The following terms and conditions explain:
- how Lenderwize works
- how to become a member of Lenderwize
- how you may use the platform provided and maintained by Lenderwize.
Please read these terms and conditions carefully and print a copy for your future reference. By using this platform and the services provided via the platform or by any other systems provided by Lenderwize (whether directly or indirectly), you confirm that:
- you have had a proper opportunity to read these terms and conditions and agree to be bound by them;
- you have had a proper opportunity to read the privacy policy and agree to be bound by it; and where you’re acting on behalf of an LLP, limited company, partnership or other separate entity, they have had a proper opportunity to read these terms and conditions and the privacy policy, and agree to be bound by each of them.
If you do not agree to these terms and conditions or the privacy policy, you must stop using this platform immediately.
References in these terms and conditions to “Lenderwize “, “we”, “us” and “our” means Lenderwize Limited. References to “systems” or “platform” means the platform, the Lenderwize API, any other online services provided by us and any data managed by, displayed on or transmitted from such services. References to “you” and “your” mean a user of the platform and the services provided via our systems, whether as an individual or an entity which meets the borrower criteria set out below.
Each agreement between each lender and borrower comprises our standard loan
terms and conditions (“Standard Terms”) and our Primary Loan Terms (as the same may be amended from time to time) (together the “Loan Contract”). The Loan Contract is a separate agreement and is governed by separate terms and conditions. If there is a conflict between these terms and conditions and the Loan Contract, the Loan Contract will prev
If you are using this platform and the services provided via the platform, agreeing to these terms and conditions or entering into a Loan Contract on behalf of an LLP, limited company, partnership or other separate entity you warrant that you are duly authorised to act on its behalf.
Lenderwize allows registered introducers to make a loan application on a borrower’s behalf. If a registered introducer makes a loan application on your behalf, Lenderwize will be entitled to treat the loan application as having been made with your full authority. The terms of our privacy policy still apply to borrowers who choose to make applications through introducers. If you use an introducer to make a loan application on your behalf, you will not become a member of Lenderwize and your application will instead be made and managed through the introducer’s account.
Terms and Conditions for Lenders
1. How to become a lender
1.1 To be a lender on Lenderwize you must meet the following criteria:
(a) you must be AN ACCREDITED INVESTOR (an individual, LLP, limited company , public body or other legal entity);
(b) if you are lending in your capacity as an individual you must be 18 years old or above;
(c) if you are lending in your capacity as an individual you must be a permanent resident of the UK (excluding the Channel Islands and the Isle of Man);
(d) if you are a limited company, you must be registered with Companies House and be incorporated within the United Kingdom (excluding the Channel Islands and the Isle of Man);
(e) if you are an LLP, you must have a permanent place of business in the UK (excluding the Channel Islands and the Isle of Man) and be registered with Companies House;
(f) if you are a public body, you must be registered or formed with the relevant authority in the UK (excluding the Channel Islands and Isle of Man);
(g) you must have, and maintain, a valid UK bank or building society account; and
(h) you must register your details on our website.
1.2 Lenderwize ‘s principal role is to perform introductory functions on behalf of borrowers and lenders in order to bring together prospective borrowers and lenders, to provide a stream-lined process for entering into loans (including the development of standard form loan agreements) and to facilitate the payment and collection of sums due under or in connection with those loans (including taking certain actions on behalf of lenders upon a borrower’s default or if the borrower becomes, or is likely to become, insolvent as set out in these terms and conditions). Lenderwize will not perform any management functions on a lender’s behalf; the lender retains complete control and discretion over whether or not to make a loan to a borrower
and on what terms and over all other aspects of its participation in Lenderwize and loans made through it. Lenderwize is not authorised to give advice or make recommendations and nothing Lenderwize does, and nothing on the platform, is intended to operate or be construed as advice or a recommendation by Lenderwize to enter into a particular loan.
1.3 Lenderwize gives each loan a risk band classification at the time a loan request is processed, which is based on information included in the borrower’s application and the results of an online check made against records held by credit reference agencies. Save in certain specified circumstances, Lenderwize does not edit the information submitted or uploaded by a borrower.
1.4 While Lenderwize adds value to the credit analysis as part of our loan application review and assessment processes, the provision of a risk band classification is intended to be informative only and a lender must form its own opinion regarding the creditworthiness of a borrower and undertake its own research, analysis and assessment of each borrower for each loan and, where appropriate, seek its own independent financial advice.
1.5 Save in certain specified circumstances, Lenderwize does not edit the information submitted or uploaded by borrowers which it then makes available to prospective lenders via the Lenderwize platform and, therefore, we cannot guarantee its accuracy. Accordingly, we accept no responsibility or liability for the accuracy of the information provided by borrowers to prospective lenders or the risk band classifications. Lenderwize may from time to time, but accepts no obligation to, update or amend borrower’s information or the risk band classification (including between when the loan request is first made and when it is entered into, and during the term of any loan).
1.6 While Lenderwize believes that access to the assets of a borrower (via the secured loan, secured property finance or asset finance product) can provide additional comfort as to the likelihood of repayment, Lenderwize accepts no additional responsibility for the likelihood of a borrower meeting its financial obligations to lenders through the Lenderwize platform in circumstances where such recourse to the assets of the borrower is available.
1.7 As a lender, you cannot also be a borrower on Lenderwize with loans outstanding, except where you are acting as the director or the proprietor of a business borrowing money and want to act as a lender in a different capacity.
1.8 You warrant to Lenderwize that all information provided to us in the course of the registration and lending process is true and accurate in all respects. You agree that you will promptly update us if any of the information you provide to us changes.
1.9 Once you are registered on the platform and have applied to lend through Lenderwize , we will carry out identity and fraud checks on you and you as a proprietor, member or director, your business and other members, or directors of the business using credit reference agencies such as Equifax or Experian. Lenderwize uses its own internal guidelines and policies when assessing applications but has complete discretion as to whether to allow you to be a lender on the Lenderwize platform. If we cannot get adequate information from the credit reference agency then we will ask you to send us copies of the relevant passports or other identification documents plus a utility bill and anything else that we may require. If you do not provide all appropriate identification documents you will not be able to
lend on the Lenderwize platform. We may suspend or place limitations on trading on your account at any time if we believe it is appropriate in order to comply with our legal obligations. For more details about how we use your information, please refer to our privacy policy online. We will then set up a Lenderwize lender account for you (your “Lender Account”).
1.10 You can then transfer money into your Lender Account by debit card on the platform or bank transfer. Cash deposits are not accepted. Lenderwize has complete discretion to specify the method by which you may transfer money into and out of your Lender Account depending on the outcome of the checks set out at clause 1.9. It is important that you quote your Lender Account number in the narrative box if you transfer money using a bank transfer. In the case of transfers by debit cards, a transfer will be deemed to be complete as soon as funds are credited to your Lenderwize lender account. We require you to use an account (or a debit card linked to an account) held with a UK bank or building society in the name of the named Lenderwize account holder (or, in the case of an individual member, in joint names one of which is the named Lenderwize account holder).
1.11 As soon as we receive and allocate funds to your Lender Account you can start lending.
There are no fees payable to set up a lender Account.
1.12 Money in your Lender Account will be held by us in a segregated client account until or unless it is lent to a borrower at which time it will be transferred to the relevant borrower’s Lenderwize account.
1.13 You may only withdraw money from your Lender Account in excess of the total value of Active Bids (as defined in clause 4.3 below) that you have made from your Lender Account. Money must only paid into a UK bank or building society account in the name of the named Lenderwize account holder (or, in the case of an individual member, in joint names one of which is the named Lenderwize account holder).
2. Username and password
2.1 On registering with us, you must provide a username and email address, enter a password and provide answers to three security questions. These must be used in order to access certain restricted parts of the platform. Each time you access your Lender Account you will need to enter your email address and password, and answer one security question. Your username and password are unique to your Lender Account and are not transferable without our prior written consent.
2.2 Your username, password and the answers to security questions are how we identify you, and so you must keep them secure at all times. You are responsible for all information and activity on the platform by anyone using your username and password whether or not authorised by you. If you authorise an employee, sub- contractor, agent or other representative (including any intermediary) to use your Lender Account you will be responsible for their activity on the platform. Any breach of security, loss, theft or unauthorised use of a username, password or security information must be notified to us immediately using the contact details at clause 22 of these terms and conditions.
2.3 You agree not to adapt or circumvent the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.
2.4 We reserve the right not to act on your instructions where we suspect that the person logged into your Lender Account is not you or we suspect illegal or fraudulent activity or unauthorised use.
