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The following summary is a shortened version of more detailed information, exhibits and financial statements appearing elsewhere in this prospectus. Prospective investors are urged to read this prospectus in its entirety of our public filing at the (SEC) U.S. Securities And Exchange Commission.
Current Share Structure
9801 Westheimer Suite 1100
Houston, TX 77042
We are a “Fintec emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.
In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition period until we are no longer an “emerging growth company.”
We will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.0 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. References herein to “emerging growth company” shall have the meaning associated with it in the JOBS Act.
- Our Company
- Industry Background
- The Borrowmoney.com Process
- Lender Evaluation and Response
- Communication of Offer
- Offer Acceptance
- Ongoing Consumer and Lender Support
- Real Estate Listings Service
- Advertising and Banner Services
- Lenders Service
- Customer Service
- Online Advertising
- Direct Marketing
- Our Tecnology
BorrowMoney.com, Inc. was incorporated in the state of Florida on January 27, 2000, as the company conducted an active business. On May 4, 2015, the New York Corporation becoming a wholly owned subsidiary of the Florida Corporation. Unless the context otherwise requires, all references to the “Company,” “we,” “our” “BorrowMoney” or “us” and other similar terms collectively means BorrowMoney.com, Inc.
The Company has created an Internet-based loan marketplace for consumers and our customers, which are lenders. Our fintech technology is now operational and we are able to collect consumer credit requests and compare those requests and related credit information for submission to lenders which have joined our technology platform. We are not a lender. We currently can intake consumer applications and inquiries for submission to participating lenders who receive consumer credit requests that are received online from consumers. To increese revenues we must have additional lenders join our marketplace to generate significant revenues. As more lenders join our network within a consumer’s geographic areas within the United States, consumers will receive up to three (3) offers in response to a single credit request and then be able to compare, review, and accept the offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at a cost that is lower than the costs associated with off-line loan originations. Our marketplace encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, and personal loans. We have an additional category for submissions to lenders for business loans. We recently added capabilities to our technology and proprietary Internet platform for a consumer to find a realtor within the geographic area that the consumer is attempting to either purchase or sell property.
BorrowMoney.com, Inc.’s main objective is to provide a service for the internet mortgage and loan provider business. BorrowMoney.com, Inc.’s business model envisions providing current, qualified leads to local lending institutions who are currently members of the National Mortgage Listing Service. These leads will represent qualified borrowers in targeted zip code locations where the lender conducts business. Our internet platform offers a portal geared toward providing services to lending institutions who would be our customers. The key function of our platform is to provide qualified leads to local mortgage and lending professionals. The Company expects to monetize customer inquiries through the use of various advertising methods. The Company will sell advertising space on its website and anticipates it will be able to create revenue through the sale of advertisement space, membership fees and lead packages.
We are a fintech lending exchange empowering consumers, lenders and related service providers. We are not a lender; instead we attract consumers to our Website through various forms of advertising and send their loan requests to subscribed lenders and loan brokers ("Lenders") participating on our exchange. Our technology platform is the technology that powers our Internet based lending exchange at www.borrowmoney.com. Consumers begin the Borrowmoney.com process by completing a simple on-line credit request (which we refer to as a "qualification form"). After the consumer completes the qualification form the consumers' data is automatically compared to the underwriting criteria of the subscribed Lenders participating on our lending exchange. Qualified consumers can receive multiple loan offers on-line in response to a single credit request and then compare, review, and accept the offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at a lower cost of acquisition than traditional marketing channels. Our lending exchange encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, credit cards, and personal loans. Additionally, through our Website we also provide access to other Realty Services related to owning, maintaining and buying and selling a home, including a network of real estate brokers.
We earn revenue from the Lenders on our exchange which pay us fees for qualification forms that meet they're underwriting criteria and are transmitted to them ("transmission fees"). Since a qualification form can be transmitted to more than one lender, we may generate multiple transmission fees for the same form. We also earn revenue for loans that the Lenders on our exchange close with consumers that we referred to them ("closed-loan fees"). Additionally, in most states, real estate brokers participating in our exchange pay us a fee when consumers' requests that we transmit to them result in a purchase or sale of a home ("realty services fees"). We refer to the aggregate of these fees as our Exchange revenue.
For Lenders, the traditional loan origination process is paper-intensive, time-consuming, and usually accompanied by high fixed costs and labor expense. This inefficient process often involves significant marketing and origination costs.
