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Hi all i am trying to borrow money on my hotel which i own no debt on it but have a bad credit history i have heard some not so good stories about harpmanor ltd which is mentioned on my final terms of this loan i have applied for i am at the latter stages of applying for this loan with bridgewater acceptances ltd whom i had to pay £468 pounds to have it valued with a company or panel of people they chose he valued it at 90k with 90 day sale value of 75k but i had the hotel valued by a local estate agents kenricks who valued it at £120-130k so they then said at first i could borrow upto 65% of this 90 day sale value of £75k they offered me £37500 with the offer now at the late stages of acceptance i am just worried about my safety as they or should i say the broker has suggested a solicitor he uses and i can have the funds in just a week well friday to be exact sorry for the typos i am trying to remember everything upto now it has cost me £350 lender app fee & £468 valuation fee and B&C - £795 engagement fee defferred till completion i have now received this email as follows
We are looking to drawdown the funds for you by Friday 13th. To do this we need the following ASAP.
- Copy of photo ID passport/driving license and paper copy
- 2 x copies of recent utility bills as proof of address
- Completed and signed Credit History form (Attached)
- Completed Financial statement (Attached)
- Full accountants details
- Signed fee deduction authority (Attached)
- Completed and signed card deduction form for the £375 fee (Attached)
- Signed offer (Attached)
- Harpmanor Ltd to listed as a interested party on the Building Insurance (get a copy of the schedule showing this)
Get everything as early as possible to me on Monday and the legals can be sent to the solicitors by Tuesday.
The breakdown of the loan is as follows
Gross Loan - £37,500
Bridgewater arrangement fee £3,000
B & C broker Fee - £1500
B & C processing & arrangement - £595 (defferred to completion)
This leaves a net loan to you of £31,515. You will need to pay the solicitors fee but I will tell you what they are.
Kind Regards
xxxxx
Bridging & Commercial Options Ltd
also the offer and terms
Re: COMMERCIAL LOAN CAPITAL & INTEREST
We confirm that our lending arm Harpmanor Limited is prepared to advance the sum set out below to you upon the following terms and conditions:
BORROWER: xxxxxx
1. Amount (the Advance)
(Figures) £37,500
(Words) Thirty Seven Thousand Five hundred Pounds
2. Security
The advance will be secured by way of a First Legal Charge over: -
xxx my hotel
(The property)
The form of the documentation required in respect of the above mentioned security shall be in a form approved by ourselves/Harpmanor Ltd.
3. Terms and Interest
a) The Capital & Interest on the Advance will be repayable over a period of
15 years by equal monthly instalments of £389. The first instalment will be payable one month after the date of drawdown and subsequent instalments on the corresponding day in each successive month but if there is no corresponding day then upon the last day of each successive month. The Capital & interest of the loan shall be repayable 15 years (FIFTEEN) years from the date of completion of the loan.
b) On redemption of the loan at any time prior to the end of the term set out above the redemption figure shall be 6% in the first 3 years, 5% in year 4, 4% in year 5, 3% in year 8, 2% in year 7, 1% thereafter.
c) The rate of interest chargeable shall be at a rate of
9.4% per Annum
4. Charges
From the gross Advance set out on the previous page the following deductions shall be made on completion of the Advance:
a.) Completion Fee in the sum of £4,500 is payable to Bidgewater Acceptance Limited. From which £1,500 will be paid to your broker.
b) Property insurance premium (if applicable)
c) Legal costs and disbursements.
d) An Administration/Creation fee of £295, investors fee and title insurance (TBC)
5.) General Conditions
a) Our Commitment fee for the Offer of Advance shall be £375 and is payable upon acceptance and is strictly non-refundable whether or not this loan proceeds to completion.
b) The property offered as security must be kept insured by you at all times during (for a minimum of £380,000 with Harpmanor Ltd interest noted on the insurance) the currency of the Advance against damage by fire and other perils to its full reinstatement value with an Insurance Company of your choice and evidence of this must be produced to ourselves/Harpmanor Ltd upon request. Failing production of satisfactory evidence of the Insurance, we/Harpmanor Ltd reserve the right to effect such insurance ourselves, and any premiums relating to such insurance will be
added to the outstanding balance from time to time due and owing to Harpmanor Ltd. The interest of Harpmanor Ltd must be noted on the policy.
c) No tenancies/ leases may be created in respect of the property without our specific written consent. Any existing tenancies must be on an assured shorthold tenancy agreement or a formal Business Lease and approved by our solicitors.
d) Any survey and / or inspection of the property carried out by us on our/Harpmanor Ltd behalf in connection with this Offer is confidential and in the event of Harpmanor Ltd making an Advance to you, it will not imply any warranty by us or Harpmanor Ltd as to the value or condition of the property.
