Borrowers

We can get you the money you need in less than a week

We can assure borrowers that we can get you the money you need in less than a week (or even less). In order to do that here are some helpful tips and information so you don’t have any surprises or delays:

  1. Have a recent valuation (under 3 months) of a property ready. Preferably from a reputable firm of valuers that a lender will be happy with (C&W, CBRE, Colliers, Kempton Carr Croft, Allsop, Savills, Montagu Evans etc) at a property valuation that is sensible. We can generally get a fresh valuation done in under a week.
  2. If there is a development element to the loan, a project monitor report from a solid Quantity Surveyor firm.
  3. Provide your solicitor with a reasonable amount of money to provide an undertaking to our solicitor. This will be at least £2,000 plus VAT.
  4. Ensure you have a solicitor that is responsive, motivated and able to perform quickly. We can recommend a solicitor that you can use if required.
  5. Ensure your solicitor has sufficient information on the property in question (including searches) so that they can (or our solicitor can) derive a reasonable report on title in the time required.
  6. If buying a new property, ensuring the seller’s solicitor has carried out enhanced ID checks on the seller.
  7. Be realistic about the amount you want to borrow – we will not be able to lend more than 70% LTV gross without additional security.
  8. Expect to provide a personal guarantee for the full liability of the loan.
  9. Expect to pay a commitment deposit to us – we are a small team and we move mountains to get the loan closed, so we cannot afford for you to look elsewhere while we are writing a loan.
  10. Ensure your KYC/AML documents are clean and clear and provide detail on your source of wealth.
  11. Have your solicitor prepare draft board minutes that ensure the borrower is permitted to borrow from us.
  12. Arrange for an independent solicitor to witness your signed personal guarantees.
  13. Disclose the source of your equity funding into the borrowing vehicle and have your solicitor prepare a subordination deed.
  14. Be prepared to provide additional information to us including:
    1. Full background information on the borrower and guarantors will be required (CV, A&L statement).
    2. Proof of address for all officers and shareholders of the borrower.
    3. Last 3 months bank statements.
    4. Certified identification (must be certified by a solicitor or accountant).
    5. You should also be able to demonstrate none of the borrowers or guarantors are insolvent, in administration or bankrupt. A lender cannot lend to a person or company in bankruptcy.

This above information is not exhaustive but in 99% of cases, satisfaction of these items should result in a smooth and swift lending process! We look forward to working with you – if you want to discuss a deal with us, please email zm@avamorecapital.com or fill in our enquiry form.