the strictest of security when dealing with sensitive and Confidential Information, and will guide its staff to do the same.
Lender shall not directly or indirectly disclose any Confidential Information of another user of the Site to any third-party, or use, or assist any third-party in using any Confidential Information, excepting only: (1) disclosures pertaining to legitimate business activities contemplated by the activity through this Site, provided that the disclosing party inform the receiving party of the confidential nature of the information and are aware of the requirements under this Agreement, and (2) any disclosure required by law or judicial order issued by a court or agency of competent jurisdiction, provided the disclosing party has given the party to whom the information regards prior written notice in order to afford it the opportunity to seek a protective order or other legal remedy to prevent such disclosure.
Lender agrees that it is solely liable for any breach of confidence and disclosure of Confidential Information outside the bounds of this Agreement, or under any stricter standard imposed by other agreement or law.
8. Compliance with Laws
Lender and Company both agree that each shall comply with all applicable local, state, and federal laws, rules, and regulations, including any licensing requirements. Both Lender and Company represent and covenant to the other that each respectively has complied and currently complies with such applicable laws.
Lender hereby acknowledges and agrees that the Company is not a party to any contract between Borrowers, Brokers, and Lenders, and hereby releases the Company, its officers, directors, agents, subsidiaries, and employees from any claims, demands, damages (actual or consequential) of every kind and nature, known and unknown, arising out of or in any way connected with any dispute, whether it be at law or in equity. This includes any dispute Lender may have with another user of the Site, including but not limited to, disputes regarding the performance, functions, and quality of Brokers or Borrowers and any requests for refunds in connection with such disputes.
10. Termination; Suspension
Lender may terminate its rights to access the services at any time by contacting the Company’s customer services department. The Company reserves the right to require that Lender provide the Company with written notice of Lender’s desire to terminate its account. Following any such termination, Lender agrees that it will immediately cease to attempt to use the Site and the Services.
Company may temporarily or permanently suspend, in Company’s sole discretion, a Lender’s access to the Site for either’s failure to abide by any of the terms and conditions in this Agreement. If the Lender is temporarily suspended, the Company will notify said Lender of the suspension, the length of the suspension, and any conditions that must be met in order for reinstatement. If the Lender is permanently suspended, this Agreement shall terminate. It is hereby understood by Lender that the Company shall not be liable to Brokers, Borrowers, Lenders, or any third party for any reason related to or arising from the suspension of access under this Agreement, from the Company’s decision(s) to restrict, suspend, terminate or modify the services or arising from the limiting, delaying, denying access to or any decision to cease providing access to the services to some or all of our customers, whether such limitation, delay, denial or the cessation of services is within the Company’s control.
Lender hereby agrees to defend, hold harmless, and indemnify the Company, its directors, officers, employees, and its agents from and against all liabilities, losses, costs, expenses (including reasonable attorneys’ fees) incurred by the Company arising from or related to any cause of action, claim, suit, proceeding, demand or action brought by a third party against the Company: (a) in connection with Lender’s use of the Site and its Services; or (b) resulting from: (i) Lender’s use of the Site and its Services, (ii) Lender’s decision to supply credit information through the Site, including personal financial information, (iii) any breach of contract or other claims made by any user of this Site with whom Lender has conducted business through the Site, (iv) Lender’s breach of any provision of this Agreement, (v) any liability arising from the tax treatment of payments or any portion thereof; (vi) Lender’s dispute of, or failure to pay, any invoice or make any other payment in connection with Lender’s use of the Site. Notwithstanding the foregoing, Lender shall not be required to indemnify Company for any liabilities, losses, costs, or expenses resulting from Company’s negligence of willful misconduct.
Company hereby agrees to defend, hold harmless, and indemnify the Lender, its directors, officers, employees, and its agents from and against all liabilities, losses, costs, expenses (including reasonable attorneys’ fees) incurred by the Lender arising from or related to any cause of action, claim, suit, proceeding, demand or action brought by a third party against the Company resulting from (a) Company’s failure to comply with applicable law as stated in section 8, and (b) failure to notify Lender in the event of a security breach as stated in section 14.
If any provision of this Agreement or application thereof to any person or circumstance shall to any extent be invalid, the remainder of this Agreement or the application of such provision to persons, entities, or circumstances other than those as to which it is held invalid, shall not be affected thereby and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
Broker’s and Broker’s Borrower’s indemnity and confidentiality obligations under this Agreement shall survive the termination of this Agreement. Any fees due and owing from the Broker or Broker’s Borrower to the Company under this Agreement at the time of termination shall survive the termination of this Agreement.
14. Privacy Protection.
The Company shall take all precautions necessary and follow all guidelines and laws where applicable for the protection of Confidential Information as used on this Site. Company shall immediately notify the Lender in the event of any unauthorized use of its account or if it becomes aware of any other breach of security or privacy.
