Terms and Conditions

Loan Terms and Conditions
Effective from: 1 September 2021
Ref: V.6

Commercial Loan T&Cs
Effective from: 1 September 2021
Ref: V.1

Development & Construction Loan T&Cs
Effective from: 1 September 2021
Ref: V.1

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

Fixed 1 or 2 Year Loan T&Cs
Effective from: 1 September 2021
Ref: V.1

Fixed 3, 4, or 5 Year Loan T&Cs
Effective from: 1 September 2021
Ref: V.1

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

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: 1 September 2021

• We have removed the need for a Lender Confirmation Notice in our lending process and no longer share the names of Investors in loans to Borrowers.
• Removal of Provisional Notice for Borrowers (for Easy In Easy Out loans).
• Clarification that where we have joint Investors we can take instructions from one of them, on behalf of both.
• A change of process to require Investors to place funds with FOLK2FOLK prior to committing to a loan (due to be implemented in October 2021).
• The right for FOLK2FOLK to seek third-party funding to fund enforcement action against a Borrower.
• Appointment of external solicitors on enforcement action only at FOLK2FOLK’s discretion acting in the best interest of the Investors

Summary of previous changes

Updates during 2021

11 March 2021 update:
Amended our fees in relation to late repayment of loans and discharge of security, to ensure that they are consistent across our products.

18 February 2021 update:
To enable us to use security from Borrowers for more than one loan – all monies security.

Prior to 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)