e) We or Harpmanor Ltd reserve the right to alter the terms of this Offer or to withdraw this Offer at any time without assigning a reason for so doing. In the event of this offer being withdrawn under this or any preceding clause, we shall in no way be liable for any liabilities incurred by or on behalf of yourself.
f) This Offer is subject to Local Authority, Title, personal and business searches and any other searches and enquiries, required by us/Harpmanor Ltd proving satisfactory and in accordance with all information supplied to date.
g) We or Harpmanor Ltd reserve the right to transfer, assign or otherwise dispose of the rights benefits and obligations of this Commercial loan together with the charge over the related securities to other third parties at any time and when this happens you will be notified in writing. Upon acceptance of this offer, this case shall be funded by our lending arm Harpmanor Ltd and the legal documentation shall be issued accordingly.
h) This Offer will lapse unless accepted within 7 days of the date hereof.
6) Special Conditions:
This offer is subject to: -
a) Registration of a First legal charge over xxxxxxxxxxxxxx my hotel
b) Satisfactory proof of income
c) The borrowers must use solicitors of their own choice to act and advise them in this transaction. The solicitors must have three or more partners
d) Satisfactory legal due diligence.
e) Building Insurance for a minimum of £380,000 with Harpmanor Ltd interest noted on the policy
We have provided you with an original and a copy of this letter. You should study the terms and conditions set out herein. We strongly recommend that you seek independent legal and/or professional advice. If you wish to accept this Offer please indicate this by signing below and returning to us within 7 days of the date hereof
.
Yours sincerely,
Ann Levine
Bridgewater Acceptances Ltd
Confirmation Notice xxxxxxxxxx
Date of Offer: 4th March 2015
I/we hereby accept the offer of Advance, the terms of which I/we fully understand and accept. I/we understand that any other parties concerned in this transaction are not acting as your Agents and are not authorized to vary the terms of this Offer in any way. I/we confirm receipt of a copy of this letter, which I/we have retained.
Declaration for exemption relating to business (Sections 16B and 189(1) and (2) Consumer Credit Act 1974)
I am entering this agreement wholly or predominantly for the purposes of a business carried on by me or intended to be carried by me. I understand that I will not have the benefit of the protection and remedies that would be available to me under the Consumer Credit Act 1974 if this agreement were a regulated agreement under that Act.
I understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the creditor and the debtor is unfair to the debtor.
I am aware that, if I am in any doubt as to the consequences of the agreement not being regulated by the Consumer Credit act 1974, I should seek independent legal advice.
I/we enclose the sum of £375 to Bridgewater Acceptances Ltd representing payment of the Commitment fee specified in Clause 5(a) above, which I/we understand and agree is strictly non-refundable.
Signed Date . 2015
if i decide to lease the property can i do so just wanted some advice guys im sorry if it sounds straight forward to you but im worried about the whole thing and was considering leasing the hotel in the near future is it best to consult and choose my own solicitor ect kind regards also i already have insurance in place i am confused do i need to get insured with harpmanor now ect??
We are looking to drawdown the funds for you by Friday 13th. To do this we need the following ASAP.
- Copy of photo ID passport/driving license and paper copy
- 2 x copies of recent utility bills as proof of address
- Completed and signed Credit History form (Attached)
- Completed Financial statement (Attached)
- Full accountants details
- Signed fee deduction authority (Attached)
- Completed and signed card deduction form for the £375 fee (Attached)
- Signed offer (Attached)
- Harpmanor Ltd to listed as a interested party on the Building Insurance (get a copy of the schedule showing this)
Get everything as early as possible to me on Monday and the legals can be sent to the solicitors by Tuesday.
The breakdown of the loan is as follows
Gross Loan - £37,500
Bridgewater arrangement fee £3,000
B & C broker Fee - £1500
B & C processing & arrangement - £595 (defferred to completion)
This leaves a net loan to you of £31,515. You will need to pay the solicitors fee but I will tell you what they are.
Kind Regards
xxxxx
Bridging & Commercial Options Ltd
also the offer and terms
Re: COMMERCIAL LOAN CAPITAL & INTEREST
We confirm that our lending arm Harpmanor Limited is prepared to advance the sum set out below to you upon the following terms and conditions:
BORROWER: xxxxxx
1. Amount (the Advance)
(Figures) £37,500
(Words) Thirty Seven Thousand Five hundred Pounds
2. Security
The advance will be secured by way of a First Legal Charge over: -
xxx my hotel
(The property)
The form of the documentation required in respect of the above mentioned security shall be in a form approved by ourselves/Harpmanor Ltd.
