Terms of Use

Last Updated: 06 July 2021

The following Terms of Service (“Terms of Service”) regulate the relationship between you (a Borrower or Lender) and us.

We would like to draw your attention to Condition 3 below which details the scope and limitation of our Service, together with our limitation of liability which is detailed in condition 31 as well as condition 14 which explains how under this agreement you grant us authority to amend elements of the Loan Contract as your agent.

1. Interpretation

1.1.   In these Terms of Service, the words and expressions set out below shall have the following meanings given to them:

  • Advance Date – has the meaning set out in clause 15.1;
  • AL – means Ameuri Limited (company number 08191277);
  • Available Balance – is the uninvested cash held on your behalf in the segregated client account;
  • Borrower – means any party who has registered with us through the Website with a view to borrowing money from prospective Lenders;
  • Bid – means an offer by a Lender to a Borrower to loan a specified sum of money in relation to an unfulfilled Loan Request or to acquire a previously fulfilled Loan;
  • BidPal – has the meaning set out in clause 11;
  • Collection Agency – has the meaning set out in clause 23.6;
  • Credit Checking Agency – means the agency we use from time to time to perform relevant credit checks;
  • EU – means those countries forming part of the European Union;
  • ISA – means Individual Savings Account;
  • ISA Regulations – means the Individual Savings Account Regulations 1998 (as amended or replaced from time to time);
  • Lender – means any party who has registered with us through the Website with a view to lending money to prospective Borrowers;
  • Loan – means a loan of monies made by a Lender to a Borrower pursuant to a Loan Agreement, which loan shall either partly or fully satisfy a Loan Request;
  • Loan Agreement – means an agreement entered between a Borrower and a Lender, which agreement shall comprise the Loan Particulars, the Loan Conditions and any other ancillary documents referred to therein, and shall arise in accordance with condition 14;
  • Loan Conditions – means the standard loan conditions which apply to each Loan Agreement, a full copy of which can be accessed at https://www.rebuildingsociety.com/terms/loan-condition/
  • Loan Particulars – means the particulars of the Loan Agreement, including any Special Conditions incorporated in the funding of the loan through any part of the published listing.
  • Loan Request – means a request by a Borrower to borrow a sum of money, which request shall be published on the Website using the Service;
  • Microloan – means a part of the loan that represents the right to receive a share of the interest paid by the Borrower in accordance with the Loan Agreement
  • Orderly Wind-Down Arrangements (Living Will) – Means the plan that we are required to have in place to oversee the orderly wind-down of the platform’s loan book for the benefit of lenders.
  • Performing Portfolio – means the value of Available Balance plus the total value of all Bids plus the total value of capital outstanding on all loans which are not in arrears or default.
  • rebuildingsociety.com IFISA – means the innovative finance ISA we provide pursuant to this Agreement; Capitalised terms defined in the rebuildingsociety.com Lender Terms and Conditions shall bear the same meaning in this Agreement;
  • Sale Fee has the meaning set out in clause 18.2;
  • Service – means the service detailed in clause 3, being the service supplied by us to you;
  • Secondary Market – means the marketplace where existed Microloans may be traded between Users.
  • Security – means if applicable, the one or more forms of security instruments detailed in the Special Conditions, granted by a Borrower to a Lender as ‘security’ for mitigating against the risk of default on repayment of any Loan;
  • Special Conditions – means the terms and conditions specific to each Loan Agreement;
  • Transferee – has the meaning set out in clause 17.4;
  • Transferor – has the meaning set out in clause 17.1;
  • User Account – means your financial account on the Website showing, among other things (as a Lender) the money credited or debited with us;
  • Website – means the website with the address www.rebuildingsociety.com;
  • “we”, “us”, “our” and “rebuildingsociety.com” – means rebuildingsociety.com Ltd (company number 07885342) whose registered office is at Round Foundry Media Centre, Foundry Street, Leeds, West Yorkshire, LS11 5QP and trades as rebuildingsociety.com;
  • “you” and “your” – means you, a registered user of the Service, being either a Borrower or a Lender.

2. Introduction

2.1. By registering to use this Website you agree to be bound by these Terms of Service either in your capacity as a Borrower or a Lender. You also agree to be bound by our https://www.rebuildingsociety.com/privacy/and any other terms and conditions brought specifically to your attention from time to time.

2.2. If as a consequence of using our Service you subsequently enter into a Loan Agreement (either as a Borrower or a Lender) the rights and obligations owed by each party to the other shall be governed by the Loan Agreement.

2.3. It is important that you read these Terms of Service and you should print or otherwise save a copy for your future reference.

2.4. If there is a conflict between these Terms of Service and the Loan Agreement, the terms of the Loan Agreement shall prevail.

2.5. From time to time we may run special offers; the terms of which will be explained in these offers, further details can be found at http://reb.so/offers

3. The Service

– Important, please read

3.1. Through the Website (and other off-line medium) our principal role is to perform administrative functions on behalf of Borrowers and Lenders in order to bring together prospective Borrowers and Lenders, to provide a streamlined process for entering into Loan Agreements and to coordinate and facilitate the payment and collection of sums due under or in connection with such Loan Agreements (including certain limited actions upon a Borrowers default) as set out in these Terms of Service.

3.2. We do not:

3.2.1. provide any advice or express any opinion to either prospective Lenders or Borrowers on the question of whether to enter into any Loan Agreement;

3.2.2. make any representation or give any opinion as to the creditworthiness of a Borrower;

3.2.3. make any representation or give any opinion as to the accuracy of the online credit check of our Credit Checking Agency.

3.3. A Lender must form their own opinion regarding the creditworthiness of a Borrower and undertake its own research, analysis, and assessment of each Borrower for each Loan Agreement, and where appropriate, seek its own independent financial and/or legal advice.

3.4. We make available certain information about a Borrower’s application, with the intention of helping to inform Lenders. This information is supplied by the borrower and we do not edit this information. As such we cannot guarantee that such information is completely accurate and not misleading, and therefore cannot accept liability or responsibility for the accuracy of any information supplied through the Website by a Borrower, nor any opinion expressed or implied in relation to the creditworthiness of a Borrower (in the form of a risk rating or otherwise).

3.5. Whilst the Borrower may grant Security to the Lender, we do not guarantee that the Borrower will repay the Loan and give no undertaking whatsoever to the Lender that any Security will ensure that the Borrower will repay the Loan. The risk of non-payment should be taken into account by the Lender in deciding whether to enter into a Loan Agreement and in deciding the interest rate they wish to charge for their Loan.