For consumers, the traditional loan process is time-consuming, requires completion of multiple forms, and can often be frustrating and confusing. Consumers typically search through a variety of loan products from many different lenders, apply to one lender at a time for that lender's offered terms, and then wait for that lender to approve or reject the application. Competing online lending sites generally mirror the traditional loan origination process. Consumers visit the Website, view a list of loan products, apply for one product from one lender, and are either given an offer or rate quote or are rejected by the lender. While the consumer proposition presented by online lending Websites is the same as the traditional offline process, the business models for online lending Websites generally fall into the following two categories:
The operators of Websites such as Mortgagebot.com and QuickenLoans and Ditech generate a large portion of revenue in the same way as traditional lenders, from a mark-up over their cost of capital, whether the source of capital is a lender, secondary market purchaser, or warehouse line of credit. In exchange for these mark-ups, the lender/broker undertakes all of the document processing, verification, and customer interaction. In addition, to the extent the lenders/brokers fund originated loans with their own capital, they are often directly exposed to interest rate risk, credit risk, liquidity risk and must also effectively manage their loan pipeline.
Referral Agent Model.
The operators of Websites such as Providian's GetSmart typically generate revenue by providing referrals to lenders. Because referral agents typically do not generate any revenue upon loan closings, there is little incentive for these companies to ensure that lenders and consumers consummate the loan transaction. Additionally, because referral Websites do not offer the consumers multiple offers on their sites, they are not able to continually give bestpractices and pricing data to lender participants.
Borrowmoney.com believes that the inefficiencies of the traditional lending process and the shortcomings of other online business models, combined with the large and recurring nature of consumer loan demand, offer a substantial opportunity for its lead processing business model.
The Borrowmoney.com Process
Our process consists of the following steps: Credit Request. Consumers access our exchange at www.BorrowMoney.com or sites and select a loan product from our multiple loan categories.Consumers complete a single qualification form for the selected loan product with information such as income, assets and liabilities, loan preferences and other data. Consumers also consent to our retrieval of their credit report. Qualification Form Filtering and Transmission. Our filtering process matches the consumer's qualification form data, credit profile, and geographic location to the preset underwriting criteria provided by participating Lenders. Lenders are able to modify their underwriting criteria in real-time directly through a password-protected Website upon our proprietary platform. Once qualification forms pass the filters, they are transmitted to up to three Lenders who have subscribed to our marketplace whose lending criteria match that of the consumers' profile and location.
Lender Evaluation and Response.
Lenders evaluate and respond to the qualification forms that pass their filters.This response takes place on the automated interface technology that we have developed.
Communication of Offer.
Once a Lender evaluates a qualification form, renders a decision, and responds with an offer, our system automatically notifies the consumer via e-mail and displays the offers on the Website where the request originated. The e-mail contains instructions to return to our Website and provides instructions directing the consumer to the Check Status page where consumers can view and compare the terms of each offer including: interest rate, closing costs, monthly payment amount, lender fees and other information.
The consumer has the ability to accept, reject or request more information about any particular loan offer. When the consumer selects one of these options, our system automatically notifies the chosen lender and the remainder of the process is conducted offline.
We provide active email and telephone follow-up and support to both Lenders and consumers during the loan transaction process. This follow-up and support is designed to provide technical support and increase overall satisfaction of the participants in our exchange, as well as increase the percentage of consumers who accept and close a loan from our lending exchange.
In addition to these loan products, Borrowmoney.com offers other services to our consumers:
Borrowmoney.com Customers Our on-line exchange offers consumers the opportunity to obtain the loan products and other services listed below. We do not charge consumers a fee to use our services and our network of Lenders and real estate brokers Services , ("our customers") pay us fees for Leads, or % of closed loans transactions, Real estate Members pay us for rental and sale istings on our website, our advertising members pay us for ad placments display on our website.
We refer consumers from our exchange or various third party sites to participants in our network of real estate agents located in most states. As of August 09, 2018, we had relationships with approximately 700 real estate brokerages and agents to support referrals supplied by us. we offer nationwide realestate sales and rental listings service to realtors at pay as you go package, Monthly, Quarterly, Byannual, and Annual, including listing service packages at discount price based on the amount spent, We also offer inhouse ad design service.
Real Estate Service Selection and Cost
Borowmoney advertising packages can be tailored to fits any customer’s budget and needs. Flat rate and monthly charges are based on size of ad banners, Tier and page positions. Borrowmoney currently has more than 77,000 pages being viewed and more than 27,000 individual users organically on Borrowmoney site since sept, 2018 through February 28, 2019 The company offers more than just placement of ads on its site. If a customer requests ad design services, Borrowmoney offers this to its customers. Charges are based upon the type of ad requested as well as a fixed per hour cost for design services. Advertising revenue generated since Augost, 2018 was $17,000. The Company is projecting ads revenues of $ 1.5 for year-end 2020.
Advertising and Banner Services
Borrowmoney.com offers various advertising services which are displayed on the website. Advertising prices on the Borrowmoney site are based on several industry methods, as described below. Our advertising rates are among the lowest within the industry. Borrowmoney’s advertising rates are based on either a pay-per-click basis, ad display basis, or on a flat rate basis. Pay-per-click and ad display advertisers are only charged when a prospective customer visits the borrowmoney.com site and the ad is displayed or clicked on the viewing page by the person presently on the site.