3. The lending process
3.1 There are three ways to lend money on Lenderwize :
(a) By hand-picking the businesses using a search tool to identify loan requests that have not been completed that you might be interested in and bidding on those loan requests;
(b) By choosing the criteria for the types and profiles of businesses, which have been determined by Lenderwize , that you want to lend to; and
(c) By choosing to purchase parts of a loan (we call these “loan parts”) already lent from an existing lender.
You can also use a mixture of the above ways to lend. There is more information on the website which explains how to lend.
4. The bidding process
4.1 All applications by businesses to borrow at Lenderwize are carefully reviewed by our credit assessment teams, and classified at the initial application stage into risk bands based on data from credit reference agencies. Businesses that pass through this screening process create a loan request page.
4.2 The interest rate for each loan is fixed by Lenderwize , on the basis of a number of factors including term and risk band. The fixed interest rates are reviewed regularly by Lenderwize and can be changed at any time. Interest rates for property loans are set on a case by case basis and clearly indicated on each individual loan request.
4.3 Once you have decided which business(es) you want to lend to you choose the amount of money that you want to lend. Provided that you have sufficient funds in your Lender Account, this offer to lend (known as a “bid”) then becomes active (an “Active Bid”).
4.4 If two lenders bid the same amount then the lender who bids first will have their bid ranked in preference. If the amount that you bid exceeds the amount required by the borrower to fully fund the loan, the borrower will be able to borrow part of the amount that you have bid. This will create a loan part for an amount less than the original bid and means that your bid has partially won.
4.8 A loan must be fully funded to complete. The borrower can then either accept the loan or allow the loan offer to lapse (which will happen 5 days after the listing expires) in which case no loan is made.
4.9 A Lenderwize search tool can also be used to search for loan parts (but not for whole loans) that are listed for sale by existing lenders of Lenderwize , which you can purchase if you have sufficient funds in your Lender Account.
4.10 Lenderwize reserves the right to:
(a) place any restriction or condition on which lenders may become lenders or holders of whole loans; and
(b) change the maximum or minimum amount a single lender is permitted to bid and lend to a particular borrower (or in aggregate across the Lenderwize platform generally).
4.11 Lenderwize may withdraw listed loan requests for any reason. We may also change the minimum and maximum amounts that you can bid and will tell you about these changes via the platform.
4.12 You can monitor your loan portfolio in the My Account section of the platform.
5. The Loan Contract
5.1 Once (a) the borrower has accepted the terms and conditions of the aggregated loan request offer (including the Primary Loan Terms (that set out the specific details of the loan) and our then Standard Terms) and (b) a loan request is fully funded by bids from you and other lenders, you automatically enter into a Loan Contract (which comprises our Standard Terms and the relevant Primary Loan Terms) with the borrower for your part of the total loan amount borrowed by the borrower at the same time. Your money is then transferred from your Lenderwize lender account to the Lenderwize account of the borrower. The first time you bid on a listed loan or purchase a loan part you will be required to accept the Standard Terms for all your ongoing lending. You will be given the opportunity to review the Standard Terms before accepting them when prompted. Standard Terms may be changed from time to time insofar as they relate to Loan Contracts entered into after the date of such change. We will notify you of any such changes and prompt you to log into your account and accept the new Standard Terms. If you do not do so, you will be deemed to have accepted any changes that do not adversely affect you in relation to any new Loan Contracts entered into after the date of notification.
5.2 Until the loan request has completed no interest will be earned by you.
5.3 If you purchase a loan part from another lender, you will become a party to the relevant Loan Contract with the relevant borrower and your money will be transferred from your Lender Account to the Lenderwize account of the transferring lender. Information on the transfer of loan parts is set out in clause 7 (Selling your loan part) below.
5.4 When you become a member of Lenderwize , you will be shown the standard form of transfer certificate, which sets out the legal terms for any purchase or sale by you.
5.5 In all Loan Contracts and loan transfer documentation we will quote a lender’s address as being “c/o Lenderwize Limited” and state Lenderwize ‘s postal address. Each lender agrees that all notices and communications given to it by a borrower may be sent to Lenderwize on their behalf.
6. Interest and repayments
6.1 The monthly repayments due to you on each loan part and whole loan can be viewed in the My Account section of the platform. The Loan Contract governs the payment of these amounts.
6.2 All repayments and interest accrued will be paid to your Lender Account.
6.3 Each loan will be for the period specified in the Loan Contract applying to it.
6.4 All repayments will be made to lenders without deduction of income tax. It is your responsibility to account for any income tax and other personal taxes that may be payable to the appropriate authorities.
6.5 We will provide an annual statement of interest earned for tax purposes.
7. Selling your loan part
7.1 If you want to get access to the money you have lent before it has been repaid, you can sell your loan parts to other lenders at Lenderwize , by selling your loan parts individually. Please note that you cannot sell loan parts:
(a) with one repayment remaining;
(b) which have moved by more than one risk band or have no risk band;
(c) that are in arrears (have currently missed a repayment) or are in default (that have missed consecutive repayments);
(d) if, after the application of any mark-up or mark-down, the simple interest rate the buyer would receive if they held the loan part to maturity, and the borrower continues to make all repayments on time (“Buyer Rate”) is less than 4% per annum; or
(e) where the proposed transaction is part of a loan securitisation exercise (other than a securitisation exercise which has been agreed to by Lenderwize in our absolute discretion).
7.2 The limitation in clause 7.1(a) will not apply where the loan is an interest-only repayment loan.
7.3 You can apply a mark-up of up to 3% or a mark down of up to 20% of the outstanding principal value of each loan part, to each loan part you decide to sell, subject to the restrictions in clause 7.1(d).
7.4 The sale price for loan parts will be the outstanding principal amount lent plus the mark-up or mark-down you may choose to apply to the loan parts plus any interest accrued during the month. The accrued interest will be updated automatically at the end of each day.
7.6 You can select the loans you want to sell in the My Account section of the platform, and these loans will be listed on the platform for sale for 14 days after which loan parts will be removed from the sale listing and you will continue to be the lender for that loan.
7.7 If you sell loan parts, the sale proceeds will be transferred to your Lenderwize lender account from the buying lender’s Lender Account after deduction of the Lenderwize loan part sale fee (see clause 8.2 below).
7.8 We may decide to extend or reduce the 14 day list period from time to time.
7.9 For the avoidance of doubt, it is not currently possible to sell whole loans (or interests in whole loans) on the Lenderwize platform.
7.10 The legal process of selling a loan part is detailed within clause 6 of the Standard Terms.
8. Fees
8.1 We have the right to charge an annualised fee of 1% of the outstanding principal (the “Servicing Fee”) (or such other amount as shall be notified by us to lenders and borrowers from time to time) by increasing the interest rate charged on any loan to cover our role in providing intermediary services in relation to the introduction of you and the Borrower and the costs of running the website and administering the loans. The Servicing Fee is included in the rate of interest stated in the Primary Loan Terms for the relevant loan and will be taken directly from loan repayments. The Servicing Fee does not cover the costs of our credit analysis which we carry out as part of our underwriting exercise, which is a no-cost added value arrangement only.
8.2 If you decide to sell a loan part, we will also charge a loan part sale fee of 0.25% (the “Sale Fee”) of the total outstanding principal value of each loan part sold.
8.3 If we terminate the Loan Contract (or otherwise if a loan becomes 4 months in arrears) we may apply a collections charge based upon the total outstanding amount of the loan. This collections charge is payable by the borrower immediately. For the avoidance of doubt, if a payment plan is entered into we will allocate only up to a maximum of 20% of each recoveries payment received against the collections charge.
9. The role of Lenderwize
We perform an intermediary role in matching borrowers and lenders as well as an administrative role in facilitating payments, collection of sums due and onward distribution of funds. We are not a party to any Loan Contracts (though we have third party rights under the Loan Contracts). If we cease trading, we have arrangements in place with a financially stable third party back-up servicer who would take on our servicing obligations (see clause 15 (Back-up servicer arrangements) for more details). We may perform additional tasks in the event that a whole loan or a loan part is secured, as outlined in the next clause. We may pass on to lenders available credit reference data on borrowers to assist each lender’s analysis of each loan request and to add value to the credit analysis as part of our underwriting exercise.
12. Missed payments
12.1 You agree that in the event of missed payments on a loan we will take the administrative steps set out in clauses 12.2 to 12.4 below on your behalf. In certain circumstances, we may act outside and/or ahead of the following process to (a)
pursue missed payments, (b) seek information from borrowers or otherwise engage with borrowers or (c) take steps to prevent the occurrence of missed payments or default, in each case where we consider this to be in the best interests of lenders. We may recover our reasonable costs as a priority from any amount recovered.