3.6. All of our fees are in payment for our role in supplying the Service set out herein. They are not for dealing with any analysis of the information provided by Borrowers which we carry out as part of our free borrower due diligence and which is always undertaken on a no-fee, no-liability basis.

4. Pre-conditions of becoming a Lender

4.1. The following conditions must be satisfied before a Lender can use the Service:

  • 4.1.1. individual Lenders must be at least 18 years old;
  • 4.1.2. you must be a permanent resident of the EU (excluding the Channel Islands and the Isle of Man);
  • 4.1.3. you must have a valid EU or UK bank or building society account;
  • 4.1.4. Lenders must be either an individual, a partnership, a limited liability partnership, a limited company or public body;
  • 4.1.5. if the Lender is a corporate body, it must have a permanent place of business in the UK or EU (excluding the Channel Islands and the Isle of Man);
  • 4.1.6. if the Lender is a public body, you must be registered or formed with the relevant authority in the UK (excluding the Channel Islands and Isle of Man).

4.2. The Lender must tell us if it has a consumer credit license and if the Lender does not have one to begin with it must tell us if it acquires one.

4.3. The Lender agrees that we can correspond by way of email, post and telephone via the contact details supplied by it.

4.4. The Lender agrees to ensure that all contact details supplied are accurate and kept up-to-date.

4.5 If classified as a ‘Restricted Investor’, the Lender confirms that any monies they lend and invest on the Platform do not represent 10% or more of their personal wealth and/or assets.

5. Pre-conditions of becoming a Borrower

5.1. The following conditions must be satisfied before the Borrower can use the Service:

  • 5.1.1. the Borrower must be a business which is operating as and is registered at Companies House as a limited liability company or as a limited liability partnership;
  • 5.1.2. the Borrower must have a valid UK bank or building society account;
  • 5.1.3. the Borrower must have a permanent place of business in the UK (excluding the Channel Islands and Isle of Man);
  • 5.1.4. the Borrower must comply with basic credit and fraud risk criteria which will include obtaining a minimum score from our Credit Checking Agency;

5.2. The Borrower agrees that the details that it submits to us about its business may be published on the Website and disclosed by us directly to a Lender.

5.3. If you are, or at any time become, aware of any current or future claim (or potential claim) by HM Revenue & Customs (or any other governmental department or agency or other public body) against you, you may not accept a loan unless you have provided us with full details of such claim (or potential claim) and we have agreed in writing that you are still eligible to accept loans.

5.4 It is within our absolute discretion as to whether or not a Loan Request is published on the Website.

6. Borrower and Lender checks

6.1. As part of the registration process, we and certain people authorised to act on our behalf will check your identity. We may do this using our Credit Checking Agency, or we may you to send us copies of the passports, other identification documents and anything else that we may need. Providing the information and documents we ask for is a pre-condition to using the Service.

6.2. Having registered with us and applied to borrow money through us, using our Credit Checking Agency we will undertake credit checks and fraud checks on the Parties.

6.3. You warrant to us, and each Lender and Borrower warrants to each other, that all information submitted by them in the course of the application and borrowing process was at the time of its submission, and is at the time a Loan Agreement is entered into, true, accurate and is not misleading. If any information changes so that this is no longer the case, you must immediately update the information so that it complies with the warranty in this clause. Such updates will be made available to the other interested parties. A failure to provide accurate information may result in a Loan being repayable early under the terms of the Loan Agreement.

7. Username and Password

7.1. When you register with us, you will need to choose a username and provide an email, mobile telephone number and address. You will also need to choose a password and provide answers to three security questions. These are necessary to access the restricted areas of the Website. It is your responsibility to keep this information confidential so that it can only be used by you. We accept no liability whatsoever for any activity on your account by anyone using your logon information. If you suspect that there has been unauthorised use of your account of any kind whatsoever, or your login information has become known to anyone else, you must notify us of this immediately following the notification procedure set out in these terms.

7.2. You undertake to us that you will not in any way change or attempt to change or avoid the login procedure used on our Website.

7.3. In our absolute discretion, and for your protection, we will have the right to refuse to act on your instructions where we suspect that access has or is being gained by persons unauthorised to do so, or we suspect other illegal or fraudulent activity.

8. Regulations

8.1. We are authorised and regulated by the Financial Conduct Authority (FCA), so the management of your account will be subject to all applicable regulations. Any changes made by relevant authorities that affect these terms will apply as soon as they come into effect.

8.2. We will inform you if your rebuildingsociety.com IFISA has or will lose its tax exemption status through any failure to meet the ISA Regulations. If an investment which was previously allowed under the ISA Regulations ceases to be allowed, we will notify you and request your instruction to either sell the investment and reinvest the proceeds in the account, or transfer it out of the account.

8.3. The Lender warrants to us that it is not lending in the course of a business or carrying out any type of regulated consumer credit business (as defined under the Consumer Credit Act 1974).

9. The bidding process

9.1. As a Lender, having decided which Loan Requests you would like to make a Bid for, you select the amount of money that you would like to lend and the interest rate you would want to charge. The maximum amount of your Bid will be the amount of money credited to your User Account (less the provision applicable for our fees should your Bid be successful).

9.2. As the Lender, you can also select the criteria that any Borrower would have to meet, and using our automated bidding tool (‘BidPal’), automatically bid on those Loan Requests which meet your criteria.

9.3. The current maximum individual bid amount you are allowed to bid in relation to any one Loan Request is £2,000. You may make up to 50 of these maximum Bids in one bidding action. The current minimum amount you are allowed to bid in relation to any one Loan Request is £10.

9.4. All Bids on the marketplace will be subject to such minimum and maximum bid rates that rebuildingsociety.com may set in relation to a loan from time to time.

10. How are the Bids ranked?

10.1. The Bids are ranked by default on the Website in the following way:

10.1.1. if a Lender bids at a lower interest rate than another Lender, the Lender offering the lowest interest rate will take preference.

10.1.2. if a Bid made by a Lender is the same amount at the same interest rate as another Lender, the Lender who bid first will have their Bid ranked in preference. Therefore, Bids are outbid in a last in first out sequence.