Advertiser Service Selection and Cost
Borrowmoney.com has provided through its proprietary technology a system for lenders to electronically join the system as a subscribed lender providing quotes after final approval by a borrowmoney.com. To become a subscribed lender, a representative of the Company first logs into www.borrowmoney.com. There a potential lender will provide basic account information, contact information, lender information regarding licensing, loans loan types, such as automobile loans, real estate loans, commercial loans, personal loans, construction loans, and others, for electronic submittal to borrow money.com. At this same time, the lender will submit their pricing package, which initially established as a no-cost trial period and a monthly marketing budget, if they so choose. Upon receipt of the lender registration, borrow money.com verifies the information and contacts the lender for final negotiations regarding the pricing packages selected. These pricing packages currently are as follows, to wit: Lender will select one of five budged amount they wish to allocate to borrowmoney lead generation campaign,
Lenders Service Selection and Cost
Based on the package amount selected by the lender and mortgage offering landing rates disclosure, borrowmoney negotiates the demographic where the lender wish to run the campaign, and return on investment expected by the lender, Borrowmoney will charge the lender a flat fee or a % percentage of the loan amount requested by our costume lead referred to the lender.
Borrowmoney fees can compete and beat any of our competitors
Upon agreement and expectance from the lender Borrowmoney creates several leads advertising ad banners to be placed on borrowmoney site, and social networks and creates awareness, in the demographic requested by lender Consumer clicks on the ad Consumer is directed to my borrowmoney site to create on account Consumer lead is dispersed to 3 different lenders associated with borrowmoney using a secure mortgage engine lead dispersement registered with borrowmoney. consumer will receive a minimum of 3 loan offers from 3 lenders competing for the loan in to borrowmoney.com consumer account up on consumer selection, the selected lender finalize the deal with consumer and a % percentage or flat fee is paid to borrowmoney.com inc by lender based on agreement Our marketplace provides important benefits to lenders, including:New Business. Leveraging the reach of the Internet, we provide lenders with access to a significantly larger audience of qualified consumers. Lower Acquisition Costs. Our fees are designed to be less than the cost of acquiring customers through traditional and other online channels. Our [i]close technology enables lenders to process credit requests more efficiently and at significantly reduced costs. Market Information. We collect and distribute to our lenders valuable information about the online lending marketplace. This information enables our lenders to refine and improve their Internet lending strategies and quickly respond to changing market conditions.
We employ a staff of _3 _customer service Angela Piscitello, Norma Vally, lana coliban, and E-wiz solution IT Department with a staff of 8_technical support personnel who provide support to all users of our services. They provide support via email and telephone. The responsibilities of the customer service and technical support personnel include: Responding to consumers' questions about the status of theircredit request, how to use our Website, and other frequently asked questions. Acting as a liaison between consumers and Lenders, to ensure Consumers receive prompt service from Lenders. Providing technical support to lender technical and systems Questions 24 hours a day, seven days per week.
Online Advertising and Sponsorships. Online advertising and sponsorships play an important role in our overall effort to reach potential consumers. We focus on those portals and Websites havin a high affinity to consumer lending, such as real estate, persona Finance and automobile-related Websites. We have also partnere with major search engine companies such as Google and incorporated banner advertising into our online strategy to maximize consumer reach at relatively low cost
- increase brand awareness and transaction volume;
- attract lenders offering an array of products across a wide range of consumer credit profiles and geographic locations; expand transaction volume through online relationships;establish [i]close as the dominant loan marketplace technology; and Assist our network lenders to increase their loan closing rates.
IRS No.: 475168940 | State of Incorp.: FL | Fiscal Year End: 08/31
BorrowMoney.com - Project Detailed Summary
All of the rights, concept, design, and technology crated and described here enclosed, are the property and ownership of Borrowmoney.com, Inc. not limited to any copyrights or patents.
A FULL DISCLOSURE PRESENTATION OF OUR TECHNOLOGY IS AVAILABLE UPON SIGNED NDA
Appendix A: The question we were faced with initially was whether to develop BorrowMoney.com via "Custom Design & Development" -OR- "Commercially Available 3rd Party Product". At the time of the initial development, unfortunately there were no 3rd party application available for commercial use on the market that inherently possessed the type of unique functionality required by the BorrowMoney.com concept. Even if such an application would have existed, the idea of deploying a widely utilized commercially available application presented a significant security risk for us - as everyone knows that most vulnerabilities pertinent to 3rd party applications (i.e. CMS Joomla/WordPress/Drupal) are discovered as a result of a data breach in addition to the fact that most vulnerabilities are widely publicized among hacker communities. Relying on a 3rd party product presented an elevated level of vulnerability and risk that BorrowMoney.com could not afford to take, leaving custom design and development as the most secure option for us.
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