Terms and Conditions

Loan Terms and Conditions
Effective from: 11 October 2022
Ref: V.6.2

Commercial Loan T&Cs
Effective from: 1 February 2022
Ref: V.3

Development & Construction Loan T&Cs
Effective from: 1 February 2022
Ref: V.3

Easy In Easy Out Loan T&Cs
Effective from: 1 December 2021
Ref: V.2

Fixed 3, 4, or 5 Year Loan T&Cs
Effective from: 1 February 2022
Ref: V.3

Rolling Loan T&Cs
Effective from: 1 December 2021
Ref: V.2

Summary of latest updates to our T&Cs

In the usual way, these amendments will affect all existing and future Borrowers and Lenders. This is not a list of all changes, but a summary of key changes.  We encourage you to please read our updated Terms & Conditions to understand the full changes.

Latest update: 21 December 2022

• The external legal fee has increased in respect of full redemptions to £390 and for partial redemptions £450, in both cases plus any bank transfer fee (Appendix 1, General Terms and Conditions)
• The desktop valuation fee has been increased to £500 plus VAT. (Appendix 1, General Terms and Conditions)

11 October 2022

• We have clarified that the Reduced Interest Rate changes to the Interest Rate after 14 days from non-payment of interest. This reflects how we operate in practice and therefore does not impact on our Lenders. (Clause 17 of the General Terms and Conditions)
• We will now charge £100 for redemption statements after three prior requests. We often receive multiple requests from some Borrowers and to cover our addition costs of repeating the process we are charging this fee from the fourth statement onwards. (Appendix 1 of the General Terms and Conditions)
• We calculate our annual management fees and default management fees on a monthly basis (rather than daily) and we have made an amendment to reflect this. (Clause 3.4.1 of the Loan Terms and Conditions)

23 June 2022

• We often receive payments for a redemption/prepayment (or a completion happens) very late in the working day. To help manage this we will now set a cut-off time in the day and should a payment be received after this time, then we have the right to treat the payment as having been received during the following Business Day. (Clause 16.13 of the General Terms and Conditions, Clause 1.4 of the Loan Terms and Conditions)
• Our Loan Products Terms and Conditions are now standalone documents and we have made some minor amendments to ensure that they continue to be treated as being part of our General Terms and Conditions. (General Terms and Conditions)

1 February 2022

• We have removed the need for a New Investor to sign a Transfer Certificate when investing in a Loan through our secondary market.
• We have removed the Success Fee from our secondary market – it is no longer payable.
• We have updated the Initial Review Fee from £240 to £360 to reflect a corresponding increase in our Panel Solicitors fees.
• We have removed the Extension request provisions from our Loan Products. We had previously given the option to Borrowers in certain Loan Products to request a one-year extension to their loan maturity date (to be exercised at our absolute discretion), on paying a reduced initial arrangement fee. This has rarely been used in practice and therefore we have decided to remove.  (Applicable to Commercial Loan, Development and Construction Loan, Fixed 1 & 2 year Loan and Fixed 3, 4 & 5 year Loan Terms and Conditions)

Summary of previous changes

Prior to 2022

Changes made to T&Cs (during 2021)
Changes made to T&Cs (last updated Oct 2020)
Changes made to T&Cs (last updated Sept 2020)
Changes made to T&Cs (last updated May 2020)
Changes made to T&Cs (last updated April 2020)
Changes made to T&Cs (last updated October 2019)
Changes made to T&Cs (last updated July 2019)
Changes made to T&Cs (last updated February 2019)
Changes made to T&Cs (last updated March 2018)
Changes made to T&Cs (last updated September 2017)
Changes made to T&Cs (last updated January 2017)