11. Automated Investing and Using BidPal and SalePal

11.1. Users of the BidPal tool may set the buy that any Loan Request or Microloan must meet. You can choose to set BidPal to only bid on new loans or you can choose to also purchase existing loans via the secondary market and vise versa.

11.2. BidPal will not invest more than your Available Balance. BidPal is enabled for LLAs by default, it can be disabled by the user at any time. BidPal will support the creation of a diversified portfolio by prioritising highly concentrated loans, aiming to balance the holding of any one loan at no more than 5% of total portfolio value.

11.3. In the advanced settings, you can choose the risk bands you want to bid on and set a corresponding offered interest rate for each risk band. We may extend the types of criteria available on BidPal from time to time.

11.4 Users of BidPal may cancel an automatically applied Bid by contacting support@rebuildingsociety.com at any time up to 24 hours before the loan auction closure.

12. Transfer Bids

12.1. Transfer Bids allows you to support a business you have previously supported without the need to add additional funds to your lending account.

12.2. Where an existing Borrower returns to rebuildingsociety.com to refinance an existing loan, lenders holding existing Microloans will be able to choose the ‘Transfer Bid’ option, to bid their existing outstanding capital from the previous loan on to the new loan request.

12.3. Refinancing Loan requests will notify lenders of that availability of Transfer Bids, lenders can then visit their Dashboard to Transfer their existing capital as a bid in the new loan request.

12.4. Lenders may transfer existing capital in denominations of £10’s.

12.5. Lenders are not obliged to transfer this capital. If you do not transfer your existing capital, this will be repaid when the new loan is fully funded and accepted by the Borrower. Borrowers may only have one loan with rebuildingsociety.com at a time.

12.6. If a refinancing loan request fails to fund or complete, the Borrower remains liable to continue making loan repayments to Lenders as per their existing Loan Agreement.

13. Binding effect of Bids

– Important, please read

13.1. As a Lender, you agree that in placing a Bid, subject to the Loan Request being completed in accordance with clause 13.2 below, such Bid cannot be withdrawn and will have contractual force if accepted by the Borrower, unless:

13.1.1. there are sufficient Active Bids from other lenders at lower interest rates to fully fund the total loan requested;

13.1.2. the loan request period expires and the loan is not fully funded;

13.1.3. the borrower declines an aggregated loan request offer from you and other lenders on rebuildingsociety; or

13.1.4. we withdraw an auction for a loan request or Autobid;

13.1.5. there is a significant material change to the terms of the loan that may cause you to re-evaluate your bidding on the loan;

13.1.6 your bid was placed by way of BidPal, and you have since decided to withdraw the bid, see 11.4.

13.2. It is a condition of a Loan being made (and paid by us) that it is fully funded. A completed Loan will be fully funded by those Lenders who together have placed Bids which in aggregate are equal to the total Loan requested as part of the Loan Request.

14. The Loan Agreement

– Important, please read

14.1. For the avoidance of doubt, any Loan will be subject to the terms and conditions of the Loan Agreement, which shall comprise:

14.1.1. the Loan Conditions; and

14.1.2. the Loan Particulars

14.2. Entry into a Loan Agreement is an automatic process supplied as part of the Service. When a Loan Request is fully funded by Bids, we will automatically populate all parts of the Loan Agreement and arrange for its execution by the Borrower.

14.3. If you purchase a Loan from another Lender (‘the Transferee’), you will take an assignment of the Transferee’s rights and interest in the Loan you have purchased.

14.4. In the various documents, the Lender’s address may be stated as c/o rebuildingsociety.com Ltd and state our postal address. As a Lender, you agree that any form of communication with us may be sent to our postal address.

15. Making the advance

15.1. Upon the Loan Agreement being executed (and where applicable any Security being given), the share of the Loan that the Lender agreed to lend to the Borrower will be debited from their User Account, which shall be credited to the Borrower’s User Account. (‘the Advance Date’).

15.2. Subject to clause 15.1, the Loan Request will then be fully satisfied by us, by way of Bank Transfer to the Borrower.

15.3. No funds will be transferred to a Borrower or their legal representatives until all loan completion requirements have been completely satisfied. rebuildingsociety.com reserves the right to release Lenders funds back to the Lenders should a Borrower fail to complete the Loan completion process in a timely manner or where:

15.3.1. rebuildingsociety.com Ltd becomes aware of adverse information that may affect the Borrower’s ability to repay a loan

15.3.2. the borrower fails to complete the legal requirements and processes to secure the offered Security.

15.4. rebuildingsociety.com will not be liable for any loss in interest to the lenders as a result of the occurrence of situations as described in 15.3

16. Interest and repayments

16.1. Interest on the Loan will be deemed to accrue from the second business day following the end of the loan auction, and the first repayment to Lenders must be made within 30 days of the completion of the online loan acceptance.

16.2. The Loan Agreement sets out the terms and regulates the payment of the Loan repayments by the Borrower.

16.3. Repayments of a Loan and payment of interest shall be made from the Borrower’s Bank Account by Standing Order. The Borrower shall, therefore ensure that their Bank Account has sufficient funds to process the standing order each month. The Standing Order must be created by the Borrower prior to receipt of the Loan.

16.4. All repayments and interest accrued will be paid into a Lender’s User Account.

16.5. All repayments will be made to lenders without the deduction of Income tax. As a Lender, it is your responsibility to account for any income tax and other personal taxes that may be payable to the relevant authorities.

16.6. A tax statement is available to every lender on the site.

16.7. Notwithstanding any other clause in these Terms of Service and the Loan Conditions, you agree that, in special circumstances and at our absolute discretion, rebuildingsociety.com (Acting as your agent and on your behalf) may agree with the borrower to restructure the loan and to amend the loan contract in any of the ways listed below:

16.7.1. To amend the loan term upwards and increase the interest rate accordingly.

16.7.2. To restructure the loan repayment schedule by: Allowing a repayment holiday Allowing a period of interest only repayments, which has the effect of increasing the loan term

16.7.3. Where we believe that an agreement to restructure the loan and amend the Loan Agreement is in the interests of the relevant lenders, and intends to amend the terms of the loan contract in accordance with clause 16.7 above, we will notify you of our intentions to make the amendments not less than 1 week before making the change.

16.8. As a Lender, you agree that rebuildingsociety.com will act as your agent where required, on your behalf in:

16.8.1. Negotiating and agreeing any amendments to the Loan Agreement; and

16.8.2. Entering in to the amendment to the Key Contract Terms in accordance with 16.7.

16.9. You hereby appoint rebuildingsociety.com (for the duration of your membership) as your agent with full authority and capacity to agree to the amendments without your specific agreement. These changes will bind you to the Loan Agreement.

