Start with one written brief
State the amount, use, drawdown date, desired term, repayment source and security you can offer. Give every shortlisted provider the same request.
Use primary evidence
Prefer bank statements, filed tax records, signed contracts, ageing reports and official registers. Keep the forecast assumptions separate from historical results.
Compare the agreement, not the headline
Record net cash received, total cash paid, rate basis, fees, guarantees, security, default terms, cancellation rights and early settlement.
Keep an audit trail
Save the quote, product terms, repayment schedule and the reason for the decision. Recheck any time-sensitive rate or licence immediately before signing.
Put hibor vs prime-linked loans into a controlled workflow
Name one person responsible for the current information, one version of the borrowing brief and one log of documents sent. Lender questions should update that file rather than produce different answers for different providers. Consistency helps a credit team understand the case and helps management compare the responses later.
Set decision gates before applying: product fit, indicative structure, formal credit search, conditional approval, contract review and drawdown. Record what changes at each gate. A quick enquiry should not quietly become permission for broad data sharing or an application to an unnamed lender.
Retain the evidence behind every conclusion
Save official product pages with their check dates, written quotes, Key Facts Statements where supplied, schedules, fee explanations and correspondence about conditions. Telephone summaries should be confirmed by email when they affect cost, timing, guarantees or security.
Keep management assumptions separate from verified historical figures. If the decision depends on a new contract, grant, customer or cost saving, state the evidence and the fallback if it does not arrive. This discipline makes the final approval less likely to be mistaken for proof that the plan is affordable.
Make the final comparison readable after the meeting
A one-page decision note should state the funding job, alternatives considered, chosen legal facility, net proceeds, total repayment, downside coverage, guarantees and reasons for rejection of the other routes. Attach the source documents rather than copying every clause into the note.
Assign a review date tied to the first rate reset, annual facility review or project milestone. The company should know who monitors covenant headroom and when refinancing discussions need to begin. A borrowing decision remains active until the lender confirms that the debt and related security have ended.
Rates, limits and eligibility can change. Ask for a current written quote, repayment schedule and agreement. General information only.