Navigating your way through a loan process can often prove to be challenging and may seem like a long road obfuscated by a fog of red-tape and administration.
At rebuildingsociety.com we have made our processes as simple and transparent as possible to help you navigate the path to a successful loan application. You can either refer to our handy flowchart or digest the information below.
Do you meet our basic criteria?
- We can help Limited Companies, LLPs, PLCs and social enterprises
- We require at least two years trading and filed accounts. (If you are a recently incorporated Ltd Company with a trading history as a different entity such as a sole trader then you may still be eligible)
- No outstanding CCJs of £250 against the business
- The business must be profitable and VAT registered
- Directors/Partners must be UK residents
- Turnover greater than £150k (we will also consider businesses that are on course to meet this requirement in the current financial year)
If you meet this criteria, we would love to receive an application which you can complete online.
On average it takes less than 10 minutes to complete the application form and once we have all of the required information, we can get you a decision within 24 hours.
We require the following information to process your application:
- 2 years filed accounts
- Management accounts, including balance sheet and P+L covering the period ending no earlier than 60 days prior to the date of submission
- Details of any existing borrowing, including providers, monthly repayments and amounts outstanding
- Completed statements of Assets, Liabilities, Income and Expenditure for all directors
- Business bank statement covering the most recent 3 months
- Personal credit report for all directors
Once we have received all of the required information, the application will go across to our underwriters for assessment. During the assessment process they may have some questions on the application or accounts which they will raise via the listing discussion forum.
You will receive an email notification when any questions are posted and in order to respond to these questions you simply log on and reply directly to the underwriter. Any pertinent topics will be left visible for our lenders once the loan goes live. Any information provided which is sensitive or not directly relevant for the lenders will be removed before listing.
Once your application is approved by the underwriters you will need to review and approve the listing before it goes live.
Reviewing the listing is your last chance to make any changes to the listing blurb before it goes live to be viewed by potential lenders. As the listing is the first thing potential lenders will see about your business, it is always beneficial to make sure that it is of sufficient detail to give a true and fair picture of your business, what you need the loan for and why lenders should invest.
We also have the capacity to upload any pictures, files or embedded videos that you would like lenders to see, so you may wish to send us any of the following for inclusion:
- Business plan
- Introductory video
- Cash flow forecasts
- Asset valuations / property valuations
- Promotional pictures
Before your loan goes live you may wish to consider the security you have offered. Well secured loans attract lower final rates, fund faster and may also qualify for a discount on the starting rate of up to 5%.
You can find out more HERE or speak to one of the rebuildingsociety.com team:
Your Application is LIVE!
Once you have approved the listing, we will email you to let you know that the loan is now live on our site and attracting bids.
It is good practice at this initial stage to add an introductory message on the discussion board to introduce yourself, so that the lenders are aware who it is they are addressing and who to direct their questions to.
Once the loan goes live you will be asked questions by lenders. These questions will be asked by potential investors and the answers given will often dictate whether they decide to invest or not. It is important that you ensure that you answer these in as much detail and as promptly as possible.
By subscribing to the listing discussion forum, you will be automatically notified via email each time a new question or reply is posted on your listing. Alternatively, you can visit the site at any time to engage with the lenders.
Previous applicants have found that engaging with our lender base at this stage is an excellent way to get the most out of the P2P lending experience. Our lender base is comprised of a wide cross-section of individuals from various ages, demographics, professions and business experience. Applicants have found this stage of the process to be a valuable opportunity to engage with potential customers, potential new business contacts and gain a number of potential new stakeholders with a vested interest in seeing their business succeed. Building a good rapport with our lending community from the start of the application will likely see the application fund quicker and at a better rate.
Your Loan Has Been Fully Funded
What happens next?
The day after the auction closes, we will send you a completion email which will lay out the steps you need to follow before we can release the funds.
This email will contain:
- A confirmation of the final interest rate and a breakdown of fees and funds
- A step by step guide on how to complete the online loan acceptance
- The legal documentation for the loan (e.g. Loan Agreement, Personal Guarantee)
- Details of the ID, bank statements, additional contact details and security documents that we require
We try to make the completion email as easy to follow as possible, however if you do need any additional assistance with any part of this process, we’re always available to provide guidance, so please get in touch via email or telephone.
Once you have completed all of the steps and posted the completion documents back to us, you just need to wait for us to confirm the transfer. Once our team has reviewed the submissions, we will be in touch to let you know that we have authorised the transfer and that