UK Agricultural Finance Brokers and
Intermediaries

• Signed Offer in Principle.
• Signed General Data Protection Regulation (GDPR) form, signed by all borrowers, to allow us to undertake a credit search as part of the application process. 
• 3 months personal bank statements for all borrowers
• 12 months business bank statements
• Identification (such as a photo driving licence, passport or firearms certificate)
• Proof of address (such as a recent bank statement, utility bill or council tax bill)
• 3-years financial accounts and/or SA302s/P60s for all borrowers
• Income and Expenditure Form for both the business and each borrower
• Details of the borrower’s solicitors
• Title numbers and addresses of the property being taken as security

Once we receive the above documentation, one of our Underwriters will complete the  assessment of the application.

We will let your client know which valuer offered the most cost-effective option and then confirm that they are happy for us to instruct them. We don’t apply any admin fees, so the valuer’s fee is payable by the borrower, at cost, directly to the valuer. 

Once instructed, the valuer will contact the borrower for payment and to arrange a date for the inspection.  The valuer will advise the borrower of all the information required, however copies of all tenancies, leases, EPC certificates, grant funding or stewardship type schemes are likely to be needed.

Typically, we instruct our solicitor at the same time as the valuation and our solicitors will contact your client’s solicitor with a list of requirements. To start the process, our solicitor requests an ‘undertaking’ from the borrower’s solicitor to cover their costs and our break fee, should your client cancel the loan partway through the process.  If this happens, they would only be charged for the actual work done.

Before providing an undertaking, the borrower’s solicitor may ask them to deposit sufficient funds to cover the legal costs quoted in the OIP. Once the loan is drawn, our legal fees can be added to the loan balance, meaning their solicitor should return the funds held on deposit.

It is important to stress that no legal work can begin until our solicitors have this undertaking and you may wish to check your client’s solicitor provides it promptly, as this is often a cause of delay. Once the undertaking is in place, the review of the legal titles begins to ensure the security can be taken in support of the loan. After that, our solicitor will send the loan facility letter to the borrower’s solicitor for the borrower’s signature, together with the legal charge.  Please be aware that these are standard documents that are not subject to negotiation, other than on matters of factual accuracy or clarity, as this may save your client time and cost.

We also require that each borrower and each guarantor receives Independent Legal Advice, which is provided by a solicitor who hasn’t worked on the loan to ensure they fully understand all the agreements.

Direct Debit Mandate

Once solicitors are engaged, we will send the borrowers a Direct Debit Mandate, which needs to be returned to us prior to the loan completion. We are unable to draw down the loan without a direct debit in place. 

Fees and prepaid Interest

The following fees will be added to the loan: 

• Our Arrangement fee, part of which is payable to you as the broker;
• Our legal costs and the borrower’s solicitor should reimburse any money deposited with them for the undertaking;
• Chaps fee; and,
• Prepaid interest (where applicable for High Quality Bridge and Bridge loans).

If you have any queries or would like clarification on any aspect of the offer, please do not hesitate to contact one of our BDMs.

• Full credit checks
• Affordability assessments
• Review of business and personal financials
• Verification of insurance (with our interest noted)
• Confirmation of EPC compliance
• Confirmation of Wills and life cover (if required)