Why you are receiving this notice#
Your loan has been purchased by an affiliate of Onrail Inc. (“Onrail,” “we,” or “us”), a Delaware corporation based in Boca Raton, Florida, that operates a platform for financing residential transition loans. Your loan documents provide that your loan may be sold. This notice explains what information about you we now hold as the owner of your loan, how we use and share it, and how to reach us. It applies to borrowers, guarantors, and principals or owners of a borrowing entity (“you”).
This notice does not change the terms of your loan, your payment obligations, or the company you make payments to. Your loan servicer, named in the transfer notice you received with this document, remains your day-to-day point of contact.
What we hold#
We received your loan file from your lender when we purchased the loan, and we receive updates from your loan servicer. The file typically includes your name, contact details, date of birth, social security or taxpayer identification number, copies of government identification, credit reports and scores, background check results, income and asset information, bank statements, organizational documents for a borrowing entity, appraisals, title and insurance documents, renovation budgets and draw schedules, and your loan terms and payment history. We do not collect information from you directly and we do not track you online.
How we use it#
We use your information to own and administer your loan: to fund construction draws, monitor loan performance, oversee our servicer, manage the notes and digital securities that are backed by loans like yours, detect fraud, comply with law, and enforce the loan documents. We do not use your information for marketing, and we do not sell it.
Who we share it with#
We share your information only as needed to own and administer your loan, with:
Your loan servicer, document custodian, and paying agents;
Our fund administrator, auditors, attorneys, and other professional advisers;
Third-party loan reviewers, appraisers, and title and insurance companies;
Technology providers that host and secure our systems;
Lenders, prospective purchasers, and their advisers, if we finance or sell your loan; and
Regulators, courts, and law enforcement where the law requires or permits.
Investors in the securities backed by our loans receive loan-level information such as property location, loan amount, terms, valuation, and payment status. They do not receive your name, contact details, identification numbers, or credit report.
How we protect and keep it#
We protect your information with encryption, access controls limited to staff and providers who need it, and monitoring of our systems, and we require our providers to do the same. We keep your loan file for the life of your loan and for the period afterwards that the law and our agreements require, then delete or anonymize it.
Your loan is a business-purpose loan#
Because your loan was made for business purposes, certain consumer privacy laws that apply to home loans may not apply to it. We treat your information as confidential regardless, and we honor the rights described below where state privacy law grants them.
Your rights#
Depending on where you live, you may have the right to know what personal information we hold about you, to correct it, to request its deletion, and to receive a copy. Some information cannot be deleted while your loan is outstanding or while the law requires us to keep it. To make a request, email privacy@onrail.xyz or write to the address below. We will verify your identity before responding and reply within the time the law requires. We will not treat you differently for exercising your rights.
For questions about your loan balance, payments, draws, or payoff, contact your servicer. For questions about the information in your original application, you may also contact your lender.
Contact us#
Onrail Inc., Attention: Privacy Officer
6001 Broken Sound Parkway, Suite 610, Boca Raton, FL 33487
privacy@onrail.xyz
We may update this notice from time to time. The current version is available at https://onrail.xyz/privacy/loan-parties.