1. Appointment of the Broker
1.1 This document sets out how We will deal with You in the provision of Brokering Services. We will start providing Brokering Services, and The Agreement will be dated, once We and You have signed The Agreement. This date will be the Commencement of The Agreement.
2. Standards Statement
2.1 VIAP Limited adopts a strict Code of Practice and Minimum Industry Standards. We are currently in the process of getting membership of NACFB. You can check Our membership status by contacting the NACFB on the below link. https://www.nacfb.org/
3. Engagement and Broker Fees
3.1 Engagement Fee
There is no engagement fee for our service.
3.2 Broker Fee
The broker fee (per-agreed with client) will be paid by the lender to us on completion of the bridging loan. This is will deducted from the gross loan amount.
4 Client Acknowledgement
4.1 You acknowledge that:
4.1.1 You have been urged to seek such independent advice as You consider necessary before signing The Agreement;
4.1.2 We source Lending Proposals from an unrestricted number of Lenders
4.1.3 We will receive Broker fees from the Lender. This is generally upto 2% of the loan amount.
4.1.4 You have read The Brokers terms and conditions set out below and agree that they form part of this agreement.
4.2 You consent that; You agree to pay the Fees.
4.21 You are aware that We will receive Commission from a Lender for the arrangement of The Agreement and You have no objections to Us receiving this amount.
4.22 You are aware that we are required to disclose the nature of Commission in Our communications, as well as when making a recommendation to You. The existence and nature of Commission arrangements where the Commission varies depending on the Lender, product or other permissible factors will always be disclosed. The disclosure will also cover how the arrangements could affect our recommendations to You. Such disclosures will be made in our Suitability Letter issued to You.
1. Confirmation of Instructions
1.1. Before signing The Agreement, The Broker will complete a Confirmation of Instructions (the Instructions) which shall be read and take effect as if they form part of The Agreement.
1.2. Any change to or variation of the Instructions will not affect the liability of the Client to pay any Fee pursuant to The Agreement.
2. Your duty to Us
2.1. The Client agrees to be act with utmost good faith in the provision of information to The Broker. The duty is continuous and applies to all the information the Client provides, whether The Broker has asked for it or whether The Client has provided it voluntarily. The Client agrees not to withhold information from the Broker.
2.2. The Client agrees to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by the Lender who has made a Finance Offer that accords with the requirements set out in the Confirmation of Instructions
letter.
2.3. The client agrees to notify the Broker if at any time, they intend to appoint an additional or alternate Broker or intermediary to obtain an offer of finance for them whereupon The Broker will be entitled to terminate this Agreement forthwith.
2.4. If the Client fails to notify The Broker that they intend to appoint an alternate or additional Broker or intermediary prior to doing so and if an Offer of Finance is obtained from any Lender, it may be deemed invalid.
3. Introductory Commission
3.1. The Lender will pay The Broker introductory commission in respect of the funding set out in the Finance Offer. If commission is to be paid, and the amount of commission is known to The Broker prior to acceptance of the Finance Offer, The Client will be informed that commission will be paid.
3.2. Commission paid to The Broker may vary in amount depending on the Lender or product. Where the nature of any financial arrangement, including the amount of commission or any other type of remuneration is known in advance of The Broker promoting or recommending a particular Lender or Finance Product, this information will be disclosed to You.
3.3. The Client having acknowledged the matters set out under the Client Acknowledgment consents to The Broker receiving and retaining any commission paid.
4. Termination
4.1. The Broker may terminate the Agreement by giving 14 days written notice to The Client.
5. National Association of Commercial Finance Brokers – The Code
5.1. The Broker agrees to act on behalf of the Client in accordance with the terms of the Code of Practice of the National Association of Commercial Finance Brokers (NACFB) as amended (the Code) and a copy of the Code is available on request from the Association or on the NACFB website www.nacfb.org
5.2. The Broker will investigate and deal with any complaints raised by The Client concerning the services provided under The Agreement promptly and reasonably but if The Broker is unable to resolve any complaint to The Client’s satisfaction the Code of Practice stipulates the procedures available to The Client including NACFB Mediation.
6. Amendments
6.1. Any amendment whether proposed by The Broker or The Client shall be notified in writing to the other party. Any amendment proposed by the Broker shall take effect on the date specified unless in the meantime The Client notifies The Broker to the contrary or requests an extension of time. Any amendment proposed by The Client shall take effect when accepted by The Broker in writing.
7. Privacy Notice and Data Protection
7.1. A Privacy Notice has been issued separately from the Terms of Business. Being transparent and providing accessible information to individuals about how We will use Your personal data is a key element of the EU General Data Protection Regulation (GDPR)
7.2. This Privacy Notice details;
lawful bases for processing data, who We are, how We use the information about You, marketing consent, what information is collected, why the personal data is required, Our data retention periods and individuals’ rights to personal data. More detailed information can be obtained on request.
7.3. You must be confident You understand how Your data will be processed. If You require further clarification, please contact Us before entering into an Agreement.
7.4. If You have not received/seen the Privacy Notice. Contact Us before confirming to
this agreement.
8. Assignments and third-party rights
8.1. This Agreement is personal to The client and a person who is not a party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties)
Act 1999.
9. Professional Indemnity
9.1. The Broker will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.
10. Exclusions
10.1. The Client accepts that The Broker shall have no liability for any economic loss (whether direct, indirect or consequential) insofar as it relates in any way to loss of business, loss of Client data, interruption of business or loss of profits or goodwill because of the manner of performance by The Broker of any obligations arising under The Agreement. This exclusion of liability will not, however, otherwise affect any statutory rights of The Client.
11. Choice of Law
11.1. The Agreement shall be construed in accordance with English Law and the parties irrevocably agree to submit to the exclusive jurisdiction of the English Courts.
