The former borrower advisory process

The former CreditSquare worked for the borrower. Its early service description explained four stages, beginning with an assessment and ending with a formal credit application to a selected lender.

Preparing documents for the first discussion

The adviser asked about the business, why it needed money and what information a lender would need to produce initial terms. A useful starting point is a set of accounts, recent cash flow, an aged debtors report and a schedule of existing loans. For a purchase, specify how much of the purchase price must be paid at completion. The funding brief lets you assemble these details privately.

From an anonymous profile to a named application

At the second stage the adviser selected potential lenders and presented the funding requirement in a standard format without naming the borrower. At the third stage it handled follow-up questions and brought back indicative terms. Receipt of an indicative quotation was when the firm asked the borrower to sign an engagement.

At the final stage the firm helped the borrower select and approach a lender, then supported the application. Under the process described, its success fee became due when the borrower drew the introduced loan. Readers with their own proposals can use the facility comparison to see how the cash received and repayment dates differ.