12.2 If the borrower misses a payment or only partially pays, the amount due to you and the other lenders, we (ourselves or through an agent acting on our behalf) will contact the borrower to inform them that we will reattempt to collect the outstanding payment in respect of that loan. If our reattempt to collect the funds fails 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. We may refer the missed payment to a debt collections agency (the “Collections Agency”), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use the Collections Agency on your behalf. Any fee that the Collections Agency charges for this initial debt chasing may be added to the loan amounts that they are seeking to collect (and, for the avoidance of doubt, LENDERWIZE shall not apply any collections charges where a Collections Agency has been instructed).
12.3 If the borrower misses, fails to pay or only partially pays any monthly instalments, or if the borrower is otherwise in breach of any of the Standard Terms, the loan may be placed into default and we may engage field agents to attempt to collect the total loan amount outstanding. We may deduct up to 40% of the amount recovered from the borrower to cover the costs of third parties (such as field agents) as well as any collections charges that we may apply to cover the costs of the in-house Collections & Recoveries team (see clause 8.3) and the remaining proceeds will be distributed to lenders. Where reasonably possible any deductions for third party costs or collections charges will be added on to the loan amount outstanding so as not to reduce the amount lenders receive.
12.4 If the loan is placed into default, Lenderwize will notify you (by way of note in your Lenderwize lender account) that all of the outstanding loan parts or the whole loan will be assigned to a third party. We need to assign the debt to one of our subsidiaries to enable us to commence legal proceedings against the borrower for the full amount outstanding. We, acting on behalf of Specialized third party will then investigate the amount of debt that is likely to be successfully recovered through the courts. If we deem it appropriate, we will instruct solicitors to file court claims to recover the debt. Specialized third party will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery and any relevant collections charges (subject to the 40% cap referred to in clause 12.3). We will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include agreeing new payment terms or selling the debt to a third party.
12.5 Where the relevant loan or loans are secured, the relevant Security Agent will take the steps outlined in clause 10 above.
12.7 Lenderwize will keep you up to date with the progress of its efforts to collect missed payments and to recover defaulted debt, and such progress can be viewed in the My Account section of the platform.
12.8 Under previous terms and conditions, it was possible for a lender to opt out of novating their loan parts or whole loans to specialized third party (as appropriate). Any lender who has opted out of novating their loan parts or whole loans to Specialized third party (as appropriate) under previous terms and conditions hereby undertakes separately to each of Lenderwize Limited , the borrower and the other
lenders (if any) that it will act at all times in a fair, transparent and proportionate manner having due regard to the borrower and/or guarantor; without causing any harm or potential harm to Lenderwize ‘s reputation (in our absolute discretion); and in compliance with all relevant laws, regulations and best practice guidance.
13. Terminating your membership of Lenderwize
13.1 If you no longer want to be a member of Lenderwize then, provided you have no Loan Contracts, loan parts or Active Bids currently in force (see clause 13.2 below), you can let us know and we will end your membership such that your agreement with us shall be terminated with effect from that date.
13.2 You are unable to end your membership and terminate your agreement with us, and so cannot close your Lender Account, unless and until you have no Loan Contracts, loan parts or Active Bids in force or in place. This means that, if you wish to end your membership and terminate your agreement with us, you could take steps to seek to put yourself in a position where you can do so (including by not making any Active Bids, seeking to sell loan parts pursuant to clause 7 or waiting until Loan Contracts have expired and the loan is at an end and/or waiting until proceedings against the relevant borrowers have ceased).
13.3 Clause 13.2 does not prevent you from withdrawing any cash standing to the credit of your Lender Account (and which is available for withdrawal) in the interim in accordance with clause 1.13.
13.4 All charges shall continue to apply to your Lender Account until such time as it may be closed and our agreement with you is terminated.
13.5 We may end your membership of Lenderwize at any time if:
(a) you breach these terms and conditions or are in breach of any regulatory requirements relating to your activity as a lender on the platform;
(b) you breach any Loan Contract;
(c) we suspect that you have committed fraud, been involved in money laundering or other criminal activities;
(d) it comes to our attention that you have provided information to us which we subsequently find to be materially incorrect, inaccurate or false;
(e) you use the Lenderwize platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Lenderwize ;
(f) you use the Lenderwize platform in any of the following ways:
(i) in any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;
(ii) for fraudulent purposes, or in connection with a criminal offence;
(iii) 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”;
(iv) to cause annoyance, inconvenience or needless anxiety or in a way that restricts or inhibits anyone else’s use and enjoyment of the platform;
(v) for a purpose for which the platform is not intended or other than as a marketplace for lending to SMEs; or
(g) there is no activity in your Lender Account within a 12 month period.
13.6 On termination we will credit your bank or building society account with any funds left in your Lenderwize lender account or send a cheque to the address last provided by you.
14. Lender’s agreements with Lenderwize
14.1 You agree that:
(a) Lenderwize is giving no undertaking nor giving any warranty or representation as to (i) the ability of a borrower to pay and/or (ii) a borrowers credit risk;
(b) Lenderwize is in no way liable for the debts of borrowers;
(c) calculations we may provide on the platform of the likely rate of return on loans are for guidance purposes only and are not guaranteed;
(d) the information on the platform does not constitute advice, recommendation or an endorsement of loan requests or borrowers and that the information is not intended to be relied upon as a sole basis for deciding whether or not to lend to a particular business;
(e) Lenderwize is making no representation nor giving any warranty as to the accuracy of the data displayed for loan requests, nor whether the information is up to date or error free;
(f) Lenderwize does not guarantee that there will be sufficient bids to fully fund loans and allow your funds to be lent out, that there will be sufficient borrowers for you to lend to or that there are sufficient other lenders to buy your loan parts should you wish to sell them;
(g) Lenderwize does not guarantee that loan parts listed for sale will be bought by other lenders or the time it will take to withdraw funds from Lenderwize by selling loan parts; and
(h) you are bidding and lending entirely at your own risk.
14.2 Where Lenderwize has implemented any form of personal guarantee in support of a loan on your behalf as a lender, you accept that the enforceability of such personal guarantee shall be subject to normal legal risks and limitations and that Lenderwize will not have ensured that any individual providing such a guarantee has been independently advised on the impact of such a personal guarantee. Such guarantees can be open to challenge in circumstances where the individual granting the guarantee has been subject to undue pressure or influence from a third party.
14.3 The Lenderwize platform is not intended or designed to be used, nor does Lenderwize permit any use of the platform, as a vehicle for generating loan assets (or purchasing interests in loan assets) as part of a lender’s (or a member of a lender’s group’s) securitisation or fund-raising strategy, and shall not be used as such by any lender or a member of a lender’s group without the prior written consent of Lenderwize (such consent may be withheld in Lenderwize ‘s absolute discretion).
15. Back-up servicer arrangements
15.1 If our platform were to fail or we become insolvent, we would transfer our loan servicing obligations to a third party back-up servicer. We reserve the right to use a back-up servicer prior to insolvency where such action is in the best interests of all of the lenders. If this happens:
(a) you would not be able to sell any loan parts;
(b) you would receive distributions of funds to your external bank or building society account on a quarterly basis;
(c) the My Account page on the platform and the rest of the platform would not be available for access by you; and
(d) you would receive quarterly statements of repayments and continue to receive annual statements (for tax purposes).
Our outsourced servicer would continue to collect the Servicing Fee. Our outsourced servicer may charge an additional special situation fee which will be included in the interest rate paid by the borrower. The total annual fees to cover the costs of running the website and administering the loans will not exceed 2% of the principal value of each loan part or whole loan outstanding.
16. General terms
16.1 The information provided on the platform is directed solely at and is for use solely by persons and organisations, including financial institutions, that meet the criteria set out in clause 1 above and the equivalent criteria set out in the terms and conditions applying to borrowers. The content provided through the platform 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.
16.2 You are permitted to download and print content from this platform solely for your own personal use or in the course of your business to the extent required to use the services provided on this platform. Lenderwize supplied content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.
16.3 We are not responsible for content downloaded or posted by lenders or borrowers on the platform. We may edit certain content downloaded or posted on the platform in our discretion to clarify content or remove offensive material but are not obliged to do so.
16.4 We will endeavour to ensure that the Lenderwize platform is available for you to use at any time. However, this is not something we are able to guarantee and there may be times when the platform is not available. We will do our best to notify you via our website when we know this service will be unavailable. You can contact us when the Lenderwize platform is not available by emailing info@Lenderwize .com .
16.5 You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else’s use and enjoyment of the platform.
16.6 You agree not to use the Lenderwize platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Lenderwize .
16.7 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the platform or any other technology.
16.8 The content and material available through the platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. If you are unsure about whether a product is suitable you should contact an independent financial adviser.
16.9 You are responsible for all costs incurred by you in accessing the platform.
16.10 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, 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.
