Terms and conditions
1. Acceptance
The use of ecanoval.com and its services implies full acceptance of these Terms and Conditions. If you disagree with them, please refrain from using the platform.
2. Nature of the service
Ecanoval operates as a collaborative financing platform under the real estate crowdlending model in Ecuador. Ecanoval does NOT raise funds from the public on its own account nor lend money for its own portfolio. It acts as an intermediary between lenders and real estate developers.
3. Eligibility
To operate you must be at least 18 years old, hold a valid Ecuadorian ID or passport, own a bank account with an Ecuadorian financial institution, and pass identity verification under anti-money-laundering rules.
4. Risks
The lender acknowledges that loans granted through Ecanoval involve the risk of partial or total capital loss. Although each project has mortgage collateral, enforcement may take time and the proceeds may be lower than the committed capital.
5. Fees
Ecanoval charges the real estate developer a 2% fee on the funded amount. Lenders pay no fee for participating, holding a balance or withdrawing funds.
6. Trust
Funds contributed by lenders are deposited in a commercial trust managed by Fiduciaria del Pacífico S.A. under public deed 4562 dated June 22, 2022, executed before the Seventeenth Notary of Quito.
7. Intellectual property
All contents of the site (texts, graphics, logos, the 'Ecanoval' trademark, source code) are the property of Ecanoval S.A.S. and are protected by the Ecuadorian Organic Code of Social Economy of Knowledge.
8. Governing law
These terms are governed by the laws of the Republic of Ecuador. Any dispute shall be resolved before the competent courts of the city of Quito, the parties expressly waiving any other jurisdiction.
9. Amendments
Ecanoval may amend these terms by publishing the new version on ecanoval.com. Material changes will be communicated by e-mail at least 15 days in advance.
10. Contact
Any question about these terms may be sent to legal@ecanoval.com or by phone to +593 2 396 8210.