To kick off, we will speak over the phone with you about your opportunity and what it is you are seeking funding for. We get to know you and what experience you have, maybe even have a chat about some of your past projects.
We will then review your business – things like income, cash flows and the margin you expect to make as part of the opportunity that you want help with financing. Following this, we will assess the security available and other financial information.
After reviewing and deciding on the best funding option, we will give you a decision in principle (DIP). This is where we provide you with indicative terms. At this stage, you can still alter your requirements, which will be quickly reflected in your indicative terms.
Typically, at this stage, we will have a good understanding of the opportunity, financing requirements, the product best suited and the security available to support the transaction. You’ll then be presented with an Offer of Terms letter to sign.
At this stage we instruct our solicitors to carry out the transaction, complete the legals and take the security you have offered. It is important to point out that as a lender, we do not accept standard residential conveyancers as adequate representation for our clients. Please bear this in mind when making any application for funding.
Once the solicitors give us the ‘green light’ we will then complete.
Monies will be paid out as per the terms and generally reach your account within 2 working days (with notice of completion). This will depend on the terms and the complexity of the facility as well as that of the security provided.
We will stay in regular contact with you providing help and advice where we can. You will be appointed a dedicated account manager who will be your point of contact.