16.11 We take reasonable precautions to ensure that our systems are secure. However, information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third parties or incorrectly delivered or not delivered.
16.12 The platform may contain links to 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 platform, or any use of personal data by such third party.
17. Privacy
You agree that any and all personal information you provide to us via this platform may be collected, stored, processed and used in accordance with our then current privacy policy (accessible online).
18. Intellectual property rights
18.1 Subject to clause 18.3 below, as between you and us, we own all present and future copyright, registered and unregistered trade marks (including the goodwill thereon), 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 platform.
18.2 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 (and associated goodwill) back to us.
18.3 You shall retain ownership of all copyright in data you upload or submit to the platform. You grant us a world-wide exclusive, royalty-free, perpetual, irrevocable licence to use, copy, distribute, publish and transmit such data in any manner.
18.4 We do not warrant or represent that the content of the platform does not infringe the rights of any third party.
19. Your liability to us
19.1 You shall be liable to us for any foreseeable loss or damage suffered by us as a result of:
(a) any breach of these terms and conditions or any Loan Contract by you;
(b) any fraudulent use of the Lenderwize platform; and
(c) any and all use of your username and password (including as provided for in clause 2.2 of these terms and conditions).
19.2 You shall also be liable to us as contemplated in clauses 10.11 and 11.6 above in circumstances where a loan is a secured loan.
19.3 You shall not be liable to us for loss or damage which is not foreseeable.
20. Our liability to you
20.1 We shall be liable to you for any foreseeable loss or damage suffered by you as a result of :
(a) any breach of these terms and conditions by us; and
(b) our negligence, wilful default or fraud by us or our employees.
20.2 We shall not be liable to you for loss or damage which is not foreseeable or from circumstances that are beyond our reasonable control.
20.3 Nothing in these terms and conditions shall limit our liability for personal injury or death caused by our negligence, fraud, nor for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.
21. About us
21.1 Lenderwize Limited is a company incorporated in England and Wales, whose registered number is and whose registered office and principal place of business is at 1 East Poultry Ave, EC1 A9PT, United Kingdom.
21.2 Lenderwize is not directly covered by the Financial Services Compensation Scheme. However, you may be entitled to compensation from the Financial Services Compensation Scheme in respect of any money held by Lenderwize on your behalf if the bank or credit institution holding the money becomes insolvent. Further information is available at http://www.fcsc.org.uk and we would advise you further if this event were to occur.
22. Contacting us and Complaints
22.1 If you wish to make a formal complaint, you may do so in person, in writing by post or email.
23. Amendments to these terms and conditions
23.1 We expect to need to update or amend these terms and conditions from time to time to comply with law or to meet our changing business requirements.
23.2 We may make changes to terms and conditions without your specific agreement where those updates are, in our reasonable opinion, of an immaterial and routine nature. We may not always be able to give you advanced notice of such updates or amendments but we will always post them on the platform so you can view them when you next log in. In these circumstances, by continuing to use the platform, or our services in allocating funds you have deposited, you agree to be bound by the amended terms and conditions.
23.3 These terms and conditions were last updated on 11 June 2016.
24. Other important terms
24.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
24.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us for any reason.
24.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.
24.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
24.5 Please ensure that you read these terms and conditions, Loan Contracts and the API Terms of Use (if applicable) carefully as these will bind you and govern your relationship with us and borrowers. If you are uncertain as to your rights under them or would like an explanation, please get in touch with us.
24.6 Lenderwize may exercise any of its rights under these terms and conditions by itself or through any company or other legal entity which is under the control or
ownership of Lenderwize (without limitation) and each such entity can rely on these terms as though it were a party to this contract.
24.7 These terms and conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and conditions, you and we shall submit to the non-exclusive jurisdiction of the English courts.
25. Client Money
25.1 We shall treat 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. You are hereby notified, in accordance with Rule 7.10.7B of the FCA Client Assets sourcebook, that we have elected to hold monies held in relation to lenders and prospective lenders under non-P2P agreements (corporate bodies and partners in partnerships of four or more partners) in accordance with the FCA’s Client Money Rules with effect from 22 April 2016.
25.2 We will make arrangements for your money to be held in a segregated account separately from our own funds with a bank appropriately authorised, in line with our FCA obligations (“Client Bank 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 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.
25.3 Client money may be placed in client transaction accounts with solicitors in order to complete certain property finance transactions. These funds are held by the relevant solicitors under the Solicitors Regulation Authority Client Money Rules.
25.4 Lenderwize does not provide paper statements of client holdings. You can log into your accounts at any time and download a statement of your current Loan Contracts and see your “available funds” and “bid funds” which together account for the client money we are holding for you.
25.5 We will not pay interest on balance held as Client Money.
RISK Investment through Lenderwize involves lending to small and medium sized businesses, so your investment can go down as well as up.
Terms and Conditions for Borrowers
If you are a telecom wholesaler and you decide to seek a fixed term loan or an on- going credit facility in either case made available via the Lenderwize platform, you must comply with these terms and conditions. These terms and conditions should be read alongside, and are in addition to, our privacy policy (accessible online).
1. How to become a borrower
1.1 To be a borrower on Lenderwize you must meet the following criteria:
(i) you must be actively trading (not dormant) as a wholesale business trading telecom minutes, and have actively traded (not been dormant at any time) for at least two years, or be a property investment or development business;
(j) you must have and maintain a valid bank or building society account to facilitate repayments to Lenders;
(k) your business must be reputable and must produce satisfactory accounts and financial information ;
(d) your business, its directors, members, partners or proprietors must meet minimum credit and fraud risk criteria which will include obtaining a minimum score from credit reference agencies such as Equifax or Experian and the maintenance of credit risk insurance as provided by our preferred insurance partner;
(e) your business must not have any outstanding court judgments of more than
£250.00 (or local currency equivalent);
(f) you must register and submit details of your business for publication on our website Please note that some (but not all) of those details will be disclosed by us to Lenders in accordance with clause 3.1 below.
1.2 As part of the registration process we will need to authenticate the identity of the business and certain people authorised to act on its behalf. We will do this using credit reference agencies such as Equifax or Experian. We may also require you to send us copies of the relevant passports or other identification documents and anything else that we may
need. If you do not provide all appropriate identification documents, you will not be able to borrow on the Lenderwize platform.
1.3 Once you are registered on the platform and have applied to borrow through Lenderwize , we will carry out credit and fraud checks on you as the proprietor, partner, member, shareholder or director, your business and other partners, members, shareholders or directors of the business using credit reference agencies such as Equifax or Experian. Lenderwize uses its own internal guidelines and policies when assessing applications but has complete discretion as to whether we allow you to be a borrower on the Lenderwize platform.
1.4 You warrant and represent to Lenderwize that (i) all information provided to us in the course of the application and borrowing process is true and accurate in all respects, and that you do not anticipate or reasonably expect any material change to such information in the 6 months following your acceptance of the loan; and (ii) you will not omit to tell us any information you are aware of that would materially impact on the decision of an lender to lend to you via the Lenderwize platform. You agree that you will update us if any of the information you provide to us changes or is likely to materially change. If new or additional information comes to our attention which we believe would materially impact on the decision of an lender to lend to you or which would have resulted in a different outcome under our internal guidelines and policies when assessing your application then we reserve the right to de-list your loan or to otherwise cease to process your loan application at all or any further.
1.5 You warrant and represent that you have disclosed to us any circumstances that you are aware of (including without limitation any claims, undisclosed liabilities, litigation, arbitration, court proceedings or investigations which are current, threatened, pending or otherwise reasonably likely to occur against you by any third party) which could or might result in a material adverse change in your financial condition, business or assets.
1.6 You agree with us that you will promptly provide full details to Lenderwize upon you becoming aware of or suspecting that any of the circumstances in clauses 1.4 or
1.5 have occurred or may occur, and will also provide Lenderwize with such information as it may reasonably require about your financial condition, business and affairs from time to time.
1.7 You agree that, for as long as there are outstanding amounts owed by you to Lenders on the Lenderwize platform, you will provide to Lenderwize promptly on request by Lenderwize (or its agent):
(c) bank statements, up-to-date balance sheet and cash-flow statements, as well as other financial information as Lenderwize may require from time to time;
(d) details and documents relating to operational policies and procedures; and
(f) all relevant contracts or other documents that Lenderwize may require frm time to time including any auditor reports, insurance documents, group structure charts and key contracts or agreements.
1.8 You agree that, for as long as there are outstanding amounts owed by you to Lenders on the Lenderwize platform, you will permit employees or agents of Lenderwize on reasonable notice and during business hours to attend and inspect your premises and inspect any secured assets and any of your books, accounts and records and to make copies of any such information. You agree to meet with any such employee or agent within 21 days of request by Lenderwize , and answer all reasonable queries of such employee or agent.
