DAY 1 – 5

Following an initial inquiry Fuss Free Finance ‘source’ funds from a private investor who is willing ‘in principal’ to provide you the monies you require, and from his/her solicitor gets confirmation of costs associated with establishing the facility including legal costs, valuation fees, titles office fees, stamp duty etc.

Funds are then reserved for you for a period of up to ten days and a written quote is provided to you.

If we are then engaged by you to obtain actual written approval of funds we require an application, (no taxation returns are required), a copy certificate of title and an application/approval fee.

The application/approval fee mentioned above is to obtain a written loan approval subject to satisfactory valuation and the normal ancillary matters such as satisfactory credit checks, title searches, rate & planning certificates and fire insurance. The fee must accompany your application but is fully refunded should the lender fail to issue the written approval as per our engagement by you and within the parameters of the written quote.

We then prepare and forward your application to the private investor’s solicitor who issues approval on his ‘letter-head’ confirming:

• Amount required - this is always qualified by stating the loan advance (first mortgage) must not exceed a certain maximum percentage of valuation (usually 2/3rds - the maximum allowed under present Law Institute Rules)
• Rate of Interest - (almost always fixed for the term of the loan)
• Term - (between one and five years depending on your request - usually paid quarterly in arrears)

We then provide you with a copy of the written approval. The terms of our engagement to negotiate a loan on your behalf are now considered by law to have been fulfilled and the application/approval fee therefore earned.

DAY 5 – 14

A request is always made in the ‘loan approval’ letter by the investor’s solicitor for monies ‘on account’ in order conduct a sworn valuation of the security property. You must forward this requested money if you want the loan application to proceed any further. Once the solicitor has received this money he engages an independent valuer who will telephone you to arrange access so as to assess the value of your property.

After the valuation has been conducted you will be notified by us of the result. As previously mentioned the ‘loan approval’ letter will state that ‘the advance will be in a sum of X$ or Y% of valuation, whichever is the lesser’, or words to that effect, and therefore after valuation you will then be offered the full amount as requested or the lesser sum equal to Y% of the valuation.

DAY 14 – 28

Following above you must then instruct us as to whether you wish to proceed to mortgage documentation stage and to settle the matter.

If you do decide to proceed - a final title search is conducted and documentation is prepared and forwarded to your solicitor for checking and signing. Any current mortgagees are then contacted and a settlement date is set down and shortly after effected.

If you decide not to proceed any further - we advise the investor and his solicitor and you would receive a refund of any unused legal fees - however you may still be required to pay our brokerage should the loan not be proceeding 'through no fault of the lender' – e.g. You have changed your mind.

NOTE:
The above time frames should be considered as approximate. Written loan approvals can often be achieved within four hours and urgent settlements have been achieved within five days of engaging our firm.