The Bliss Foundation takes care of the administration of third parties and is the financial entity that receives the incoming interest and repayments from debtors and transfers them to the investor. Bliss has set up the foundation to guarantee a separate cash flow for the debtor and the (institutional) investor or private party, for example a high-net-worth individual, family office or asset manager.
The Bliss Foundation guarantees a separate cash flow
“In this way, Bliss monitors and administers the cash flow between debtors and investors,” explains Bart Jorissen. As a candidate civil-law notary, he specializes in financing, real estate and securities and works for various clients.
“The Bliss Foundation is modeled on a third-party funds foundation used by lawyers and civil-law notaries.”
Interest and installment payments are made entirely through the foundation
Bliss works with monthly collections of mortgage loans. In this way, the debtor has fulfilled its interest and repayment obligations at a fixed time in the month. Payment to the investor takes place a few working days after collection. “There are a few days in between to prevent possible problems, such as a cancellation of the debtor’s collection,” says Jorissen. “For example, the Bliss Foundation collects on the last day of the month and the investor receives his money on the second working day of the month.”
The transparency of the model is important to Bliss. A collection system unburdens both the borrower and the investor. The payment is transparent to Bliss via the Foundation in real time. This makes it possible to act accurately if a payment is late or incomplete. Additional repayments (who are fine free with Bliss) can also be made transparent at Bliss) and the repayment and interest schedule can be adjusted immediately.
Payments from the Bliss Foundation are fully automated. Since it mainly concerns long-term agreements (with the exception of the investing in bridge financing), Bliss has ensured that the payment flow always remains ‘top of mind’ with the debtor and the investor. Both parties are kept informed monthly by means of updates by e-mail. “This way, the loan is not out of the picture for both parties.”
Bliss’ services are currently focused on the credit underwriting, loan administration and management of mortgage loans intended solely for business purposes, not the borrower’s own residence. The debtor may not use or lend the funds for private purposes. That is a matter of course, because one-to-one financing takes place that is exclusively intended for the financing of commercial real estate.”
According to the bring-your-own principle, Bliss also takes care of the loan administration and management of existing mortgage deeds that have not been concluded through our mediation.
In addition, the service is also offered white label to other organizations.
The service is offered for real estate throughout the Kingdom of the Netherlands (the Netherlands including Bonaire, Aruba, Curaçao and Sint Maarten)