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Choose from the categories listed in the Property Type list to identify the purpose of the commercial mortgage and then please complete the remaining details as fully as possible.
These guidance notes aim to provide a professional and structured approach to completing a successful proposition to be put before a lender. They should be used to evolve discussions between client and adviser, helping to clarify the process of ascertaining the client's requirements. Gathering the information required for a proposal can be remembered by the pneumonic 'PARTS'.
Purpose
Brief synopsis of the client’s requirements:
• What do they want the money for?
• Purchase price and the life of the property being purchased?
• Is it to refinance?
Amount
Always establish the full requirements at the outset to ensure we are not faced with a further request to complete/continue a project.
• What is the total cost of the transaction?
• Have all costs in the project been budgeted for?
• What is the customer’s contribution and where will it come from?
• Is the contribution borrowed – will additional commitment place undue pressure upon ability to repay?
Repayment
An assessment of the clients' ability to repay is essential and is considered more important than the security.
• Repayment should be clearly identified at the out set, i.e. tenant income, profits, asset sales, etc.
• Where will repayment come from?
• Can the client afford it from the business’s cash flow?
Term
Normally in line with life expectancy of property purchased.
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