BRDGE has set guidelines and procedures to follow at every stage of payment by the borrower. The basic policy outline is that;
Borrowers will be updated within 14 days* prior to their actual payment date.
On the actual payment date, borrowers will be prompted that payment will be due today.
In the event that borrowers did not pay after the initial reminders, the borrower will be reminded to pay up for over the next 30 days*.
If all fails, we will proceed with a string of necessary actions to ensure payment from the borrowers is made.
By the 90th day* of non-payment, the borrower’s facility with BRDGE will be deemed as an official default and BRDGE shall gather the investors to update them on the intended string of actions to take.
*All days mentioned are calendar days.