1.9 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 whether in the UK or in another country) against you, you may not accept a loan unless you have provided Lenderwize with full details of such claim (or potential claim) and we have agreed in writing that you are still eligible to accept loans.
2. Username and password
2.1 On registering with us, you must provide a username and email address, enter a password and provide answers to three security questions. These must be used in order to access certain restricted parts of the platform. Each time you access your Lenderwize borrower account you will need to enter your email address, password and answer one security question. Your username and password are personal to your Lenderwize borrower account and are not transferable without our prior written consent.
2.2 Your username, password and the answers to security questions are the methods used by us to identify you and so you must keep them secure at all times. You are responsible for all information and activity on the platform by anyone using your username and password whether or not authorised by you. If you authorise an employee, sub-contractor, agent or other representative (including any intermediary) to use your Lenderwize borrower account, you will be responsible for their activity on the platform. Any breach of security, loss, theft or unauthorised use of a username, password or security information must be notified to us immediately using the contact details given at clause 17 below.
2.3 You agree not to adapt or circumvent the systems in place in connection with the platform, nor access our system other than by using the credentials assigned to you and by following the instructions that we have provided for that time of connection.
2.4 We reserve the right not to act on your instructions where we suspect that the person logged into your Lenderwize borrower account is not you or we suspect illegal or fraudulent activity or unauthorised use.
3. The borrowing process
3.1 Where you are a limited company or an LLP, we may require directors and/or shareholders or members (as the case may be) to give a personal guarantee before any funds are released by us to you.
3.2 If your finances, business, governance structure or shareholder positions materially changes prior to Lenderwize releasing funds to you, Lenderwize may terminate the loan immediately without notice and in its absolute discretion. You will remain liable for any interest incurred between acceptance and termination.
3.3 Lenderwize gives each loan a risk band classification at the time a loan request is processed, which is based on information included in your application and the results of an online check made with credit reference agencies such as CreditSafe, Equifax or Experian. Lenderwize does not check or edit the information submitted or uploaded by a borrower.
3.4 The interest rate for each loan is fixed by Lenderwize , on the basis of a number of factors including term and risk band. The fixed interest rates are reviewed regularly by Lenderwize and can be changed at any time. If you receive an offer prior to your acceptance of the Primary Loan Terms (which set out the specific details of a loan), the interest rate in the offer is subject to change if the interest rates on the platform generally are changed. Once you have accepted the Primary Loan Terms, the interest rate will not be changed. If your loan is re-listed on the Lenderwize platform at any time, it will be re-listed at the interest rate applicable at the time of the new listing.
3.5 If we agree to allow your application onto the Lenderwize platform, and provided you have satisfied our application and assessment criteria and conditions, you will have the opportunity to review and accept the Loan Contract, comprised of the Primary Loan Terms and Standard Terms (it being understood that a binding Loan Contract shall not be formed unless and until your loan is fully funded and the listing is closed. Provided you accept the terms and conditions of the Loan Contract, and save for the exercise of our discretion as provided for in these Terms, your loan request will be listed on our marketplace. Once you have accepted a Loan Contract it cannot be cancelled by you (though, after funding and once in full force and effect, it can be repaid at any time as described in clause 5.3 of these Terms).
3.6 If listed by us on our platform, we will randomly allocate your loan to either the partial loan marketplace or to the whole loan marketplace (although we may allocate your loan to a specific market if we consider it reasonable to do so in good faith with regard to our relationship with Lenders on the platform). If your loan is allocated to the whole loan market it will be available to Lenders for one of them to lend the full amount requested.
3.7 Further to the allocation of the loan to the partial loan marketplace or the whole loan marketplace, a loan request page will be displayed on the platform. The Primary Loan Terms
forming part of the Loan Contract will contain the name of your business. Please see our privacy policy for more information on which details are provided to Lenders and those which are withheld, in particular paragraph 2.2 of our privacy policy (together with the page on our platform called “What information will be available to Lenders?” under “FAQs for Borrowers” as updated from time to time). We may amend details you provide on your loan request page (except information identifying you) at our discretion.
3.8 Once the loan request is listed, prospective Lenders will start bidding to lend to you parts or the whole of the amount you have requested.
3.9 The listing process shall expire on the earlier of (i) the date your loan request is fully funded, (ii) the date falling 7 calendar days after the date the listing is commenced (unless otherwise extended by Lenderwize in its absolute discretion) and (iii) the date on which we de-list a loan where we have exercised our discretion to do so.
3.10 The information on the loan request page can be edited at any time before the request is listed. After the loan has been listed you cannot amend the loan request page until the listing period expires, or if you accept a loan you will not be able to amend the loan request page until such time as the entire loan has been repaid in full.
3.11 Lenderwize ‘s principal role is to perform introductory functions on behalf of borrowers and Lenders in order to bring together prospective borrowers and Lenders, to provide a stream-lined process for entering into loans (including the development of standard form loan agreements) and to facilitate the payment and collection of sums due under or in connection with those loans (including certain limited actions upon a borrower’s default as set out in these terms and conditions).
3.12 While Lenderwize adds value to the credit analysis as part of our loan application review and credit assessment processes, the provision of a risk band classification is intended to be informative only and an lender must form its own opinion regarding the creditworthiness of a borrower and undertake its own research, analysis and assessment of each borrower for each loan and, where appropriate, seek its own independent financial advice.
3.13 Save in certain specified circumstances, Lenderwize does not edit the information submitted or uploaded by borrowers which it then makes available to prospective Lenders via the Lenderwize platform and, therefore, we cannot guarantee its accuracy. Accordingly, we accept no responsibility or liability for the accuracy of the information provided by borrowers to prospective Lenders or the risk band classifications. Lenderwize may from time to time, but accepts no obligation to, update or amend borrower’s information or the risk band classification (including between when the loan request is first made and when it is entered into, and during the term of any loan). You agree that you shall inform us if any information we publish about you is untrue, inaccurate or misleading in any material respect.
3.14 A Loan Contract is not formed unless and until the loan request is fully funded and the listing is closed (the “Listing Close Date”) but, if a loan request is fully funded, the Loan Contract with the relevant offering lender(s) for the loan (and each of its respective loan parts) shall automatically come into effect and shall be legally enforceable on and from the Listing Close Date.
3.15 If the loan is not fully funded within the relevant listing period, or if we have exercised our discretion to de-list a loan, then your loan request will be cancelled, and any funds bid will be released back to Lenders. If the loan is fully funded, the money will then be transferred from each of the relevant Lenderwize lender accounts by us to your Lenderwize borrower account where it can be transferred to your bank or building society account. Interest shall start to accrue on and from the Listing Close Date. You will be sent details of the repayment schedule by email, and you will also be able to view this in your account.
3.15 Each loan will be for the period specified in the Loan Contract applying to it.
3.16 In all Loan Contracts and loan transfer documentation we will quote an lender’s address as being “c/o Lenderwize Limited” and state Lenderwize ‘s postal address. Each borrower agrees that all notices and communications to be given to an lender will be sent to Lenderwize on that lender’s behalf and that this is sufficient to identify the Lenders for the purposes of the Loan Contracts. Details of relevant Lenders are available to you upon request.
4. Fees
4.1 We will charge the credit assessment, transaction, administration, platform maintenance and other charges outlined in the Primary Loan Terms.
4.2 We may choose to waive or reduce the above stated fees from time to time.
5. Repaying the loan
5.1 The amount of the scheduled repayments payable to Lenders in respect of the loans will be set out in the Loan Contract, and a detailed payment schedule will be provided to you following the Loan Contract being in force (and such information is also available through your account on the platform).
5.2 We will collect the repayment amounts each month or as otherwise set out in the Loan Contract from your bank or building society account using direct debit or debit card repayments, or using credit card repayments. We will charge a fee for each repayment made using a credit card. We will collect the repayment amount due up to 5 days before the date specified in the Loan Contract in order to ensure that funds are received and distributed to Lenders.
5.3 The monthly or other scheduled repayments payable by you to each lender can be viewed in the My Account section of the platform. You may not repay an entire loan early.
5.4 In certain circumstances, Lenderwize may (but is not obliged to) enforce certain terms of each Loan Contract on behalf of the Lenders under it. In doing so, Lenderwize is authorised to act as agent on behalf of the relevant Lenders (in accordance with its agreed terms and conditions with the Lenders) in taking such action.
