3.1 Traditionally, franchisors had
to prepare up-to-date documentation in support of a
franchisee’s loan application in a variety of
formats, depending on the particular bank’s systems.
Franchise Finance accepts responsibility for keeping
the information up to date and distributing it to the
banks in advance.
3.2 All participating banks receive
the loan application simultaneously; this encourages
competition.
3.3 When the banks receive the loan
application, they have the necessary information on
file. This speeds up the decision-making process enormously.
3.4 Notwithstanding anything stated
above, every bank has the right to vary the conditions
of a specific loan based on the merits of a specific
application.
