Terms and Conditions
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Indicative Terms
1.1: Before signing or agreeing to this Agreement BWG Commercial Finance Specialists Limited will complete a form of Indicative Terms based on the information provided by the client, attached as below or sent by under separate cover, to reflect the Clients instructions. The Terms shall be read and take effect as if they formed part of this Agreement.
1.2: Revision to the Terms will not affect the liability of the Client to pay the commission, unless the revision required is so fundamental that the Terms, as revised, materially fail to meet the requirements of the Client, as recorded in the original form of Indicative Terms.
The Client’s Duty to BWG Commercial Finance Specialists Limited
2: BWG Commercial Finance Specialists Limited relies on the Client for the accuracy of statements, information and representations notified in writing to BWG Commercial Finance Specialists Limited by the Client, or by his professional advisers, for the purposes of negotiating terms on behalf of the Client. The Client agrees fully and completely to indemnify BWG Commercial Finance Specialists Limited from the consequences of, or in respect of any loss caused by, inaccuracies or misrepresentations for which he is responsible and on which BWG Commercial Finance Specialists Limited has relied.
Commission
3.1: The commission shall be paid without regard to the ability of the Client to satisfy all or any of the conditions stipulated by the Lender whether in the Offer or subsequent to its issue.
3.2: The Lender may pay BWG Commercial Finance Specialists Limited introductory commission in respect of the funding agreed in the Lender's Offer. If commission is to be paid, and the amount of commission is known by the Broker prior to acceptance of the Offer, the Client will be immediatly informed that commission will be paid and of the amount.
Method of Payment of Commission
4: The commission will be paid:
4.1: by crossed cheque in favour of BWG Commercial Finance Specialists Limited and sent to the Registered Address of BWG Commercial Finance Specialists Limited; or
4.2: by the Client’s Solicitors (who are hereby irrevocably instructed by the Client to do so by way of copy of this Agreement) from funds held by them on the Client’s behalf.
Failure to Complete Offer
5: In the event that the Offer is cancelled by the lender for whatever reason, or the Client fails or declines to sign the acceptance of the Indicative Heads of Terms, Decision in Principle, or Offer, the commission will become payable immediately and by no later than three calendar months from the date of issue of the Indicative Heads of Terms, Decision in Principle, or Offer. Thereafter Interest will be charged at 3% above the Royal Bank of Scotland’s Standard Variable Rate.
Continuing Liability
6: It is expressly agreed by the Client that the liability to pay the commission under Clause 2.2 shall continue notwithstanding that BWG Commercial Finance Specialists Limited ceases to act for the Client, for whatever reason, subsequent to the signing of this Agreement.
NACFB Code of Practice/Complaints/Arbitration
7: BWG Commercial Finance Specialists Limited agrees to act on behalf of the Client in accordance with the terms of the prevailing edition of the Code of Practice of the National Association of Commercial Finance Brokers (a current copy of which is available on request from the Association). The Code stipulates the remedies available to the Client in the event of a complaint or other dispute (after exhausting BWG Commercial Finance Specialists Limited own complaints procedures).
Definitions
8: A reference to a party shall include reference to a partnership, body corporate, unincorporated association, assignees or successors in title. Words in the singular shall include the plural and words indicating a particular gender shall include the other gender.
9: This Agreement shall be construed in accordance with English Law and the parties irrevocably agree to submit to the exclusive jurisdiction of the English Courts.
Indicative Terms
BWG Commercial Finance Specialists Limited has been requested by the Client to obtain an offer of funding from a reputable lending source. The following terms are those advised by BWG Commercial Finance Specialists Limited as likely to apply to any Offer of funding. They are subject to the Client’s acceptance of the Broker’s formal Terms of Business Agreement. When the Agreement has been signed by both parties, the Indicative Terms will form a contractual part of the Agreement.
| Required amount | To be finalised with further discussions |
| Term | To be finalised with further discussions |
| Interest rate | Will be the best rate we can obtain as a % p.a. over Bank of England Base Rate/Libor/FHBR, based on the information provided by the Client |
| Type of loan | Capital and Repayment, Interest Only, Cash Flow Finance, Other, to be confirmed |
| Early redemption clauses | There may be penalties for early repayment of any loan and these will be advised to the client under separate cover or Heads of Terms. |
| Security offered | To be finalised with further discussions |
| Client’s estimated value of security(ies) | To be finalised with further discussions |
| Lender’s fees and Disbursements | Clients may be liable in full or in part for Legal Fees, Stamp Duty, Arrangement Fees, Commissions, Valuations etc to be advised. |
BWG Commercial Finance Specialists Limited cannot guarantee that these terms will be achieved. Any lender selected by BWG Commercial Finance Specialists Limited will undertake a thorough examination of the Client’s ability to service the loan. This will include approval of accounting and financial information and a valuation for bank purposes of any property offered as security, Approval of this information is at the sole discretion of the lender (and not BWG Commercial Finance Specialists Limited). A number of factors, beyond the control of BWG Commercial Finance Specialist Limited, may emerge in the course of this process and cause the lender to weight, or vary, the terms indicated in this memorandum which will be revised accordingly.
It is, for example, normal practice for a funder to require:
- adequate insurance on, for example, Buildings, Plant, Machinery and Stock
- appropriate life or term assurance, including key man insurance
- guarantees from such parties as it considers appropriate
- an independent valuation, for bank purposes, of property(ies) offered as security
- retentions for repairs to the security, if advised by its valuers
- detailed financial information including bank statements and audited accounts
- independent Solicitors to complete the loan documentation
- the inclusion of conditions specific to the loan (in addition to its standard terms)
- such other information as is necessary to satisfy itself as to the viability of the application.
Data Protection Act 1998
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- In order to process the application for funding we will need to be supplied with information, including accounts and personal financial details, by you, the Client, and by other sources such as your Bank and credit reference agencies
- We may also, when authorised by you in writing, apply for supplementary information from your professional or other advisers
- We will record this information (whether in manually operated or automated systems) and retain it only as long as we are required by law to do so. We will keep it as securely as possible
- We will use the information to assess the application, to approach a number of selected funders and, subsequently, in negotiations for the issue of an offer of funding with them
- In order to do so, we will disclose such of this information as is necessary to negotiate terms with a funding source, with employees of this business, any guarantor required by the funder, any person or organisation necessary to comply with any legal or regulatory requirements to which we may be subject, and anyone else whom you may specifically authorise in writing
- We may also use the information to monitor and analyse our business and, unless you instruct us in writing not to do so, contact you with details of products or services which may be of interest to you
- In the event that we search with credit reference agencies, we will need to disclose information about you. The credit reference agencies will record details of our searches. If you would like details of the credit reference agencies please write to us at the address stated
- You have the right to apply to us in writing for details of the information we hold about you. An administrative charge will be made by us for doing so.