3. Terms and Interest
a) The Capital & Interest on the Advance will be repayable over a period of
15 years by equal monthly instalments of £389. The first instalment will be payable one month after the date of drawdown and subsequent instalments on the corresponding day in each successive month but if there is no corresponding day then upon the last day of each successive month. The Capital & interest of the loan shall be repayable 15 years (FIFTEEN) years from the date of completion of the loan.
b) On redemption of the loan at any time prior to the end of the term set out above the redemption figure shall be 6% in the first 3 years, 5% in year 4, 4% in year 5, 3% in year 8, 2% in year 7, 1% thereafter.
c) The rate of interest chargeable shall be at a rate of
9.4% per Annum
4. Charges
From the gross Advance set out on the previous page the following deductions shall be made on completion of the Advance:
a.) Completion Fee in the sum of £4,500 is payable to Bidgewater Acceptance Limited. From which £1,500 will be paid to your broker.
b) Property insurance premium (if applicable)
c) Legal costs and disbursements.
d) An Administration/Creation fee of £295, investors fee and title insurance (TBC)
5.) General Conditions
a) Our Commitment fee for the Offer of Advance shall be £375 and is payable upon acceptance and is strictly non-refundable whether or not this loan proceeds to completion.
b) The property offered as security must be kept insured by you at all times during (for a minimum of £380,000 with Harpmanor Ltd interest noted on the insurance) the currency of the Advance against damage by fire and other perils to its full reinstatement value with an Insurance Company of your choice and evidence of this must be produced to ourselves/Harpmanor Ltd upon request. Failing production of satisfactory evidence of the Insurance, we/Harpmanor Ltd reserve the right to effect such insurance ourselves, and any premiums relating to such insurance will be
added to the outstanding balance from time to time due and owing to Harpmanor Ltd. The interest of Harpmanor Ltd must be noted on the policy.
c) No tenancies/ leases may be created in respect of the property without our specific written consent. Any existing tenancies must be on an assured shorthold tenancy agreement or a formal Business Lease and approved by our solicitors.
d) Any survey and / or inspection of the property carried out by us on our/Harpmanor Ltd behalf in connection with this Offer is confidential and in the event of Harpmanor Ltd making an Advance to you, it will not imply any warranty by us or Harpmanor Ltd as to the value or condition of the property.
e) We or Harpmanor Ltd reserve the right to alter the terms of this Offer or to withdraw this Offer at any time without assigning a reason for so doing. In the event of this offer being withdrawn under this or any preceding clause, we shall in no way be liable for any liabilities incurred by or on behalf of yourself.
f) This Offer is subject to Local Authority, Title, personal and business searches and any other searches and enquiries, required by us/Harpmanor Ltd proving satisfactory and in accordance with all information supplied to date.
g) We or Harpmanor Ltd reserve the right to transfer, assign or otherwise dispose of the rights benefits and obligations of this Commercial loan together with the charge over the related securities to other third parties at any time and when this happens you will be notified in writing. Upon acceptance of this offer, this case shall be funded by our lending arm Harpmanor Ltd and the legal documentation shall be issued accordingly.
h) This Offer will lapse unless accepted within 7 days of the date hereof.
6) Special Conditions:
This offer is subject to: -
a) Registration of a First legal charge over xxxxxxxxxxxxxx my hotel
b) Satisfactory proof of income
c) The borrowers must use solicitors of their own choice to act and advise them in this transaction. The solicitors must have three or more partners
d) Satisfactory legal due diligence.
e) Building Insurance for a minimum of £380,000 with Harpmanor Ltd interest noted on the policy
We have provided you with an original and a copy of this letter. You should study the terms and conditions set out herein. We strongly recommend that you seek independent legal and/or professional advice. If you wish to accept this Offer please indicate this by signing below and returning to us within 7 days of the date hereof
.
Yours sincerely,
Ann Levine
Bridgewater Acceptances Ltd
Confirmation Notice xxxxxxxxxx
Date of Offer: 4th March 2015
I/we hereby accept the offer of Advance, the terms of which I/we fully understand and accept. I/we understand that any other parties concerned in this transaction are not acting as your Agents and are not authorized to vary the terms of this Offer in any way. I/we confirm receipt of a copy of this letter, which I/we have retained.
Declaration for exemption relating to business (Sections 16B and 189(1) and (2) Consumer Credit Act 1974)
I am entering this agreement wholly or predominantly for the purposes of a business carried on by me or intended to be carried by me. I understand that I will not have the benefit of the protection and remedies that would be available to me under the Consumer Credit Act 1974 if this agreement were a regulated agreement under that Act.
I understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the creditor and the debtor is unfair to the debtor.
I am aware that, if I am in any doubt as to the consequences of the agreement not being regulated by the Consumer Credit act 1974, I should seek independent legal advice.
I/we enclose the sum of £375 to Bridgewater Acceptances Ltd representing payment of the Commitment fee specified in Clause 5(a) above, which I/we understand and agree is strictly non-refundable.
Signed Date . 2015
if i decide to lease the property can i do so just wanted some advice guys im sorry if it sounds straight forward to you but im worried about the whole thing and was considering leasing the hotel in the near future is it best to consult and choose my own solicitor ect kind regards also i already have insurance in place i am confused do i need to get insured with harpmanor now ect??
