Property Owner Eligibilty

• Must have a 660 minimum FICO score and meet other credit criteria
• Debt to Income Ratio cannot exceed 50%
• All borrowers must be an owner of the home, the only exception being a spouse of owner. 

Property Eligibility 

• Property must be an owner-occupied, single-family detached residence
• Open to all of California except for San Diego County
• A UCC-1 Fixture Lien will be required 

Project Eligbility

• Projects must be Grid-Tied
• Majority of project must be Solar Electric System; 20% of loan amount allowed for other necessary non-solar items related to the solar project. 

Financing Terms & Rates

Payment Re-Amortization

• A free one-time payment re-amortization can be performed within the first 18 months of a loan term to allow for tax refund/rebate loan principal reduction. 

Other

• All loans require a Contractor Fee (refer to Table 1 for Contractor Fee Schedule)
• Contractor Fee is disclosed to customer(s) & decuted from loan proceeds
• No concurrent financing with other programs, for example same as cash
• No prepayment penalties or closing costs to the borrowers
• No equity needed
• First loan payment can be up to 90-days from loan date

Using the Matadors Portal

• Access the contractor portal by logging on to www.matadors.org and clicking on "Solar Loan Contractor Portal" in the upper right-hand corner. 
• Click on the "Work Queue" tab view current jobs in the portal.
• All correspondence with Matadors for specific jobs should take place in the messages column of the work queue. "IN" means there is a message from Matadors waiting for Brower consultant. "OUT" means consulatan's messages has been sent to Matadors.
• Any and all attachments for specific jobs should be emailed to loans@matadors.org. There is currently no upload function for attachments in the Matadors portal. Be specific as to what company/job/consultant the attachment refers to, as this is currently where all the contractors will be sending attachments.
• Do not attempt to log into the portal more than twice in a row with incorrect information. You will be locked out for a period of time if you do so.

Submitting Customer Applications

• Click on “Application” tab in portal.
• Fill out online application and submit.
• Some applications will be eligible for instant approval. All others will be put under review and consultant will receive email notification regarding status of the application within one business day.
• Approved applications are contingent upon receipt and review of required stipulations. The required stipulations are as follows:
  • Current income verification    
  • Recent power bill    
  • Membership application    
  • Copy of current driver's license

Funding Process

• Submit final contract. Contract must include detailed description of install (type/quantity of panels, type/quantity of inverters), payment schedule, and installation date.
• Final loan documents will then be sent to borrower(s) for review and signatures. This will take place within one business day of receiving all stipulations.
• Funds will be disbursed once the borrower(s) has signed final loan documents and returned these to Matadors. This must be PRIOR to the completion of installation. Check(s) are issued according to the payment schedule on the contract and are made payable to the contractor but will be mailed directly to the borrower(s) so that they may pay the contractor according to their agreement.
• Checks will be issued within one business day of receiving signed loan docs from borrower(s).