15. DISCLAIMER OF WARRANTIES
ANY AND ALL ELEMENTS OF THIS SITE AND ITS SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY WARRANTIES, CLAIMS, OR REPRESENTATIONS MADE BY THE SITE OF ANY KIND EITHER EXPRESS, IMPLIED, OR STATUTORY WITH RESPECT TO THIS SITE AND ITS SERVICES, INCLUDING WARRANTIES OF QUALITY, PERFORMANCE, NON-INFRINGEMENT, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, NOR ARE THERE ANY WARRANTIES CREATED BY COURSE OF DEALING, COURSE OF PERFORMANCE, OR TRADE USAGE. NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS CREATING ANY EXPRESS WARRANTY.
16. Content Warning
THE SITE HOSTS THIRD PARTY USERS WHO HAVE THE ABILITY TO PUBLISH AND SHARE THEIR OWN CONTENT WITH OTHER USERS. YOUR INTERACTION WITH OTHER USERS AND THE RELIANCE YOU PLACE ON THEIR CONTENT THROUGH THIS SITE IS AT YOUR OWN RISK. THE COMPANY DOES NOT CONTROL THE CONTENT PUBLISHED BY THIRD PARTY USERS, THOUGH IT MAY, FROM TIME TO TIME, REMOVE CONTENT FOR VIOLATION OF THE SITE’S TERMS AND CONDITIONS. THE SITE AND THE COMPANY DOES NOT GUARANTY THE ACCURACY OR AUTHENTICITY OF THIRD PARTY USERS OR THEIR CONTENT.
17. No Guaranty of Success.
The Company does not guaranty any level of success in any transaction undertaken or consummated through this Site.
18. No Guaranty of Functionality.
The Company does not guaranty any level of Site functionality. The Lender acknowledges and agrees that there may be moments of non-functionality due to force majeure, system updates, or other events. The Company is not liable for any non-functionality of the Site.
19. Governing Law
This Agreement shall be construed in accordance with, and governed by, the laws of the State of Connecticut.
20. Entire Agreement
This Agreement constitutes the entire agreement and understanding among the parties relating to the subject matter hereof and supersedes all prior proposals, negotiations, agreements, and understandings relating to such subject matter. In entering into this Agreement, Lender acknowledges that it is not relying on any representation, warranty, covenant, promise, assurance, or other statement of any kind made by the Company or by any employee or agent of the Company.
AT THE COMPANY’S ELECTION, TO BE ENTERED IN ITS SOLE DISCRETION, ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR THE COMPANY ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN CONNECTICUT, AND LENDER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
Your access to and use of the Site and its Services are conditioned on your acceptance of and compliance with this Agreement. By accessing or using the Services, clicking the check-box where this Agreement is found, and clicking on “Join our Network”, you signify your irrevocable acceptance of the terms and conditions of this Agreement.
The Company has the right to revise this Agreement at any time. The Company will either notify you of these changes or you will be prompted to re-signify your acceptance of this Agreement with the revisions before you may log-in to the Site. If you are notified without re-prompting by the Site, your continued use of this Site and its Services shall be deemed irrevocable acceptance of those revisions. Notwithstanding the foregoing, any duties or obligations that have vested in the Company due to you at the time of the revision shall remain duties or obligations of the company.
As used herein:
Agreement: The term “Agreement” refers to this Broker Account Agreement, as may be amended from time to time.
Borrower: The term “Borrower” refers to any Person using this Site and its Services to find a Loan.
Broker: The term “Broker” refers to any loan broker or mortgage loan broker who represents a Borrower using this Site and its Services.
Company: The term “Company” refers to BridgeLoanNetwork, LLC, a Connecticut limited liability company, and may, as specified herein, also include all affiliates, parents, or subsidiaries of the Company and their respective employees, officers, counsel, agents, successors, and assigns.
Confidential Information: The term “Confidential Information” refers to personally identifying information (e.g. names, address, social security number, date of birth, passport number, driver license number, tax identification number, employer identification number, credit card number, account number, etc.); trade secrets; proprietary data; software source code; information relating to a company’s management, operations, financial, tax, and accounting, business plans, policies, procedures, technologies, developments, inventions or improvements; customer lists; past, current, or future prices; costs; profits; company personnel and their personally identifying information; and any other information that a reasonable person should know is confidential given the context in which the information becomes known. The term does not include any information (a.) which is or becomes known or available to the public and did not become so known or available through the breach of this Agreement by any party, (b) was lawfully in the possession of the receiving party before the information was disclosed to it by the disclosing party, (c) is developed by the receiving party independently of the information disclosed by the disclosing party, or (d) is agreed to be considered not confidential in writing by both parties.
Lender: The term “Lender” refers to any Person registered on the Site for the purpose of soliciting and funding Loan requests.
Loan: The term “Loan” refers to a loan secured by real property, the proceeds of which are not primarily for personal, family, or household use.
Person: The term “Person” refers to any natural person, trust, association, non-profit organization, corporation, limited liability company, partnership, and any other entity.
Property: The term “Property” refers to any real estate used as security for a Loan.
Public: The term “Public” or “General Public” does not include this Site or any of the users of this Site.