Essex Commercial Finance

Local and National Coverage
Based in Chelmsford

01245 979100
Commercial Finance

Mon - Fri :08.30-17.30
Remote Meetings Available


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Unit 1,
8 Kingsdale Business Centre
Regina Road
Chelmsford
Essex
CM1 1PE


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Essex Commercial Finance Limited  is a company registered in England and Wales with Company number 12610135
Registered Office : Suite 1, 8 Kingsdale Business Centre, Regina Road, Chelmsford, Essex, CM1 1PE

Data Protection Registration : ZA759800

(c) Essex Homes and Lettings Limited 2020

Essex Commercial Finance

Terms of Business - Essex Commercial Finance Limited


Our Service

With no ties to any individual lenders, Essex Commercial Finance Limited can access a large range of lenders covering every aspect of commercial finance that your business might need. And the way that we work means that you have a partner with a shared goal of delivering the best possible outcome for your requirements.

We will at all times act in your best interests, sourcing finance from the whole of the commercial finance market that is relevant and suitable for the requirements you provide to us. When you have agreed the most suitable option for finance, we will give you the information you need about the finance, lender and contract that you would be entering into so that you can make an informed final decision before proceeding, based on your contractual obligations and commitments.

Based in Chelmsford, we work with companies both locally and nationally. We help clients with a broad range of requirements, including commercial property and development finance, asset finance, invoice finance and loans.

Beyond funding requirements we can add value to businesses by helping to secure Research & Development (R&D) Tax Relief to eligible firms, as well as reviewing and saving you money on Business Utilities, including broadband and mobile phones.

We are part of the Essex Home Finance Group, which is established in residential finance, protection and estate agency. FCA regulated, they completed on over £50m in residential transactions in 2019.

The team has over 60 years Financial Services experience between them, and share the ethos of putting you, the client, first. With our refined systems and comprehensive list of lenders, we are ideally placed to match you with suitable finance.

Our Process

All businesses are different and even two firms in the same sector don’t have the same finance requirements.

We take the time to fully understand how a business works, its working capital needs and the challenges it faces; this allows us to help you identify a possible solution or combination of solutions, taking into account the type of finance required and the costs to the company that would be involved.

We hold an initial call or meeting with a prospective client to collect the background information that we need on the company and its officers, a summary of its current trading and financial position, its forecasts for the short to medium term and a summary of the existing debt within the business, if any.

All of the information gathered forms the KYC that we base our proposal for finance on – we find that having a clear and complete set of information about the client to present to lenders can improve the chances of a positive outcome for the client.

Information gathered can include, but may not be limited to:

  • Company directorship and ownership structure
  • Summary of current trading activities
  • Summary of current financial position
  • Trading and financial forecast for the next 6M – 12M
  • Recent financial performance (Turnover, P&L)
  • Required finance
  • Current debt position of the company
  • Company and directors’ assets and liabilities
  • Company and directors’ credit history

We agree with the prospective client on the type and amount of finance that they would want us to achieve for them, and we then provide a list of the documentation and supplementary information that lender/s would require to back the client’s proposal for finance. (*SEE APPENDIX 1 – CLIENT DOCUMENTS)

All information and documents that we collect from the client in our process will only be used in the course of working with commercial finance lenders to secure suitable finance to meet the client’s stated requirements.

In the course of presenting a proposal for finance to a recommended lender it may be necessary for the lender to conduct a formal credit search on either the Client or the Client's company, and if this is necessary ECF will always seek the approval of the Client before the search is conducted.

By returning personal and company documents and information to us to enable us to provide our services to you in relation to your finance requirements, it is considered implicit that you agree to such credit searches being carried out.

Our interactions with lenders on the client’s behalf can include some or all of:

preliminary calls and contact | electronic and email submission of full proposals and applications | fielding enquiries during the lenders’ underwriting process | negotiating on the rates and detail of offers of finance | facilitating direct conversations, meetings and dialogue between the client and lender | facilitating contracts passing between lender and client if required when funding is offered and signature/s required.