16.9.1. You agree that rebuildingsociety.com will take no liabilities, obligations or rights under the loan Agreement as a result of it acting as your agent, and you agree that you will continue to be solely liable for the rights and obligations under the Loan Agreement (as amended).

17. Selling Microloans on the Secondary Market

17.1. You can divest your risk in a loan by selling your Microloans on the Secondary market. Please note that you cannot sell Microloans:

17.1.1. with only one repayment remaining

17.1.2. if, after the application of any mark-up or mark-down, the simple interest rate the buyer would receive if they held the Microloan to maturity, and the borrower continues to make all repayments on time (“Buyer Rate”) is less than 5% per annum;

17.1.3. where a loan is in arrears

17.1.4. rebuildingsociety.com is aware of a Borrower’s intention to refinance through a 3rd party.

17.2. If a Lender would like to sell his Loan he can sell it to other registered users of the Service (‘the Transferor’).

17.3. The price the Lender can sell his Loan for is subject to the restriction that the Lender can apply a mark-up or mark-down of no more than 15% of the outstanding amount of the Loan.

17.4. On transfer of the Loan, the accrued interest on the capital outstanding shall belong to and be paid to the buyer of the Loan (for the purpose of this clause, ‘the Transferee’).

17.5. If a Transferor uses SalePal, they can set the amount that they want to raise in total from selling the selected Loan. SalePal will publish on the Website a list of the loans with a total sale value close to the amount the Transferor want to raise.

17.6. Loans can be sold manually without using SalePal. The Loans that a Transferor wants to sell can by selected on the ‘Dashboard’ and they will then be listed on the Website for sale.

17.7. On the sale of any Loans, the proceeds will be credited to the Transferor’s User Account and debited from the Transferee’s User Account.

17.8. Upon sale of a Loan, our charges for the transaction will be debited from the Transferor’s User Account.

17.9. Loans for sale will be listed on the Secondary Market for sale for an indefinite period of time. rebuildingsociety.com cannot guarantee the sale of loans via the Secondary Market.

17.10. The capital and interest repayment are paid to the incumbent owner of the Loan on the day the repayment is processed.

17.11 SalePal is automatically applied to all LLAs. Standard SalePal instructions for LLAs will automatically list microloans for sale at intervals of 1, 12, 24 and 36 months into the respective loan term.

17.12 Transferors may sell their microloans on to Transferees with a ‘BuyBack Guarantee’ (BG).  Only Sophisticated and High Net Worth Lenders may sell a microloan with the BG. Microloans with a BG can be identified on the secondary market by the shield symbol.

17.13 The Transferor will be obliged to repurchase a microloan it has transferred to a Transferee under the terms of this clause if:

17.13.1 the microloan falls into payment arrears of more than 60 days,

17.13.2 we terminate the Transferee’s membership of the platform or;

17.13.3 another Default Event as set out in the Loan Conditions occurs and it is not remedied or waived, and such Default Event is being enforced.

The occurrence of any of the above will be referred to as a “BG Trigger”.

17.14 The Transferor will repurchase the microloan for the outstanding amount of such microloan. The buyback of the microloan will happen automatically from the Transferee to the Transferor.

17.15 The buyback is automatic, but may not be immediate, if the original Transferor has insufficient available funds at the time of the BG Trigger in its user account, provided that the buyback must be completed by the Transferor within 30 days of the BG Trigger. This allows time for income from other performing loans to cover the cost of buyback, which will happen in order of first-sold, first-bought-back.

17.16 When a late repayment occurs on a loan for which a Transferor has provided a BG, the platform will help to budget a ‘BG Cover Amount’ that will be necessary to repurchase microloans if the BG Trigger occurs. During this time, bidding and withdrawals from the platform will be restricted until the BG Cover Amount is available as cash.

17.17 Where a Transferor’s income from its microloan repayments is insufficient to cover the buyback, the Transferor must ensure that it deposits sufficient funds into its User Account, in order to complete the buyback within a 30-day period.

17.18 The Transferor authorises rebuildingsociety.com, in case of a BG Trigger to sell other microloans held by the Transferor at par value or even at a discount so as to ensure that there are sufficient funds in a its User Account to buyback a microloan after a BG Trigger within the 30-day window referred to in 17.15.

17.19 A microloan with a BG may be bought and sold numerous times by different lenders across the term of the loan, and the BG shall continue to apply to the microloan and the original Transferor who provided the BG in the chain will be liable for the BG if a BG Trigger occurs.

17.20 Transferors must, at all times, maintain a Performing Portfolio whereby the sum of microloans with a BGs that do not exceed 40% of the total value of their Performing Portfolio. Transferors wishing to divest must request the termination of the BG by contacting us. The 40% threshold may be periodically reviewed.

17.21 The BG is a contractual agreement between Transferor and Transferee. We facilitate the arrangement and fulfilment of the BG but will not be liable to buy-back any microloan. The standard platform microloan sale transaction fee applies to BG microloans.

17.22 The microloan sale transaction fee applies to BG microloans sold back to the Transferor.

18. Lender fees

18.1. We will charge each Lender a transaction fee for the sale of each microloan Loan equal to the greater of either 0.5% of the sale value or 30% of the premium or discount (‘the Sale Fee’).

18.2. The Sale Fee(s) will be automatically deducted from the Transferor’s User Account on completion of the sale.

18.3  ISA Fees

18.3.1 It is free to open an IFISA account.

18.3.2 Transfer Fee: A fee of £40 applies to transfer an existing ISA to or from another ISA Manager.

18.3.3 Account Management Fee: A monthly fee of 0.1% of assets (bids + microloans) applies and will be taken from your available balance on the 1st day of each month. The Account Management Fee in 18.3.3 shall be reduced by 50% if the value of assets exceeds £150,000 or if you have referred a User with assets exceeding £150,000.

19. Borrower’s Fees

19.1. If a Loan Request is fully funded but the Borrower decides not to complete the Loan, we may charge the Borrower a fee which shall be notified to the Borrower prior to the Bid process beginning.

