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.
Read the guarantee as a separate financial obligation
A limited company separates the operating entity from its owners, but a director or shareholder can contract back into personal liability. A continuing guarantee may cover present and future facilities, interest, enforcement cost and liabilities beyond the first loan discussed.
Identify any cap, expiry, demand process and set-off right. Check whether the bank can combine accounts, whether several guarantors are jointly liable and whether changes to the facility require fresh consent.
Plan release before signing
Full repayment does not always produce an automatic release document on the same day. Ask how the lender cancels the guarantee, discharges registered security and confirms that no contingent facility remains open.
Where ownership may change, negotiate the substitution process while the company still has options. A departing shareholder should not assume resignation as a director ends liability under an existing guarantee.
Rates, limits and eligibility can change. Ask for a current written quote, repayment schedule and agreement. General information only.