Business Purposes and Processing
Business Purposes and Processing
Which is not an acceptable business purpose for lending
Funding for Stock purchase
Funding for new business premises
Personal cash flow
We can proceed to fund a project with a borrower because we have lent to them in the past?
True
False
What percentage of a property needs to be used as a dwelling in order for it to be regulated?
40%
60%
What types of documents may we need to provide proof of business purposes
Quotations from suppliers
Rental agreements
Business formation details
Accounts
Professional Accreditation
What is the purpose of regulation
Protect Borrowers
Protect Lenders
Do a couple have to be married in order for the related person definition to apply?
Yes
NO
If a client wishes to refinance a property in order to convert the property into flats are there any circumstances in which we would not be able to lend?
Yes
No
Why must all information relating to a case be gathered thoroughly?
In order to ensure it is not regulated
To delay funding
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