New and Updated Loan and Finance Templates
This month we have added to our ever popular loan and finance portfolio of templates.
Our Short Form Loan Agreement is one of our most popular loan and finance templates. In order to give customers a greater choice of style and structure in relation to our loan templates, this month we have created a Loan Facility Letter based on our Short Form Loan Agreement. The letter includes all the standard clauses you would expect to find in a short form loan agreement, but the construction of a letter agreement may suit those looking for a less formal structure to their commercial loan arrangement. The borrower confirms their agreement to the terms as set out in the letter by returning a form of acceptance to the lender.
We have also added a new Loan Request Letter to our finance portfolio. Sent from a prospective borrower to a prospective lender, it invites the lender to make a formal written financing proposal to the borrower, who is looking for a loan to finance their business and capital needs.
Finally, as a matter of good housekeeping, our Deed of Assignment of Loan has been updated to include a notice of assignment. A notice of assignment must be served on the borrower under a loan when an assignment of the loan by the lender is being considered. The borrower, whilst not being a party to the assignment, must be notified of it in order for the assignment to be valid. This Notice and Acknowledgement of Assignment has also been included as a standalone document.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.