6. Missing payments
6.1 If at any time you believe that you may not be able to make one or more repayments under a Loan Contract, please contact us immediately. If you miss a payment or only partially pay the amount due, we (ourselves or through an agent acting on our behalf) will contact you and ask you why you have missed a repayment, and we will attempt to collect the payment. We reserve the right to contact you by any method necessary including, without limitation, by letter, email, phone call, SMS or by sending private messages to your affiliated social media accounts.. If our reattempt to collect the funds fails, 2 days after the payment was due your account will be treated as an overdue account, and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the “Collections Agency”), who will attempt to collect the money on the Lenders’ behalf, although we will not apply any collections charges if we do so.
6.2 If payment has still not been made 7 days from the date payment was due, Lenderwize may charge you administration fees up to 15% of the missed payment amount which would be in addition to the loan sums due. This fee will be payable immediately. We may also charge other fees to cover our tracing charges, field agents’ costs, litigation costs, expenses and other such fees and in-house collections charges (if the loan is defaulted or becomes 4 months in arrears) incurred by Lenderwize in the course of protecting the interests of the Lenders.
6.3 Save in exceptional circumstances (such circumstances being deemed exceptional by Lenderwize in its absolute discretion from time to time), if you miss, fail to pay or only partially pay, three or more consecutive monthly instalments, or if you otherwise fail to comply with any term or condition of the Standard Terms, the loan will be placed into default and we will issue you with a default notice and termination notice and will pursue you for the total loan amount outstanding. We will try to give you 17 days’ notice before filing a default on your credit reference file although we may not always be able to do so. Please see our privacy policy for more details on how we disclose information about you.
6.4 If we and/or the Collections Agency is still unable to collect the debt, and if such further action is necessary, a collections charge will be added to your debt (see the following link for the bandings of collections charges, in addition to any third party costs (including without limitation any external legal fees). Such costs and charges will be passed on to you as the defaulting borrower (and are payable immediately). In respect of loans completed on or after 28 September 2015, Lenders may not opt- out of assigning their loan parts or whole loans to SPECIALIZED THIRD PARTY. For the avoidance of doubt, Lenderwize has no liability to you whatsoever for the conduct of Lenders in any capacity, and is not obliged under any circumstances to enforce the lender undertaking referred to above.
6.5 Notwithstanding the provisions in clauses 6.1 to 6.3 above, time is of the essence with regard to payment of each monthly repayment. Accordingly, Lenderwize may, if it considers it necessary or desirable, default the loan and demand immediate payment of the full amount of the loan (with all outstanding accrued interest) plus costs and the collections charges if any repayment is missed or only partially repaid (and such missed repayment is not remedied within 10 business days), or if you (or any guarantor of the loan) enters or is deemed to be likely to enter any formal or informal insolvency process, In circumstances where the relevant loan or loans are secured, we will take the steps outlined in clause 6 above.
6.7 If we agree a payment plan with you we may, at any time, verify the affordability of the payment plan by requesting information from you, which you will promptly provide, and by carrying out online checks made with credit reference agencies such as CreditSafe, Equifax or Experian.
6.8 If you miss a payment on your original repayment schedule, we may send you payment reminders (by any method necessary, including without limitation, by email, phone call, SMS or by sending private messages to your affiliated social media accounts) unless you expressly ask us not to.
7. Terminating your membership of Lenderwize
7.1 If you no longer want to be a member of Lenderwize and provided you have no Loan Contracts currently in force, you can let us know and we will end your membership.
7.2 We may end your membership of Lenderwize at any time if:
10. you breach these terms and conditions;
11. you breach any term or condition (including without limitation any warranty or representation) of the Loan Contract, or any other security document or other document arising from or in connection with you receiving a loan through the Lenderwize platform (including without limitation any Facility Agreement in respect of property finance loans);
12. you enter into any other new unsecured borrowing arrangement (or any arrangement having the effect of a borrowing) with any third party where the total amount of external finance raised from third parties would as a result exceed the higher of £25,000 and 30% of the total amount lent to you on all existing Lenderwize loans, without the prior written consent of Lenderwize (such consent shall not be unreasonably withheld and this clause shall not restrict you from entering into asset-specific financing or invoice purchasing arrangements);
(b) you give any fixed or floating charge security (or any indemnity or guarantee in respect of any borrowing by any associated or connected party) to any third party after the date that the Loan Contract is entered into without our prior written consent;
(c) you breach the terms of any conditional sale or lease agreement entered into for the use of an asset that is the subject of a large asset finance loan;
(d) we suspect that you have committed fraud, been involved in money laundering or other criminal activities;
(e) you use the Lenderwize platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Lenderwize ;
(f) you use the Lenderwize platform in any of the following ways:
(g) in any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;
(g) for fraudulent purposes, or in connection with a criminal offence;
(h) 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; or
(i) to cause annoyance, inconvenience or needless anxiety; or
(vi) it comes to our attention that you have provided information to us which we subsequently find to be materially incorrect, inaccurate or false.
7.3 Termination of your membership of Lenderwize will not necessarily result in a termination of any Loan Contract to which you are a party at that time.
7.4 On termination, and once all sums actually or potentially due from you to Lenders and us have been repaid, we will credit your bank or building society account with any funds left in your Lenderwize borrower account or send a cheque to the address last provided by you.
8. Borrower’s agreements with Lenderwize
8.1 Membership of Lenderwize does not in any way constitute an obligation on us to procure funding for borrowers or constitute a warranty or other assurance by us that funding will be available.
8.2 If any personal guarantee is provided of the borrower’s obligations, the borrower, directors, shareholders and members represent and warrant that there has been no undue influence or inducement of the guarantor.
8.3 If you are a borrower through the Lenderwize platform, you generally cannot also be an lender while you have loans outstanding. An exception would be where you are lending in your own individual capacity but you happen to be a director or owner of a business borrowing money. We also retain the discretion to grant specific exceptions to this rule.
9. General terms
9.1 The information provided on the platform is directed solely at and is for use solely by persons and organisations that meet the criteria set out in clause 1 above and the equivalent criteria set out in the terms and conditions applying to Lenders. This platform 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.
9.2 You are permitted to download and print content from this platform solely for your own personal use or in the course of your business to the extent required to use the services provided on this platform. Platform content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.
9.3 We are not responsible for content downloaded or posted by Lenders or borrowers on the platform. We will not edit content downloaded or posted on the platform.
9.4 We will endeavour to ensure that the Lenderwize platform is available for you to use at any time. However, this is not something we are able to guarantee and there may be times when the platform is not available. We will do our best to notify you via our website when we know this service will be unavailable. You can contact us when the Lenderwize platform is not available by emailing info@Lenderwize .com
9.5 You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else’s use and enjoyment of the platform.
9.6 You agree not to use the Lenderwize platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Lenderwize .
9.7 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the platform or any other technology.
9.8 The content and material available on the platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. If you are unsure about whether a product is suitable you should contact an independent financial adviser.
9.9 You are responsible for all costs incurred by you in accessing the platform.
9.10 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, 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.
9.11 We take reasonable precautions to ensure that our systems are secure. However, information transmitted via the platform will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third parties or incorrectly delivered or not delivered.
9.12 The platform may contain links to third party 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 platform, or any use of personal data by such third party.
10. Privacy
You agree that any and all personal information you provide to us via this platform may be collected, stored, processed and used in accordance with our current privacy policy (accessible online).
11. Intellectual property rights
11.1 Subject to clause 9.3 below, as between you and us, we own all present and future copyright, registered and unregistered trade marks, 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 platform.
11.2 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 back to us.
11.3 You shall retain ownership of all copyright in data you upload or submit to the platform. You grant us a world-wide exclusive, royalty-free, non-terminable licence to use, copy, distribute, publish and transmit such data in any manner.
11.4 We do not warrant or represent that the content of the platform does not infringe the rights of any third party.
12. Your liability to us
12.1 You shall be liable to us for any loss or damage suffered by us as a result of:
(c) any breach of these terms and conditions or any Loan Contract by you;
(d) your negligence or wilful default;
(e) any fraudulent use of the Lenderwize platform; and
(f) any and all use of your username and password (including as provided for in clause 2.2 of these terms and conditions).
12.2 You shall also be further liable to us as contemplated by clauses 6.2 and 6.4 above in circumstances where a loan is to be a secured loan.
12.3 Save as provided in clause 12.3, you shall not be liable to us for loss or damage which is not foreseeable.
12.4 Nothing in these terms and conditions shall limit your liability for personal injury or death caused by your negligence, by fraud or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.
13. Our liability to you
13.1 We shall be liable to you for any loss or damage suffered by you as a result of:
(i) any breach of these terms and conditions by us; and
(j) our negligence or wilful default or fraud by us or our employees.
13.2 Save as provided in clause 13.3, we shall not be liable to you for loss or damage which is not foreseeable or from circumstances that are beyond our reasonable control.
13.3 Nothing in these terms and conditions shall limit our liability for personal injury or death caused by our negligence, for fraud or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.
