The cleanest approach is to apply as whatever legal entity will actually be the borrower, once that structure is properly in place. Applying mid-change — say, just as a partnership incorporates into a limited company — risks a mismatch, because the entity that borrows must be the one we assess and that exists on the register.
Apply as the settled entity
We lend to a specific legal entity — a UK limited company or LLP — and assess its trading and record. If you are about to change structure, waiting until the new entity is registered and trading avoids confusion over which company is applying — which business types can apply. The corpus note on changing from Ltd to LLP covers a related case.
A brand-new entity may need trading history to build before it can be assessed — like a new company. An established entity carrying on largely unchanged is simpler.
Get the record straight first
Make sure Companies House reflects the current, correct structure before applying — what if my companys details have recently changed. If timing is pressing, talk to us first about the best moment.
Once the structure is settled, apply.
We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime — as an exempt lender under Article 60B of the Regulated Activities Order we sit outside FCA consumer-credit regulation, so the Financial Ombudsman Service and FSCS do not apply.
See also: Our company changed from ltd to llp does that affect our application, What if my companys details have recently changed, Which business types can apply?.