19.2. On execution of a Loan Agreement, we will charge the Borrower a fee (‘the Completion Fee’) as a percentage of the total loan amount. The percentage is:

19.2.1 four percent (4%) for Applications received by an introducing Commercial Finance Broker, or

19.2.2 five percent (5%) for applications received directly without a Commercial Finance Broker, or

19.2.3 three and a quarter percent (3.25%) where there is no Commercial Finance Broker and the Borrower is introducing business stakeholders to become Lenders in a privately syndicated amortising loan, or

19.2.4 zero percent (no fee Completion Fee applies) where there is no Commercial Finance Broker and the Borrower is introducing business stakeholder to become lenders on a privately syndicated interest-only loan.

19.3. A note of the Completion Fee will be provided at the time of applying and on the Loan Agreement. The fee will be deducted from the Advance.

19.4. The Completion Fee covers our role in supplying the Service. For the avoidance of doubt, it is not for dealing with any analysis we carry out as part of our free borrower due diligence which is undertaken on a no-cost no-liability basis.

19.5. Where security such as a property charge is given against the loan an additional fee of 1% may apply. This fee will be deducted from the Advance.

19.6 Where a debenture is arranged for a privately syndicated loan, a fee of 2.5% may apply. This fee may be deducted from the Advance.

20. Trust points

[Section Replaced with Lender Incentives and Promotional Credits]

21. Lender Incentives and Promotional Credits

21.1. From time to time we may offer inducements designed to reward lenders for lending habits. Lenders may be awarded Promotional credits of up to 0.5% of the amount they lend on a loan if they qualify for the relevant incentive.

21.2. Incentives may include and are not limited to:

21.2.1. Biggest lender incentive Awarded to the lender who lends the most on an individual loan, the amount lend is calculated as the total amount of active bids in £’s remaining at the closure and acceptance of a loan by a Borrower

21.2.2. Local lender incentive Awarded to a lender(s) whose registered postcode match the first two characters of the borrower’s registered company address.

21.2.3. Growing lender incentive Awarded to lenders that bid double their average bid on a loan.

21.2.4. New Lender Awarded to lenders who have loaned less than £10k through rebuildingsociety.com; applies only to lenders who credit their funds within 7 days of registering.

21.3. The above incentives are subject to change or withdrawal, without notice, by rebuildingsociety.com

21.4. Promotional Funds will be visible on a Lenders’ Dashboard and will become visible once a Borrower accepts the loan.

21.5. Should a Borrower reject or cancel the loan, after the Promotional funds have been credited to a Lenders Dashboard, rebuildingsociety.com retains the right to reverse the Promotional Funds Credit.

22. Security and the role of Ameuri Limited as security trustee

22.1. Where a Borrower has agreed to secure a Loan, the type of Security offered will be detailed on the Website on the listing page and also in the Loan Particulars and Special Conditions of the Loan Agreement.

22.2. In such Loans where it is indicated that Security over the loan is provided, the Borrower’s obligations under the Loan Agreement to you will be secured by an all assets security contract, or in some cases a chattels mortgage, a personal guarantee or a legal mortgage. Should a Borrower default on a Loan, fail to honour their material obligations of the Loan Agreement or fail to make a repayment, the Borrower and Lender agree to us appointing Ameuri Limited (AL), as the security trustee to enforce the Security constituted by the all assets security contract and/or chattels mortgage. AL is a separate wholly-owned subsidiary of rebuildingsociety.com Ltd.

22.3. In the event of the events described in 22.2 coming about, the Lender and the Borrower agree to AL representing the Borrowers interest as security trustee in respect of any of the Borrower’s liabilities to you as the Lender under the Loan Agreement. In such an event all communication with a Borrower will be made through AL.

22.4. Should we or AL be provided with particular information detailing the assets of the relevant Borrower, we and AL may at their discretion provide this information to you as a Lender.

22.5. In the event that AL needs to execute any form of personal guarantee provided by the Borrowers’ directors, on your behalf, you consent to us appointing AL as the Security Trustee to enforce the personal guarantee in order to recover the debt on your behalf. You fully accept that AL’s ability to enforce such a personal guarantee is subject to the legal risks and restrictions associated with such a recovery. Furthermore, you accept that it is not the responsibility of rebuildingsociety.com Ltd to verify that the guarantor has sought independent legal advice on the impact of providing a personal guarantee in respect of a borrower’s loan. Personal guarantees may be subject to challenges in such situations where the individual permitting the guarantee has been subjected to undue duress or misguidance from a third party.

22.6. If it becomes necessary to enforce the Security, you agree that AL may act on your behalf as your agent to enforce the Security with the aim of recovering money equal to the borrower’s liability to the Lender under each Loan.

22.7. AL will hold the assets charged under the `Security Instruments upon trust for itself and for all Lenders to that Borrower (including you) and will have the rights as set out in the Security Instrument.

22.8. A Security Instrument granted by a borrower may be security for more than one Loan.

22.9. Where monies recovered are not sufficient to repay all of the Lenders, the net proceeds recovered (after deduction of charges) will be shared between the  Lenders on a pro-rata basis.

22.10. The AL will hold the assets charged under any security upon trust for itself and for all lenders to that borrower. From time to time AL may perform (before or after any enforcement under the terms of the security) all obligations, rights, and benefits given to AL by any all assets security agreement, assignments, legal mortgage and/or chattels mortgage and by any future security that AL may take in respect of the debt due under the loan or under any document entered into pursuant to such all assets security agreement, assignments, legal mortgage, chattels mortgage and/or future security. AL shall have certain powers and discretions conferred upon trustees and may also rely on:

22.10.1. any representation, notice or document believed by it to be genuine, correct and appropriately authorised and;

22.10.2. any statement made by any director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

22.11. We do not guarantee (nor does AL) that by having Security a Lender will recover all of the money that you have loaned to the Borrower. In the event that enforcement action is taken to enforce repayment of the Loan, it is possible that a Lender will not recover all of the money which is owed to them by the Borrower.

22.12. Each Lender agrees that AL shall be entitled to be paid, out of the proceeds of any recovery under the Debenture, an amount equal to its reasonable costs (including legal and other professional costs) incurred by AL in taking action to pursue repayment of the loan following a default. Costs may include (but are not limited to) enforcing the terms of the Debenture or in complying with any instructions from any Lender in connection with the Debenture.

