Reimbursement Process

Reimbursement Process. MBFC will release loan funds on a reimbursement basis for Eligible Costs of the Project as incurred. Funds will be released periodically upon receipt of documentation in support thereof from the Borrower or delivery of a certificate of completion of the Borrower. Requests for SED funds will be submitted to the Servicing Trustee for verification of compliance with the terms of the loan documents. These requests must be submitted to the Servicing Trustee between the first and the fifth of the month in order for the Borrower to receive SED funds within the same monthly time period. MBFC will process the approved request within a two-week period and funds will be disbursed to the Servicing Trustee for reimbursement to the Borrower.