Once we issue a formal loan offer to your company, it is valid for 30 days from the date shown on the offer document. If you do not draw down within that window, the offer lapses and a fresh assessment will be required before we can proceed.
Why offers have an expiry date
Our decision is based on the company's financial position and bureau data at a specific point in time. After 30 days, the picture may have changed — trading conditions shift, new credit commitments may have been taken on, or bureau data may have updated. Refreshing the assessment protects both us and the company from proceeding on the basis of stale information.
What happens if an offer lapses
If your offer expires before drawdown, contact us as soon as possible. In many cases, where nothing material has changed in the company's position, a refresh can be completed quickly — often faster than the original assessment because we already hold much of the background information. There is no automatic penalty for allowing an offer to lapse; it simply means we need to re-verify the current position before issuing a new offer.
Can an offer be extended?
In some circumstances we may be able to extend an offer by a short period if you contact us before the expiry date and there is a specific, documented reason for the delay in drawdown — for example, a property completion date or a supplier lead time. Extensions are considered on a case-by-case basis and are not guaranteed. The 30-day period and any extension terms will be stated clearly on the offer document itself.
Timescales and validity periods described here are illustrative of standard practice; the terms stated in your specific offer document take precedence.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: How long does a lending decision take?, Can I change the loan amount after receiving an offer?.