There has been a noticeable change to the MFA’s short term loan program. Why the change?
The MFA first started offering short term loans in 1995. Since that time legislative requirements and financial practices have changed. An example of these changes was the advent of the Community Charter as well as the current global economic conditions. The new method is designed to streamline and make consistent the application process while making all parties aware of their responsibilities when entering into a borrowing agreement. While we have made every effort to use plain language where we could without losing the substance of the agreement we can appreciate that some of the clauses may appear to be complex. If you require assistance with the interpretation of the new documents please contact us.
How long does it take to process my application for a loan?
Depending on the type of loan you are applying for it may take 2 to 5 business days. Loans under an agreement take longer to process as more documentation is involved in the application review process.
Do we have to follow up with the originals by mail/courier?
All documents can be electronically submitted and originals are not required. The only exception is the promissory note in which the signed original sealed note must be returned prior to requesting an advance
How much notice is required before we receive the money?
Funds can be accessed on the same day for amounts less than $5 million (provided notice is given prior to 10:30 a.m.). For amounts between $5 million and $10 million, please allow three days notice, and for amounts in excess of $10 million five business days’ notice is required.
Will I receive my monthly statement by email?
Clients can access their monthly statements through their on line accounts. Statements will be available by the first business day of the month.
How can we make a payment on our loan?
Interest payments are automatically made by way of EFT the second business day of the following month. Principal payments can be made by direct deposit, wire, cheque or by requesting MFA to process an EFT for a specific amount.
Payments by direct deposit or wire can be made to:
CIBC, Main Branch
1175 Douglas Street, Victoria
Account# 88-51913 Institution # 0010 Transit# 00090 SWIFT CIBCCATT
Clearing Code //CC001000090
If you are wiring or depositing directly please email a notification regarding your intentions.
Payments by cheque: mail or courier the cheque along with a reference to what loan you are making payment on. If received prior to 3:00 pm (PST) it will be applied to your account that day.
EFT Request: Fill out the One-off Electronic Payment Request form found under Resources/Forms/General section of the website. Email the signed request. This request must be received by 10:30 am (PST) prior to the day you are requesting payment.
If I want to pay the loan in full how will I know how much I owe?
If you are unsure of your principal balance owing log in to your client access area. Look at your loan position report under Interim Financing. The current principal balance(s) of your active loans will be listed. Interest collection will take place in the usual manner by automatic EFT. Once principal payment is received in full no further interest will accrue against the loan.
How much notice is required if we want to make a payment or pay off our short term loan?
As the MFA borrows in the overnight markets, there is no penalty for partial or full repayment of your short term loan(s). As long as payment and the notification of payment are received prior to 3:00 pm (PST) your account will be credited that day. If you are repaying amounts in excess of $5 million, 2 business days’ notice is appreciated.