Feature update: deposit access control agreements (DACAs)
What’s new:
Mayfair’s banks now support DACAs, which are tri-party agreements among a borrower, a lender, and a bank. The borrower grants the lender a security interest over a bank account. This means the lender has collateral in case the borrower defaults on its loan.
Given the use case, DACAs might be required in any situation that includes a loan of some sort. They are commonly seen used by private equity portfolio companies and in commercial real estate transactions, but could be required whenever debt is involved.
How this helps:
Companies whose lenders have imposed restrictions on the borrower may have a much easier time taking advantage of Mayfair’s products if a DACA is available. Given their ubiquity, DACAs are well-known to lenders.
Who this impacts:
This can help any company which has lenders that require some form of security in return for funds being moved to Mayfair.
A person with signing authority can execute a DACA on behalf of the company.
How to get started:
If you’re already a customer, please contact help@getmayfair.com and we’ll help you get this sorted.
If you’re thinking about becoming a customer, please book a meeting with us and let us know you’ll need a DACA in place.
