If you are an established or new loan broker / introducer with rural clients please get in touch via the contact us page.
We’ll then be in touch with you to agree the terms under which we’ll work together and provide you with more details on our lending criteria.
Please check that the loan your client wants meets our lending criteria, i.e. that they have rural property to secure the loan on. That the value of the loan is no more than 50% of the value of the property. That your client wants to borrow at least £50,000 and no more than £250,000.
Please send us out line details of the loan and if we agree on the evidence so far that it meets our criteria we’ll make an offer in principle for you to communicate with your client.
Desk-top due diligence, initial know your customer review, you’ll provide us with your client proof of identity, likely bank statements for the past twelve months, details of any current borrowing against the property, and an explanation of how your client will meet the interest payments on the loan.
If we move to the next stage, we’ll engage an independent valuer, all costs to be met by your client, to value the property to be used for security. The valuer usually expects your client to pay for this in advance.
Assuming the independent valuer confirms sufficient value for the loan to proceed your client will need to retain solicitors and put them in to funds both for their own legal fees and ours. We’ll advise our legal fees having discussed with our lawyers. We use rural layers who understand the nuances of rural lending.
If the value of the property does not support a loan as large as that you want, we can discuss a smaller loan. We recognise that this may not meet your needs and so we will be cautious about proceeding.
The legal process, checking title, insurance, wayleaves, that there are no other charges etc. Thus can easily take a month to complete.
Your client completes the course, the loan is made, with expenses deducted and you, and we, are paid.