23. Missed repayments

– Important, please read

23.1. If the Borrower fails to make a full repayment (including interest) to a Lender, we shall within reason, repeatedly contact the Borrower to ask them to pay the overdue amount immediately. If our re-attempt to collect the funds fails beyond 1 working days after the payment was due, the borrower’s account will be treated as an overdue account and we will continue to attempt to collect the funds.

23.2. If payment has still not been made 5 days from the date payment was due, rebuildingsociety.com may implement an administration fee of up to 15% of the missed payment amount. This fee will be immediately payable and is in addition to the repayment amount due.

23.3. Where rebuildingsociety.com incurs additional costs in recovering a repayment on behalf of the lenders, the Borrower will also be liable to cover these fees.

23.4. If the Borrower misses, fails to pay partially or in full, one or more consecutive monthly instalments or four out of six consecutive monthly instalments, or is found to be in breach of the Site Terms and Conditions, Security Instrument or Loan Agreement, they may be deemed to be in default. When a loan is deemed to be in Default, we will notify the Borrower and relevant Guarantors of the Default and begin pursuing the total loan amount outstanding.

23.5. In addition to 23.1 and 23.4 above, rebuildingsociety.com will, where it deems necessary and in the best interest of recovering the amount owing to the lenders demand immediate repayment of the loan amount outstanding, including all outstanding accrued interest and costs incurred. This clause is likely only to be implemented where rebuildingsociety.com no longer enjoys the cooperation of the Borrower and believes the loan to be at risk and justifies the action ahead of the above-proposed schedule. rebuildingsociety.com will at all times attempt to act in the best interests of both the Lenders and the Borrowers, but will ultimately seek to protect the interest of the outstanding amount owed to Lenders.

23.6. Following 23.1 we may refer the missed repayment to a collections agency (‘the Collections Agency’) who will attempt to collect the money on behalf of the lenders, (‘Collection Agency Fee’). The Collections Agent may deduct up to 30% of the amount they recover from the borrower and the remaining proceeds will be distributed to lenders; where reasonably possible, this fee will be added to the amount owed by the Borrower.

23.7. We will use best endeavours to keep you up to date with the progress of any efforts to collect missed payments or collect on defaulted debt, which can be viewed under the My Account section of the Website.

23.8. Where a loan is placed in default, we will notify you of this, and inform you that all your outstanding Microloans will need to be transferred to AL to allow legal proceedings to commence. You will have 7 days in which to opt out of this transfer should you decide to pursue the Borrower for the debt directly.

23.9. In circumstances where the relevant Loan is secured, AL will be entitled (but shall not be obliged) to take such reasonable steps are it is entitled to take as Security Trustee under the Security Instrument.

24. Terminating your membership of the Service

24.1. If you no longer want to benefit from the Service you can let us know and we will end your membership as soon as any current Loan Agreements are repaid and come to an end.

24.1.1. We shall have the right in our absolute discretion terminate your membership in the event of the following: you breach these Terms of Service; you breach any Loan Agreement; we suspect that you have committed fraud, been involved in money laundering or other criminal activities; you use the Website in any of the following ways: in any way that causes, or is likely to cause, the Website or access to it to be interrupted or damaged in any way; for fraudulent purposes, or in connection with a criminal offence; to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any “spam”; you have no outstanding Loan Agreements and have not been party to a Loan Agreement for 12 months.

24.2. On termination, we will credit your bank or building society account with any funds left in your Lending Account or send a cheque to the address last provided by you.

25. User Forum

25.1. You shall at all times refrain from posting any comments or material which:

25.1.1. advertises your business;

25.1.2.  is offensive or abusive towards any other user, ourselves or any other person, or which may be libellous, a breach of third party copyright or which may be otherwise unlawful.

25.2. User-generated content in no way reflects our opinions and we may in our sole discretion remove any material which we deem is in breach of clause 25.1 or which we deem is inappropriate for any other reason. We shall exercise its discretion in good faith but shall no liability to you whatsoever in respect of any user-generated content.

25.3. We shall have a royalty-free perpetual license to use and reproduce all content generated by you and published on our Website.

26. General terms

26.1. This Website is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.

26.2. You are permitted to download and print the content on the Website for your personal use or in the course of your business but only to the extent required to use the services provided on the Website. You must not use the content of the Website for any other purpose without our express written consent.

26.3. We will endeavour to facilitate uninterrupted access to the Website. Access to the Website may be suspended, restricted or terminated at any time.

26.4. You agree to use the Website only for lawful purposes and in a way which does not infringe the rights of anyone else or restrict or inhibit anyone else’s use and enjoyment of the Website.

26.5. You warrant and represent that you have taken all reasonable precautions to ensure that any data you upload to the Website is not infected with any virus or anything else which may have a destructive effect on any part of the Website.

26.6. We use secure socket layer (SSL) encryption to encrypt information communicated between a User’s browser and the Website. We take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the Website, but we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.

26.7. Information transmitted via the Website will be via public telecommunications networks. We accept no liability if communications sent via the Website are intercepted by third parties or incorrectly delivered or not delivered.

26.8. The Website may contain links to other Websites. We accept no responsibility or liability for any material supplied by or contained on any third-party Website which is linked from or to the Website, or any use of personal data by such third-party.

27.9. We reserve the right to change or waive any applicable fees from time to time.

27. Orderly Wind-Down Arrangements – Living Will

27.1. If our platform were to fail or we become insolvent, we would initiate our Living Will plan. If this happens:

27.1 The loan agreement between the Lender and the Borrower remains in place;

27.1.2 The website will remain accessible for all Users, however no new loans would be listed nor any new funds accepted from lenders;

27.1.3 As a Borrower, you will still be obliged to make repayments as per the loan agreement and will be contacted by the third party our Living Will specifies, in regard to the ongoing administration of your loan repayments;

27.1.4 The Secondary Market may be suspended for some or all loans;

27.1.5 As a Lender you would still be able to receive transfers from withdrawal requests, however depending on the circumstances these might be subject to delays;

27.2 The fees for the administration of the Living Will may be deducted from repayments made by the Borrower to the Lenders.

27.3 All lender funds will continue to remain in our segregated client account held with Barclays, separate from the firm’s funds.

28. Privacy

28.1. You agree that any and all personal information you provide to us via this Website may be collected, stored, processed and used in accordance with our current privacy policy available here.

29. Credit decisions and also the prevention of fraud and money laundering

29.1. We may use credit reference and fraud prevention agencies to help us make decisions. A short guide to what we do and how both we and credit reference and fraud prevention agencies will use your information is detailed at https://www.rebuildingsociety.com/privacy/ under the heading: Credit Reference and Fraud Prevention Agencies.

