Selling your company puts your borrowing under a buyer’s microscope. Getting the facility in order early makes due diligence smoother and gives you clean options at completion.
Your three broad options
- Settle before completion — request a settlement figure and clear the facility, so the company changes hands debt-free.
- Continue under new ownership — the facility is with the company, so it can continue, subject to us reviewing the new control; the buyer will want to understand the terms.
- Hand over administration — transfer the main administrator role to the incoming director once the sale completes.
Documents the buyer will want
Have your agreement, Key Information Sheet, recent statements and current balance ready. Because the facility is with the company and carries no personal guarantee, the buyer is assessing the company’s obligation, not yours personally. Tell us early if a sale is in prospect so we can help you plan the cleanest route.
Credicorp lends to UK limited companies and LLPs, not to individuals. The agreement is with the company and carries no director personal guarantee. Because this is business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or the FSCS — our own complaints process is the route if something goes wrong.
See also: How to get an early settlement figure, How to transfer the account to a new director, How to evidence your borrowing for a finance application.