They are: :
1. Property Location - Exactly where is it? Location maps, street maps and floor plans
2. Borrower -You or a Limited Company?
3. Loan Amount - Debt or equity
4. Valuation - Do you have one? Local Per Square Foot (psf) Comparibles?
5. Purpose - property purchase. Development finance? What?
6. Repayment Terms that suit. Rolled up interest or payment on exit.
7. Security - first Charge, second Charge, Floating charge, Personal Guarantee.
8. Interest Rate offered monthly or yearly
9. Minimum Term that you need the money
10. Maximum Term before you pay it back
11. Notice Period - When do you need the money?
12. Drawdown - Do you need it all or part of it?
13. Default Rate - What if you don't repay on time?
14. Borrowers Solicitor - name and contact details.
15. Lenders Solicitor - will be given to you by the proposed lender but ask for it.
16. Loan Agreement - Agree who will draft this?
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