How We Are Paid

We treat our customers fairly and put them first. Our company ethos is to achieve the best possible outcome for your finance requirements, and to partner with you in the long term to help your company succeed with the help of the finance that we can secure for you.

The majority of lenders will pay us a fee or commission, commonly 1% of the loan amount for property and asset-based finance, but this does vary by lender and by finance product. The lender fee or commission will be clearly stated and provided to the client in the lender’s contract.

On the client receiving an actionable offer of finance we charge an admin fee to cover our costs and time achieving the offer for you – there are no up-front fees or meeting costs etc.

Our standard administration fee starts at £249, and rises to no more than £499 for property, invoice and asset-based finance, where an actionable offer can take months to achieve rather than days or weeks. We reserve the right to adjust our administration fee up to 1% of the loan value if the lender does not pay us a fee or commission for the introduction to that particular finance product.

We do not charge an administration fee to work with a client on Research & Development (R&D) Tax Relief, or on Business Utilities.

Changes to our Terms Of Business

We may periodically make changes to our Terms Of Business due to changes in lender or product criteria, changes in UK legislation that affects our processes and the way in which we can interact with our clients or handle their data and information, or for other reasons.

We will advise clients in writing and update our Terms Of Business as soon as is practical in these circumstances.

Appendix 1 – Client Documents

Minimum documents, all finance types

  • 3 months’ company bank statements (ALL company accounts)
  • 2 years’ full filed company accounts
  • Latest management information (P&L and Balance Sheet)
  • ALL Directors/Owners – 3 years’ residential address history / owner or rented / date of birth
  • Agreement with our consent statement – allows us to work on their behalf and credit searches may be made on them in the process of securing the finance that they require

Additional documents, defined by product type and/or lender requirements

  • Company summary and (currently) the effects of Covid-19 on the company
  • 6 months’ company bank statements (ALL company accounts)
  • Cash flow forecast – minimum 1 year, often 2 years
  • Asset and liability statement per director/owner
  • Asset finance – Asset specification and quote/invoice detailing the supplier
  • Invoice finance – Current debtors’ book and sample invoices
  • Property – Full property details, any available recent valuations and details of mortgages/charges outstanding if applicable
  • Development – Full site and development details and plans, existing financial obligations if applicable and details of recent valuations and planning permissions etc
  • Development – Documentation of the developers’ experience and past projects
  • Existing tangible assets – Assets specifications, original invoices and details o whether unencumbered or outstanding finance
  • Existing company finance – Details of the outstanding balances, who the finance is with, the purpose of the finance and the end date of the agreement/s
  • List of company creditors
  • Between 2 and 4 quarters’ VAT statements, or a statement of current VAT position (available from the HMRC portal)
  • Photo ID per director
  • Proof of address per director (recent – last 3 months)
  • 3 months’ directors’ personal current account bank statements
  • Directors’ proof of income – P60 or SA302s
  • Director’s mortgage statement for security address (when securing a 2nd charge to an already owned security address)

Further documentation may be required by lenders during the underwriting process and will be requested on a case-by-case basis.

Essex Commercial Finance Limited is a company registered in England and Wales with Company number 12610135

Registered Office: Suite 3,  8 Kingsdale Business Centre, Regina Road, Chelmsford, Essex, CM1 1PE

Data Protection Registration: ZA759800

 

Please complete the fields below, to confirm that you have read and understood these Terms of Business, and agree to engage with Essex Commercial Finance Ltd as a Client as set out in this document.

 

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Signed by Mark Grant
Signed On: 03/11/2020

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Document name: Terms of Business - Essex Commercial Finance Limited
lock iconUnique Document ID: c11b38cf5367efc233913611672efb52fb4e78a4
Timestamp Audit
29/08/2020 23:15 BSTTerms of Business - Essex Commercial Finance Limited Uploaded by Mark Grant - mark@essexcommercialfinance.co.uk IP 94.3.172.51
01/09/2020 11:57 BST Document owner Justin@essexhomefinance.co.uk has handed over this document to mark@essexcommercialfinance.co.uk 2020-09-01 11:57:52 - 88.83.113.82