14. About us
14.1 Lenderwize Limited is a company incorporated in England and Wales, and whose registered office and principal place of business is at 1 East Poultry ave, EC1 A9PT, United Kingdom.
14.2 For the purposes of the FCA’s Client Money rules, you are not a client of
Lenderwize .
14.3 Lenderwize is not covered by the Financial Services Compensation Scheme.
15. Contacting us
15.1 Should you have any questions about these terms and conditions, or wish to contact us for any reason whatsoever, please contact us on the Lenderwize website.
15.2 If you wish to make a formal complaint, you may do so in person, in writing by post or email or by telephone.
16. Amendments to these terms and conditions
16.1 We may update or amend these terms and conditions from time to time to comply with law or to meet our changing business requirements. We may not always be able to give you advanced notice of such updates or amendments but we will always post them on the platform so that you can view them when you next log in. In such circumstances, by continuing to use the platform, you agree to be bound by the amended terms and conditions.
16.2 These terms and conditions were last updated on 12 June 2016.
17. Other important terms
17.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
17.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us for any reason.
17.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.
17.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
17.5 Please ensure that you read these terms and conditions and the Loan Contracts carefully as these will bind you and govern your relationship with us and Lenders. If you are uncertain as to your rights and obligations under them or would like and explanation, please get in touch with us.
17.6 Lenderwize may assign, transfer, novate or otherwise exercise any of its rights under these terms and conditions by itself or through any company or other legal entity which is under the control or ownership of Lenderwize (without limitation).
17.7 These terms and conditions 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 non-exclusive jurisdiction of the English courts.
Standard Terms
1. Introduction
1.1 When a Borrower has accepted the requisite terms and conditions and a Loan Request is subsequently fulfilled by successful Bids, a Loan Contract is (or a number of Loan Contracts are) created in respect of the resulting Loan. Each Loan Contract is made up of:
o these Standard Terms; and
o the Primary Loan Terms applicable to that Loan, that are agreed between the relevant Borrower and Lender during the Loan Request and acceptance processes.
1.2 Where a Loan is made up of various Loan Parts, a separate Loan Contract is formed between the Borrower and each of the respective Lenders.
2. Repayment
2.1 The Borrower agrees to repay the Lender the total Loan Amount at the times and in the instalments shown in the Primary Loan Terms. It is essential that the Borrower makes these payments on time. If the Borrower is late in paying an instalment, each Lender and Lenderwize will have the rights detailed in clauses 4 and 5 below.
2.2 The Borrower’s obligation to make repayments to the Lender will be satisfied from such Borrower’s Lenderwize borrower account. To the extent that there are insufficient funds in such borrower account to meet its repayment obligations, Lenderwize will complete a debit or credit card transaction or arrange for a direct debit payment to be completed (or such other payment
method available from time to time) to ensure sufficient funds are deposited into the relevant borrower’s account to meet this obligation (and any other obligation toLenders), as contemplated by the Lenderwize Terms and Conditions.
2.3 All repayments will be made to Lenders without deduction of income tax.
2.4 Where a Loan is in arrears and not defaulted, each repayment made by the Borrower will be pro-rated between the various Lenders under the Loan Contracts that govern the various Loan Parts and used:
• first towards repaying any arrears on the Loan;
• second towards paying the current interest and principal due in respect of the Loan Amount; and
• third towards paying any administration charges, costs, expenses or other fees or charges due to Lenderwize under the Lenderwize Terms and Conditions.
For the avoidance of doubt, once a loan has been defaulted Lenderwize may apply any recoveries received first to paying any administration or collections charges, costs, expenses or other fees incurred in respect of the relevant loan, second to the outstanding principal of the loan and third to the outstanding accrued interest.
3. Interest
3.1 The Borrower agrees to pay each Lender interest on the Loan at the agreed interest rate. Interest on the Loan shall accrue at that agreed interest rate on and from the Listing Close Date to the date of actual repayment and shall be calculated at the outset for the whole period of the Loan and included in the Primary Loan Terms. Interest shall be paid on the contractual repayment date or in instalments as set out in the Primary Loan Terms.
3.2 If the Loan is not repaid in full on its contractual repayment date, or otherwise if the Loan is defaulted, interest shall continue to accrue on the Loan at the agreed interest rate and shall be immediately due and payable as it accrues. Interest at the contractual rate calculated on a daily basis shall continue to apply to any outstanding sums after the contractual term has ended, although such post-contractual term interest may be waived by us in certain circumstances.
4. Termination
4.1 The Borrower agrees that Lenderwize may, on the Lenders’ behalf, terminate the Loan Contracts relating to a Loan and demand repayment of the full Loan Amount owed by the Borrower under the Loan Contracts in respect of that Loan if:
(c) the Borrower or any guarantor misses, fails to pay or only partially pays a monthly instalment or other payment that is due;
(b) the Borrower has provided false information (including without limitation the purpose for which the loan has been requested) or has failed to provide any material information of which it is aware in a way which affects or would have affected the decision to allow the Borrower to seek funding or register as a member of Lenderwize , the decision to list Loan Requests on the website, the risk band that Lenderwize has given to the Loan, or the information that is provided to Lenders in contemplation of their lending to the Borrower;
(c) the Borrower has breached the terms of a Loan Contract and/or any other loan contract that it is a party to (including those relating to a different loan on Lenderwize ) and, in respect of other loan contracts only, either notice has been given to the Borrower ending that loan contract or Lenderwize has reasonable grounds to believe that as a result:
(i) the Borrower will also breach the terms of the Loan Contracts (or any of them); or
(ii) any of the other events of termination stated in this clause will occur;
(d) the Borrower’s membership of Lenderwize is terminated for any reason under the
Lenderwize Terms and Conditions;
(e) a petition is presented, or an order made or an effective resolution passed for the winding up or dissolution or for the appointment of a liquidator of the Borrower;
(f) the Borrower ceases to pay its debts or is unable to pay its debts as they fall due or is deemed unable or admits its inability to do so or makes a general assignment for the benefit of or a composition with its creditors;
(g) the Borrower ceases to carry on its business or a substantial part of its business;
(h) notice is given of an intention to appoint an administrator, a petition is filed or a competent court makes an order for the appointment of an administrator in relation to the Borrower;
(i) an encumbrancer takes possession or steps are taken for the appointment of an administrator or receiver or administrative receiver or manager or supervisor or sequestrator over the whole or any substantial part of the undertaking or assets of the Borrower;
(j) any person who has provided a guarantee for the Loan or any Loan Part breaches the terms of any guarantee or other Lenderwize -related document that it is a party to, or disputes or threatens to dispute the enforceability of that guarantee or other document, or suffers or is likely to suffer a material adverse change to their financial position, or
Lenderwize has any reason to believe that a guarantee or security document has become unenforceable, and in any case, a replacement guarantee or security document has not been provided to Lenderwize ‘s reasonable satisfaction within 14 days of a request from Lenderwize ;
(k) the Borrower dies, becomes of unsound mind, becomes bankrupt or makes a voluntary arrangement with anyone that they owe money to;
(l) where the Borrower is a partnership, the composition of the partnership materially, in the reasonable opinion of Lenderwize , changes or any partner dies, becomes of unsound mind, becomes bankrupt or makes a voluntary arrangement with anyone that they owe money to;
(m) if a claim by HM Revenue & Customs (or any other governmental department of agency or other public body) is, or is reasonably likely to be adversely decided against the Borrower and the Borrower does not meet any payment obligation relating to that claim within the required period; or
(n) a material adverse change occurs in the financial condition of Borrower or any Guarantor, or Lenderwize believes that the prospect of payment or performance of the Borrower’s liabilities to the Lenders is impaired.
5. Lenderwize fees
5.1 Lenderwize charges fees as set out in the Primary Loan Terms and these fees shall be deducted from the amount borrowed before it is transferred to the Borrower so the Borrower will receive the amount borrowed less the fees.
5.2 All fees charged by Lenderwize in relation to the costs of running the website and administering the Loan under the standard Lenderwize Terms and Conditions are included in the rate of interest and the total charge for credit in the Primary Loan Terms.
