Terms for Professional Loans
1. Kingsway will consider applications
from the following list of professions – Accountants, Architects, Barristers, Registered Care Homes, Chartered Engineers, Dentists, Doctors, Opticians, Registered Pharmacists, Solicitors, Chartered Surveyors and Vets.
2. Net IRR’s for 6, 12, 24 & 36 month loans are contained on a separate rate sheet.
3. Net IRR’s in excess of standard requirement (as per 3 above) to be shared equally between Kingsway and the introducer.
4. Maximum average commission percentage 10%.
5. The introducer will use Kingsway’s electronic documentation (www.kingswayfinance.com), downloadable documents, electronic versions)
6. Non regulated business only.
7. Monthly payments can be in arrears or advance.
8. Minimum 6 month loan term I Maximum 3 year loan term.
9. Maximum exposure £200,000 per firm.
IO. Personal Guarantees required for all LLP business (exceptions may be considered for large firms).
11. I% arrangement fee in all cases, to be collected with the first instalment. A signed authority letter is required from each customer.
12. Direct Debit payment in I 00% of cases.
13. Minimum 3 partners to sign on behalf of multi partner firms.
14. Business will be considered from England, Wales and Scotland. However, Kingsway’s underwriting is tighter for Scottish customers, due to enforcement difficulties in their separate legal system.
Criteria for Credit
1. Asset & Liability statements are required for all partners or guarantors for
practices with 4 partners or less ..
2. Where a practice has 5 partners or more we would prefer Asset & Liability statements to greatly assist our underwriting process but they are not essential.
3. Latest audited accounts.
4. Latest management accounts.
5. Last 3 months business bank statements.
6. Brief write up on the practice including the history and performance of the business.
Documentation Requirements
1. A copy of the passport for each document signatory.
2. A signed authority letter on your customers letterhead giving authority to deduct the first payment and the arrangement fee from the loan advance or collect by direct debit with the first payment.
