SECURED BUSINESS FINANCE
FAQs
Check our FAQs for quick answers – if you don’t find what you need, feel free to contact us.
General FAQs
What are your opening hours?
We are open Monday to Thursday 09:00-17:30 and 09:00-17:00 on Fridays.
Our switchboard number is 01444 255915 or you can email on customerservices@accredo.co.uk and we’ll get back to you as soon as we can.
Is additional funding available once the first deal is in place?
We are happy to consider a further advance once your first agreement is live.
If sufficient equity is available, the additional borrowing can be attached to our existing charge. If there is not enough equity an alternative property can be considered.
My property is on the market, can I still have a secured loan?
Any loan secured upon such a property would have to be repaid when the property is sold, but we may be able to offer a short-term facility.
Borrowers should contact their broker to discuss the options available.
Who should existing borrowers looking for further funds speak to?
Existing borrowers should approach the broker they initially dealt with to discuss any additional requirements.
What fees will be payable?
Borrowers will be required to make a contribution to the legal fees involved in setting up the facility.
In some circumstances an internal valuation of the security property may be required. If there is a charge for this service, the Borrower will be made aware in advance of the survey.
When the agreement goes live a 1% acceptance fee becomes due. Depending on the term of the agreement a £125.00 annual administration fee may be applicable and a 1% security release fee is due to remove our charge from the property.
Fees are applicable if the agreement is not conducted within the contractual terms.
How do I make a complaint?
We’re sorry you feel you want to make a complaint. There are a number of ways you can get in touch:
Post:
Mill Green House
Mill Green Road
Haywards Heath
West Sussex
RH16 1XJ
Tel: 01444 255915
Fax: 01444 255910
Broker FAQs
What information is needed to consider a finance proposal?
All proposals should be submitted via our portal.
On the portal there is a simple one-page form for submitting a new proposal which requests the following information:
• the amount required;
• the term of the borrowing;
• the reason funds are required;
• full name of the business and company registration number
• details of all guarantors (including full name, home address and date of birth) and permission to perform personal searches;
• details of the security property (including the full address, its approximate value and details of any existing charges).
If you don’t have access to our portal, our customer services team can provide this. Please call 01444 255915 for more information or email customerservices@accredo.co.uk
Please note we are unable to accept applications direct, all applications must be received from a finance broker.
Do you offer unsecured loans?
No, we only offer secured loans.
What type of finance do you offer?
We offer fixed rate, fixed term loans from 3 months to 10 years secured on property in England and Wales.
We are also happy to consider secured finance leases.
We do not offer unsecured finance.
Which locations do you accept security in?
We are happy to consider security in England and Wales.
Please note we are unable to lend against property in Northern Ireland, Scotland or outside of the UK.
What security can you accept?
All our agreements must be secured on property in England and Wales.
We consider residential, buy-to-let, mixed-use and commercial properties.
Subject to suitable equity we consider 1st, 2nd, 3rd and even 4th charges.
What industry sectors do you offer finance to and for and are there any exclusions?
We are happy to consider proposals from all industry sectors, there are no exclusions.
Why do you need a business plan, forecast & CV?
We require these to fully understand your clients reasons for borrowing, their background and that of their company as well as to ensure they are able to repay us in line with the terms of the agreement.
Process FAQs
How long does it take to release funds to the borrower?
Once all conditions have been satisfied and we have completed our final checks, we will release the funds and they will be in the borrower’s bank account within 24 hours.
What is the process and how long does it take?
Firstly, we will need to receive a request for finance via a broker.
If we are able to issue an acceptance, we will send our Property Owner and Borrower questionnaire for the client to complete. On receipt of this completed questionnaire we will contact the client to collect the legal fees and, if applicable, valuation fees.
Once we have received the fees, we will contact and instruct third parties and raise loan paperwork for signature.
Whilst we make every effort to complete the process as quickly as possible and in line with the client’s requirements, we are unable to give a specific timescale due to some aspects of the facility being reliant on external parties but once all conditions have been satisfied and we have completed our final checks, the payout process can take up to 24 hours.
Full details can be found on the ‘Our Process‘ page.
What happens if a property doesn’t value up?
If a property doesn’t value up our underwriters will review the proposal to identify what level of borrowing we can consider.
What upfront fees are there?
There is no fee to apply for finance.
When an application is accepted, borrowers are required to pay a contribution towards the legal fees in order to begin the legal process and in some circumstances a valuation fee may be required.
Will you do credit checks?
Yes, it is necessary for us to carry out credit searches in order to consider your application.
What documents do you accept as proof of identity?
Sight of a valid passport or driving licence is preferable for this purpose. We can send you a list of our acceptable forms of ID.
Why must clients sign legal paperwork?
As we will be taking a charge over a property, we require the homeowners and borrower to sign certain legal documents in the presence of their solicitor.
As Accredo have issued an acceptance, is the client guaranteed the funds?
Subject to the conditions of the acceptance being fulfilled.
What happens if a client wants to move house?
Please get in touch with us as we may be able to transfer our security to another suitable property or we can provide an early settlement figure.
Does the charge automatically get removed at the end of the loan?
No, we require payment of a 1% security release fee to remove our charge.
Repayments FAQs
Do you offer flexible payment terms for new start businesses?
Yes, we are happy to offer a low-start payment, deferred and seasonal repayment options. We also have an interest-only repayment option with break clauses.
Can repayment dates be changed?
We may be able to do this in some circumstances, however, please note that a fee will be applicable.
Can clients overpay?
Yes. Clients are able to overpay, but it should be noted that our facilities are of a fixed rate, fixed term nature.
What happens if clients don’t or can’t pay?
Clients experiencing difficulties meeting their repayments should contact us as soon as possible so we can identify and agree the most appropriate course of action.