When a commercial finance deal is submitted to a lender it requires back up information from the business looking for finance as well as J R Commercial Mortgages Plc. The information required from the client normally includes:
Business CV
A Business CV is normally a one page document setting out each of the clients experience in business with particular emphasis on any business experience in the sector to be financed. Any evidence of success running a business which could include increasing turnover, opening different units, increasing staff, any awards or recognition etc is useful. Please ask your relationship partner if you require any additional information.
Assets and Liability Statement
A full Assets and Liability Statement will help to demonstrate the financial strength of all of the borrowers, each director or partner should complete one. J R Commercial Mortgages Plc will send you a template copy.
Last Three Years Accounts
The last three years accounts for the existing or new business if available, if three years are not available, as many years as possible. It can be helpful if they are on email, please ask your accountant if he can provide email copies.
Management and Projected Accounts
Up to date management accounts, vat returns and projections for the next twelve months are very useful. Projections are especially useful if a new business is being bought, or an existing business is being expanded.
Valuation Report
Any historic or recent valuation reports are very helpful. A lender will normally require a new valuation, as they all have different valuer panels you need to confirm which lender is being used before instructing a new valuation in case they are not on the lenders panel.
Historical valuations can help with property descriptions even when the value is not applicable. If you want to instruct a new valuation for your own purposes please check first with your relationship partner in case they can give you guidance from any relevant lenders on acceptable firms. It is helpful if you can get an email copy of the valuation.
Deal Flowchart
- Initial Website contact with J R Commercial Mortgages Plc
- Client contacted by telephone by JRC to discuss deal
- J R Commercial Mortgages Plc request client to provide specific information and confirm engaged to proceed
- When full information received JRC underwrite and discuss with lenders
- When a lender is interested, additional information, a lender interview or both is requested
- Depending on the deal a valuation may be requested at this stage
- The lender submits an approval request to their underwriters or credit department
- Credit department comes back with a decision which can be approval, a request for additional information or a decline
- If approved an offer of finance is provided by the lender, the fee to JRC is due for payment at this point
A valuation is instructed if it has not already been carried out
- Legals are instructed by the lender, depending on the lender and deal size the bank may use the clients solicitor or may require separate legal representation
- Legals are completed and the clients solicitors requests drawdown of funds
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