29.2. By confirming your agreement to proceed you are accepting that we may each use your information in this way.

29.3  To assist with the prevention of fraud and money laundering, users will not be allowed to withdraw funds within 7 days of the date of their first reconciled transaction on the platform.

30. Intellectual property rights

30.1. We own all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the Website.

30.2. If and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights to us.

30.3. You shall retain ownership of all copyright in data you upload or submit to the Website. You grant us a world-wide exclusive, royalty-free, non-terminable license to use, copy, distribute, publish and transmit such data in any manner.

30.4. We do not warrant or represent that the content of the Website does not infringe the rights of any third party.

31. Limitation of Liability

– Important, please read

31.1. Subject to clause 30.2, our total liability to you in connection with the Service shall not exceed the aggregate of the fees paid by you to us in the twelve-month period preceding the date on which the liability arises.

31.2. We shall have no liability to you for any indirect or consequential loss including without limitation, loss of profit economic loss or loss of business opportunity.

31.3. Nothing in these Terms of Service shall limit our liability for: (i) personal injury or death, fraud, nor for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation; or (ii) losses arising as a consequence of our wilful default of these Terms of Service.

32. About us

32.1. rebuildingsociety.com Limited is a company incorporated in England and Wales, whose registered number is 07885342 and whose registered office and principal place of business is at Round Foundry Media Centre, Foundry Street, Leeds, West Yorkshire, LS11 5QP.

32.2. For data protection purposes, we are registered with the Information Commissioner Z3162660

33. Contacting us

33.1. If you need to contact us, please do so through this page.

33.2. If you wish to make a formal complaint, you may do so in person, in writing by post or email or by telephone. Please see our Complaints Procedure here.

33.3. If you wish to contact the Financial Ombudsman Service, please do so through this page.

33.4. If you wish to access the European Commission’s Online Dispute Resolution service, please do so through this page.

34. Amendments to these Terms of Service

34.1. We reserve the right to change these Terms of Service from time to time to comply with the law or to meet our changing business needs. When changes are made, we will post them on our Website so that you can view them when you log on. By continuing to use the Website, you agree to be bound by the terms of the latest Terms of Service.

35. Severance

35.1. If any of these Terms of Service are found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.

35.2. All disclaimers, indemnities, and exclusions in these Terms of Service, together with other terms which by their nature are designed to survive termination of this agreement, shall survive termination for any reason of the agreement.

36. Waiver

36.1. A waiver of any right or remedy under the Terms of Service is only effective if given in writing and shall not be deemed a waiver of any subsequent breach or default. A failure or delay by you or us to exercise any right or remedy provided under these Terms of Service or by law shall not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict any further exercise of that or any other right or remedy.

36.2. No single or partial exercise of any right or remedy provided under these Terms of Service or by law shall preclude or restrict the further exercise of any such right or remedy.

37. Client Money

37.1. rebuildingsociety.com will treat the money that we receive from you or hold on your behalf as Client Money in accordance with the FCA’s Client Money rules. Client Money held for you will be subject to internal control mechanisms and proper accounting procedures in accordance with the Client Money rules. Client Money is held with Barclays Bank UK PLC.

37.2. All Client Money is held in a segregated account separately from our own funds with a bank appropriately authorised, in line with our FCA obligations (“Client Account”) and in accordance with the Client Money rules and maintained specifically for you or for our members generally. Your money may be held with other members’ money in a pooled account and you consent to such pooling. Client Money will be held on an omnibus basis which means that if the bank were to fail, your funds would be affected by any shortfall in proportion to the value of your funds relative to the total sum of Client Money held in this way. We will not be responsible for any acts, omissions or default of any bank with which your money is held and in the event of an insolvency of such bank, we would not be liable for any shortfall unless we had failed to comply with any duty of care or obligation to which we were subject.

37.3. You will have access at all times to your User Dashboard which provides you with a statement of the amount of funds held by us on your behalf in the Client Account. This amount is displayed as ‘ Available Funds’.

37.4 You will not receive any payment of bank interest on the balance held in your User Account.

38. Entire Agreement

38.1. These Terms of Service set out the entire agreement between you and us with respect to your use of the Website and the Services and supersede any and all representations, communications and prior agreements (written or oral) made by you or us.

39. Jurisdiction

39.1. These Terms of Service are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and condition, you and we shall submit to the exclusive jurisdiction of the English courts.

40. rebuildingsociety.com Innovative Finance ISA account

40.1 If you apply for an Innovative Finance ISA, you will additionally be bound by clauses 40 to 48 of these Terms & Conditions.

40.2 Your Innovative Finance ISA (IFISA) will be managed by rebuildingsociety.com Ltd. which is a registered ISA manager with HMRC.

40.3 To open a rebuildingsociety.com IFISA account, we must be in receipt of a completed ISA application, together with your payment for any amount between our stated minimum investment (£100) up to the maximum annual subscription allowance for an IFISA.

40.4 You may subscribe to a rebuildingsociety.com IFISA in any tax year (i.e. period starting on 6 April of one year and ending 5 April of the following year) for which you are either resident in the United Kingdom or, although non-resident in the United Kingdom, perform duties of a Crown employee which are treated as being performed in the United Kingdom, or are the spouse or civil partner of such a person.

40.5 You must immediately inform rebuildingsociety.com Ltd. if you cease to be resident in the United Kingdom for tax purposes or if you cease to perform such duties which deem you to be treated as resident or if you cease to be married or in a civil partnership with someone deemed to be resident.

40.6 When you open a rebuildingsociety.com IFISA account, we will make available to you a declaration that you can make to subscribe for a rebuildingsociety.com IFISA for subsequent tax years.

40.7 You are not eligible to apply to rebuildingsociety.com if, in the same tax year you have already subscribed to an IFISA, or have already subscribed the maximum available allowance to a cash and/or stocks and shares ISA. These restrictions do not apply if you:

40.7.1 are transferring an existing IFISA from another ISA provider to this rebuildingsociety.com IFISA (in circumstances where this is permitted under the ISA Regulations); or
40.7.2 have already subscribed the maximum allowance to a cash and/or stocks and shares ISA and this is transferred to your rebuildingsociety.com IFISA.

