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What are the requirements for inter-company loans?
Landbay may consider applications from SPV companies that may benefit from a loan from a parent/associated company.
The requirements are:
- There must be common directors between the SPV and company providing the intercompany loan.
- Where the SPV is jointly owned it is acceptable for the company providing the loan to be owned by just one of the owners of the SPV.
- The company providing the loan must be a UK incorporated company and been actively trading for a minimum of 12 months.
- The company providing the loan must be owned by individuals and cannot have any form of layering ownership structure (i.e. direct ownership by people, no holding company.)
- Loan between companies must not carry any interest rate and term must not be greater than the mortgage term.
- 3 months bank statements required from the company providing the loan to show funds available, further questions will be asked if any concerns over transactions showing.