5.3 Other fees or charges that may be charged by Lenderwize (or by any collections agency it may appoint in relation to the Borrower’s Loan Contracts) and added to the balance outstanding are:
(a) the Servicing Fee, as referred to in the terms and conditions for borrowers and for Lenders;
(b) once a sum has been outstanding for 7 days or more, Lenderwize will charge an administration fee of up to 15% of the overdue amount;
(c) where either
(i) the Borrower is four or more payments in arrears under the Loan Contract; or
(ii) Lenderwize (on behalf of the relevant Lenders) has exercised its right to terminate the Loan Contract under clause 4.2 and the Borrower has failed to re-pay the total Loan Amount,
then Lenderwize may apply a charge (“Collections Charge”), based on the total principal and accrued interest outstanding at the date the Collections Charge is applied, up to a maximum of the sums set out in the Collections Charge Schedule applicable at the effective date of the Loan Contract
(d) tracing charges (for finding the Borrower if it can’t be contacted by Lenderwize or its collections agency);
(e) where a field agent has been employed as part of the collections process, Lenderwize or its
collection agency may charge a fee (and, for the avoidance of doubt, if Lenderwize refers the case to a Collections Agency to collect the debt then no collections charges pursuant to clause 5.3© shall be applied to the loan; and
(f) all litigation, enforcement and recovery costs and expenses, including (but not limited to) legal
fees and expenses, to cover litigation or enforcement of any security held on behalf of the Lender to recover any loan or outstanding arrears.
Lenderwize has a legitimate interest in investing in its own in-house recoveries team to maximise returns to Lenders whilst giving Borrowers the fairest customer experience. The administration fee referred to in (b) above and the Collections Charge referred to in (c) above are intended to be a genuine pre-estimate of the cost to Lenderwize of investing in an in-house recoveries team including but not limited to the employment of staff, the use of IT systems, external legal costs (that are not recoverable through the relevant loan) and the provision of facilities and technology to aid in the recovery for Lenders.
Following the occurrence of an event in (c), the in-house Collections & Recoveries team may be required to deal with the case for a number of years at a continuing cost to Lenderwize . However, any Collections Charge applied will be a one-off charge, and Lenderwize will allocate up to a maximum of 20% of each recoveries payment received from the Borrower (or Guarantors) against such Collections Charge in order to be more aligned with Lenders.
In the case of the fees referred to in (c), (d), (e) and (f) above, where it is appropriate to do so, the Borrower will be advised of the cost if such action proves necessary. The Borrower will be notified (by way of general update to the Lenderwize Terms and Conditions or on the Lenderwize platform) if these charges change in nature or amount.
6. Transfer by Lenders
6.1 Each Lender may transfer by assignment his or her right, title and interest in any Loan Contract, any associated Loan Part and all associated rights:
6.1.1 to any other registered lender on the Lenderwize platform; or
6.1.2 if the Loan is a whole loan, to any third party if the servicing of the Loan has been transferred to a third party back up servicing provider.
6.2 The Borrower’s rights and obligations under a Loan Contract that has been transferred shall not be adversely affected in any way whatsoever.
6.3 A Borrower shall not be entitled to assign or transfer its rights or obligations under any Loan Contract.
7. Information undertakings
7.1 If the Borrower is, or at any time becomes, aware of any of the following circumstances, claims or potential claims, then the Borrower will promptly provide to Lenderwize full written details of such circumstances, claims or potential claims:
(a) circumstances (including without limitation any claims, undisclosed liabilities, litigation, arbitration, court proceedings or investigations which are current, threatened, pending or otherwise reasonably likely to occur against the Borrower by any third party) which could or
might result in a material adverse change in the Borrower’s financial condition, business or assets; and/or
(b) any current or future claim (or potential claim, including (without limitation) where an investigation has commenced) by HM Revenue & Customs (or any other governmental department or agency or other public body) against the Borrower.
7.2 The Borrower shall, from time to time, on request from Lenderwize , provide Lenderwize with such information as it may require about the Borrower’s financial condition, business and affairs, and compliance with the terms of the Loan Contract.
7.3 The Borrower shall permit employees or agents of Lenderwize on reasonable notice and during business hours to attend and inspect its premises and any of the Borrower’s books, accounts and records and to make copies of any such information. The Borrower agrees to meet with any such employee or agent within 21 days of request by Lenderwize
, and answer all reasonable queries of such employee or agent.
9. No reliance
The Borrower confirms that, in entering into each Loan Contract, it has not relied on any representation made by or on behalf of Lenderwize or any of the Lenders or on any written statement, advice, opinion or information given to the Borrower in good faith by or on behalf of Lenderwize or any of the Lenders; and has been and will continue to be solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with each Loan Contract.
10. General
10.1 Each Loan Contract is governed by and construed in accordance with English law, and each Lender and Borrower submits to the non-exclusive jurisdiction of the English courts.
10.2 In entering into a Loan Contract, the Borrower agrees that it will not, without the prior written consent of Lenderwize , borrow any monies from its directors, officers, members, partners, shareholders or any other third party that ranks in priority of recovery to the Loan. If the Borrower does enter into any such loan, the rights to payment of that loan will be subordinated behind the Loan, except to the extent otherwise required by insolvency law.
10.3 In entering into a Loan Contract and save in respect of the Loan, the Borrower agrees that it will not enter into any other new unsecured borrowing arrangement (or any arrangement having the effect of a borrowing) with any third party where the total amount of external finance raised from third parties would as a result exceed the higher of £25,000 and 30% of the total amount lent to the Borrower on all existing Lenderwize loans without the prior written consent of Lenderwize . Such consent shall not be unreasonably withheld. This clause shall not restrict the Borrower from entering into asset-specific financing or invoice purchasing arrangements.
10.4 If any part of the Standard Terms that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Standard Terms or the Loan Contract.
10.5 Any waiver by either party of a breach of any provision of these Standard Terms and/or a Loan Contract shall not be considered to be a waiver of any other or later breach of the same, or any other, provision.
10.6 Any notices to be given to the Borrower in relation to any Loan Contract shall either be put on the Borrower’s My Account section of Lenderwize or shall be sent by email to the Borrower’s email registered address.
10.7 The records kept by Lenderwize shall be conclusive of the facts and matters they purport to record except where there is an obvious mistake.
10.8 If the Borrower is trading in the United Kingdom and is a sole trader, unincorporated body or general partnership with fewer than four members who are not all themselves corporate bodies, by entering into the Loan Contracts the Borrower makes the following declaration:
“Declaration for exemption relating to businesses (articles 60C and 60O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)
I am entering this agreement wholly or predominantly for the purposes of a business carried on by me or intended to be carried on by me/us.
I understand that I will not have the benefit of the protection and remedies that would be available to me under the Financial Services and Markets Act 2000 or under the Consumer Credit Act 1974 if this agreement were a regulated agreement under those Acts.
I understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the lender and the borrower is unfair to the borrower.
I am aware that, if I am in any doubts as to the consequences of the agreement not being regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, then I should seek independent legal advice.”
10.9 If the Borrower is a partnership, by entering into the Loan Contracts the Borrower makes the following declaration:
“I confirm that I am authorised by the partnership to enter into this agreement for and on behalf of the partnership and that I am authorised by the partnership upon entering into this agreement to bind the partnership to the terms of this agreement.”
10.10 The Borrower and Lender agree that, while Lenderwize is not a party to Loan Contracts, Lenderwize may take the benefit of and specifically enforce each express term of each Loan Contract and any term implied under it pursuant to the Contracts (Rights of Third Parties) Act 1999.
10.11 Each Loan Contract will be entered into by electronic means in accordance with the Lenderwize Terms and Conditions upon the acceptance by the Borrower of Bids satisfying its initial Loan Request and this will have the same effect as if the Loan Contract was signed in a hard single copy.
11. Service
The Borrower should contact Lenderwize if there are any terms of a Loan Contract it wishes to discuss. Alternatively the Borrower may wish to seek independent advice to help it fully understand the Loan Contract and the implications of its terms.
Complaints about our service
Lenderwize wishes to hear from the Borrower if the Borrower has any suggestions for how we could improve our service. If the Borrower wishes to make a formal complaint, the Borrower may do so in person, in writing by post or email or by telephone.
12. Defined terms
In these Standard Terms and each Loan Contract the following words have the meanings set out next to them in the table below:
- “Bid” a bid which a Lender notifies to Lenderwize making that Lender’s offer of funds in satisfaction of a Loan Request
- “Borrower” the telecom wholesaler identified as the Borrower in the Primary Loan Terms
- “Lenderwize” Lenderwize Limited a company incorporated in England and Wales with registered office at 1 Charterhouse Mews London EC1M 6BB
- “Primary Loan” the summary of the key commercial terms applicable to a particular Loan
- “Loan Terms” Contracts made on a single occasion between a Borrower and each relevant Lender
- “Listing Close Date” the date upon which a successful Bid process is completed and a Loan is fully funded
- “Lender” or “Lenders” the persons identified as the Lender or Lenders in the Primary Loan Terms
- “Loan” the aggregate loan transaction entered into between a Borrower being accepted by the Borrower
- RISK – Investment through Lenderwize involves lending to small and medium sized businesses, so your investment can go down as well as up.
Nium Platform Terms & Conditions