Typical Requirements
What is needed?
At NapeX Finance we believe in accessing as much information as possible at the outset, this helps us and our clients, minimise time delays in each deal.
We have found that information required by lenders often varies, in fact usually each lender has their own specific set of requirements. We therefore tailor what we ask our clients to provide during the funding process. To assist our clients we have a form that we ask them to complete at the outset of the loan request, making it quicker for us to progress and underwrite their applications.
Contact us today for access to the form.
From our experience, we have collated below a list of the ‘typical requirements’ asked of all parties who are looking to secure a loan. And then we go on to provide additional information requirements against specific types of loans. Please note, in some instances, additional information may still be required.
All application types: General Information (for all parties to the loan)
- Detailed description of property to be financed
- Copies of identification e.g. passport or driving licence(note these either needs to be verified in person or via a video call)
- Proof of address documents e.g. bank statements or a utility bill
- Details of business background and length of experience
- Personal assets and liabilities for each party to the application
- Property portfolio summary for each party to the application
- Personal income and expenditure for each party to the application (its often useful to run and Experian search or Equifax search to check your payments and credit history before completing an application).
- Deposit: Evidence of where the deposit came from and how this was built up.
- Insurance: details of policy in place on the property
Examples of Typical Requirements for Different Loan Types
Commercial and Buy-To-Let
Typical Information Requirements
- Employed: last 3 months pay slips
- Self-employed: 2 years full accounts and management accounts if available for all associated companies
- Tax returns: For self-employed or where you are required to complete an annual tax return, please provide 2 years SA302s including tax overview and confirmation statements
- Business Bank Statements: 6 months business bank statements (if applicable)
- Personal Bank Statements: 6 months personal bank statements for each party for all current accounts
- Existing Leases: Copies of any leases in place
Regulated Mortgages
Typical Information Requirements:
- Employed: last 3 months pay slips
- Self-employed: 3 years full accounts and management accounts if available for all associated companies
- Tax returns: For self-employed or where you are required to complete an annual tax return, please provide 2 years SA302s including tax overview and confirmation statements
- Business Bank Statements: 6 months business bank statements (if applicable)
- Personal Bank Statements: 6 months personal bank statements for each party for all current accounts
- Deposit: Evidence of where the deposit came from and how this was built up
Development and Refurbishments
Typical Information Requirements:
- Detailed description of scheme and proposal
- Full details of any previous developments or conversion schemes
- Breakdown and cost of proposed works
- Details of who will undertake the works
- Agents’ opinions on end values or supporting information
- Confirmation of warranties or architects’ certificates
- Planning permission (if relevant)
- Planning drawings (if relevant)
- Values, sizes of units and type of property
Invoice Finance
Typical Information Requirements:
- Company and Business Details including what services/products you offer
- Details of the Directors/Owners of the business
- 2 years accounts and management accounts if available (or from inception)
- 2 years forecast (for new businesses only)
- Aged Debtors Report
- Payment Terms with Customers
- Example Invoice/Invoice Trail
- Details of Company Liabilities
- Confirmation of consent to carry out credit searches
Asset Finance
Typical Information Requirements:
- Company/Business Details, address etc.
- Details of the Directors/Owners of the business
- Full description of Asset and quote from supplier (if applicable) or a copy of relevant purchase invoice
- Confirmation of consent to carry out credit searches
- 3 months business bank statements
- 2 years accounts and management accounts if available (or from inception)
Invoice Requirements for Asset Finance:
Formal invoice on Letterheaded paper including:
- Contact Details of supplier including phone number for verbal conformation of sale
- Chassis no. of Asset
- Deliver to details (your company address)
- Supplier’s bank details
VAT Deferral Requirements for Asset Finance:
- Confirmation your VAT account is up to date
- Screenshot of you RTI for VAT (real time info. from your online account)
Unsecured Business Loans
Typical Information Requirements:
- Business Details, full name, address etc.
- Details of the Directors/Owners of the business
- Full description of Loan amounts required and rough purpose of loan
- Business Bank and Accounting Software used
- 3 years accounts and management accounts if available (or from inception)
- 2 years forecast (for new businesses only)
- 6 months business bank statements or tax returns
- Confirmation of consent to carry out credit searches