40.8 rebuildingsociety.com IFISA investments will be (and must remain) in your beneficial ownership and may only be used as security for a loan in limited circumstances.

40.9 Any documents (such as loan agreements) evidencing your title to rebuildingsociety.com IFISA investments will be held by us or as we may direct in accordance with the ISA Regulations.

40.10 We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

40.11 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA has, or will, become void. If the failure cannot be corrected or if you fail to take any action requested by us in writing within a reasonable period of time, we may close your account. We will give you 1 months’ notice in writing of our intention to close your account.

40.12 If you do not deposit any money in your account during a tax year, subject to having already done so pursuant to clause 1.5, you will need to make a new declaration should you wish to subscribe to a rebuildingsociety.com IFISA in the following tax year.

40.13 We are obliged to confirm the true identity of all applicants and we reserve the right to decline your application to open an account or make a deposit until such identification checks have been completed to our satisfaction.

41. Payments and withdrawals

41.1 The maximum you can subscribe to an IFISA in any tax year is prescribed in the ISA Regulations and can be seen during the ISA account opening process. Transfers of ISAs from previous tax years will not affect the annual limit for new ISAs.

41.2 If you credit funds that exceed your annual subscription limit, then the excess will be transferred to and held in a non-ISA Investor Account in your name until we receive your instructions.

41.3 You may make withdrawals from your rebuildingsociety.com IFISA account in accordance with clauses 13 and 29 of the rebuildingsociety.com Lender Terms and Conditions and pursuant to clause 8.2.2, funds which are withdrawn from your rebuildingsociety.com IFISA can be replaced within the same tax year and this will not affect your ISA subscription limit for that year.

41.4 You may receive monthly interest payments from the loans held in your Innovative Finance ISA. You will have a choice of reinvesting this income in new loans or paying out the income to the same bank account from which you made your original subscription.

41.5 If you wish to sell all or some of the microloan(s) held in your Innovative Finance ISA, rebuildignsociety.com will use its best endeavours to execute the sale through the Secondary Market and the proceeds of the sale (after fees) will be credited to your Innovative Finance ISA account. You can then give an instruction to transfer the cash to the bank account from which the original subscription was made.

42. Cancellation

42.1 You may cancel your account within 14 days of the date your account is opened by telephoning us on 0113 8150 244 or emailing support [at] rebuildingsociety.com.

42.2 When your account is cancelled, any money credited to your account will be transferred to a non-interest bearing, non-ISA rebuildingsociety.com Investor Account, subject to the rebuildingsociety.com Lender Terms and Conditions.

43. Account closure

43.1 If you wish to close your IFISA account, please email support@rebuildingsociety.com.

43.2 If you have subscribed to your rebuildingsociety.com IFISA during a tax year and then close the account, you will be unable to subscribe to another IFISA with another ISA provider in the same tax year, unless you transfer the money in your account to another ISA provider.

43.3 If you have opened and closed your rebuildingsociety.com IFISA within a tax year, you may re-open the account with us during the same tax year.

43.4 We may close your rebuildingsociety.com IFISA at any time should we deem it necessary. In such circumstances, we will inform you of our actions immediately.

43.5 If you or we close your rebuildingsociety.com IFISA, in the absence of specific instructions from you, any money credited to your account will be transferred to and held in a non-ISA rebuildingsociety.com Investor Account until we receive your instructions.

44. Death or bankruptcy

44.1 In the event of your death, ISA tax exemptions will no longer apply. Any interest or gains in respect of investments that arise after the date of death to the date of closure will not be exempt from tax.

44.2 When we receive notification of your death we will close your rebuildingsociety.com IFISA and will transfer it to a non-ISA rebuildingsociety.com Investor Account until we receive further instructions from a person with appropriate authority.

44.3 We may require a grant of probate or letters of administration before releasing any monies in your account to your executors.

44.4 Your rebuildingsociety.com IFISA will be valued for probate as at the date of death and dealt with as instructed by your executors.

44.5 We may support the setting up of a rebuildingsociety.com IFISA based on additional permitted subscriptions for your spouse.

44.6 In event of your bankruptcy, ISA tax exemptions will no longer apply from the date on which a trustee is appointed to manage your estate.

44.7 When we receive notification of your bankruptcy we will close your rebuildingsociety.com IFISA and will be transferred to a non-ISA rebuildingsociety.com Investor Account until we receive further instructions from a person with appropriate authority.

45. Transfers in

45.1 You may transfer money into your rebuildingsociety.com IFISA from an existing ISA with another provider. An online transfer in form will need to be completed and then we will send you a transfer authority form to approve and sign. We can then arrange for the funds to be transferred to us from your existing ISA provider in accordance with your instructions and the ISA Regulations.

45.2 The transfer process will begin on the date on the transfer authority form or the date you stipulate for us to begin the transfer process, whichever is later. We will then send your request for the transfer of money in your existing ISA to your existing ISA provider together with confirmation that we will accept the ISA transfer, within 5 business days of receiving your transfer authority form.

45.3 The minimum amount that we will accept as a transfer is £1,000.

45.4 If you transfer ISAs from more than one ISA manager, all the cash received will be put into your Innovative Finance ISA held with rebuildingsociety.com and you will no longer be able to separately identify monies subscribed in individual tax years.

46. Internal transfer

46.1 Cash in your non-ISA account can be transferred into your rebuildingsociety.com IFISA (subject to subscription limits), but your rights under existing loans may only be transferred in through the use of the publicly available secondary market.

47. Transfers out

47.1 If you choose to transfer funds out from your rebuildingsociety.com IFISA to another ISA provider, you will be charged a fee in accordance with the rates published on our Website.

47.2 You may transfer any available cash in your rebuildingsociety.com IFISA from previous tax years to another ISA provider in accordance with the ISA Regulations and this Agreement.

47.3 If only cash is held in your Innovative Finance ISA, then the whole ISA may be transferred to another ISA manager.

47.4 You can arrange a transfer out by requesting the new ISA manager to send us a Transfer Authority Form.

47.5 When you inform us that you wish to transfer your Innovative Finance ISA to another ISA manager, you must stipulate a transfer period, which cannot be less than 30 days. If you have requested the sale of loans held in your Innovative Finance ISA in preparation for making a transfer request, this cannot be made until all the loans have been sold. rebuildingsociety.com Ltd will use its best endeavours to ensure that loans are sold as quickly as possible, but this may take some time as it will depend on demand from other Lenders.