Madison Carter Finance Bridging Loans “Terms & Conditions”
Bridging Loans Broker Terms and Conditions
These Terms and Conditions (“Terms”) govern the relationship between Madison Carter Finance (“Broker”) and its clients (“Client” or “Clients”) seeking bridging loan services. By engaging the services of the Broker, the Client agrees to these Terms. Please read these Terms carefully before proceeding.
1. Broker Services:
1.1 The Broker acts as an intermediary between the Client and potential lenders, facilitating the arrangement of bridging loans.
1.2 The Broker will assess the Client’s financial situation and requirements to match them with suitable lenders and loan products.
1.3 The Broker will provide professional advice and recommendations based on the information provided by the Client.
1.4 The Broker will assist the Client in completing the necessary application forms and documentation required for the bridging loan process.
1.5 Madison Carter Finance has a two-week exclusivity period upon instruction to source a solution for the client. No other parties, such as brokers or lenders, will be engaged during this period.
Confirmation Of Our Advice Areas
Any financial advice we provide will be based on your personal financial circumstances and objectives. It is important that the information you give us is both accurate and a true reflection of your current circumstances.
It is your responsibility to provide complete and accurate information to a provider (a provider being for example, an organisation that provides insurance, mortgage, or investment related plans).
It is important that all statements made on any proposal form, or on any additional documentation are full and accurate.
Please be aware that if you fail to disclose any relevant information, or any change of circumstances to a provider, then the terms of your desired plan may be invalidated (e.g. an insurance claim may not be paid). We strongly recommend that the information you provide is checked thoroughly prior to submission.
Unless agreed by us at outset all communication will be completed in English. We will communicate in a manner that is convenient to you, this could include Face-to-Face meetings, Post, E-mail and by telephone.
Bridging Loan Mortgage Advice: All advice will be conducted in the EEA. This means that both you and I could be in any EEA country including the UK at the time advice is given.
The service we provide is described as an ’intermediation’ service. This means we provide advice with the intention of acting between you and a product provider to arrange a financial product or service. If we did not do this we would be liable for VAT on the fees charged. VAT is not applicable on the fees we charge for intermediation services. In arranging the sale of retail financial products an adviser fee made for advice, even if you decide not to proceed with the purchase of the recommended product, will remain VAT free where the adviser has provided you with full advice services up to that point, including all relevant documentation.
In the event that the advice services we provide become ancillary to our intermediation services, VAT may become chargeable (e.g. we review your entire financial circumstances but make no or limited recommendations).
Should this change in the future, and where VAT becomes due, we will notify you before conducting any further work. In any case, where VAT is payable on our services it will be charged in addition to the agreed fee.
Declaration of Other Interests
Madison Carter Finance has a number of payment arrangements with various product providers to facilitate adviser learning and enhance the outcomes for our customers. Further details are available on request.
To ensure that customer interests are always put first, we operate a robust Conflict of Interest and Inducements Policy. If a potential conflicts of interest does arise it will be actively managed, and we have arrangements in place to ensure that all our clients are treated fairly. If we feel that our interests conflict with yours, you will be contacted and we will obtain your consent to proceed. Our conflict of interest policy is available on request.
Madison Carter Finance has a suitable solution for your needs. If such a situation occurs I will ensure that my recommendation is the best execution of your needs. I will also highlight the potential conflict of interest at the time of making the recommendation.
Addressing Financial Crime
All transactions relating to the services provided by us are covered by The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. The FCA also requires that we have appropriate measures in place to prevent the furtherance of financial crime.
Our responsibilities include but are not limited to verifying the identity and address of our clients and any third party making payments on their behalf. If required you must supply proof of your identity in accordance of the above Regulations. Identity verification checks may include electronic searches of the electoral roll and the use of credit reference agencies, which will result in a soft ‘foot-print’ on your credit records.
This foot-print is not visible to other financial service providers and does not affect your credit rating in anyway. In accordance with the Data Protection Act 2018 acceptance of these terms and conditions represents your permission for us to access this information.
The Law that we operate under
All of our agreements provided are governed and construed in accordance with the laws of England and Wales. In relation to any dispute, for your protection you agree to submit to the non- exclusive jurisdiction of the English courts.
2. Client Obligations:
2.1 The Client agrees to provide accurate and complete information to the Broker for the purpose of obtaining a bridging loan.
2.2 The Client must disclose any material facts or changes in circumstances that could affect the loan application or its terms.
2.3 The Client acknowledges that they are responsible for reviewing and understanding the terms of any loan offered by a lender introduced by the Broker.
2.4 The Client shall bear any costs or fees associated with the loan application or the bridging loan process.
3. Lender Selection:
3.1 The Broker will make reasonable efforts to find suitable lenders for the Client, but cannot guarantee loan approval or specific loan terms.
3.2 The Client understands that the final decision on loan approval and terms rests solely with the lender.
3.3 The Broker may receive commission or fees from lenders for successful loan introductions, and this shall not impact the Client’s cost for the service.
3.4 The Broker has a panel of lenders they package up cases for.
4.1 The Broker agrees to treat all Client information with strict confidentiality and will not disclose any personal or financial data to third parties without the Client’s consent, except as required by law. In accordance with the ico.
On occasion we may share your details with a master broker. You data will be used under the ico guidance and data protection.
The Data Protection Act 2018
The personal information you provide will assist your financial adviser in offering you the best advice as required by the Financial Services and Markets Act 2000. The personal data you provide will be used and stored in accordance with the Data Protection Act 2018 which incorporates the requirements of the General Data Protection Regulation (GDPR) into UK legislation. Before collecting any data from you, you will be issued with a Privacy Notice Document and will be asked to agree to the collecting, storing and use of your Special Category Data.
5. Fees and Payments:
5.1 The Broker may charge fees for its services, which will be communicated to the Client before proceeding with the loan application.
5.2 The Client agrees to pay any agreed-upon fees promptly and as outlined in the fee agreement.
5.3 In the event that the Client decides not to proceed with a loan application after the Broker’s services have been engaged, any applicable fees for services rendered may still be charged. Such as abortive fess.
6.1 Either party may terminate the engagement by providing written notice to the other party.
6.2 Termination of the engagement shall not affect any accrued rights or liabilities of either party.
7. Limitation of Liability:
7.1 The Broker will act diligently and in good faith, but it shall not be liable for any losses, damages, or costs incurred by the Client or any third party arising from the use of its services, except in cases of negligence or breach of legal obligations.
7.2 The Broker shall not be responsible for any lender’s actions, omissions, or decisions in relation to the loan application or the loan itself.
8. Governing Law:
8.1 These Terms and the relationship between the Client and the Broker shall be governed by and construed in accordance with the laws of [Jurisdiction], without regard to its conflict of laws principles.
9.1 The Broker reserves the right to amend these Terms from time to time, and any changes will be communicated to the Client in writing.
These ‘Terms of Business’ apply until further notice and must be read in conjunction with the ‘Guide To Our Bridging Loans & Development Finance’. In case of any ambiguity of this document ask one of our staff to confirm the terms.
Either we or you can end these terms at any time, without penalty and this will not affect any outstanding transactions being carried out on your behalf.
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The ‘Book Now’ price is for the total number of days of the selected hire period. If the vehicle is returned more than 1 hour late, an extra day’s rental will be charged. Minimum hire periods apply to Weekends, Bank/Public holidays and to some locations.
You will have the vehicle for the rental period shown in the agreement. We may agree to extend this rental period but the rental period may never be more than 30 days. If you do not bring the vehicle back on time you are breaking the conditions of this agreement. We can charge you for every day or part-day you have the vehicle after you should have returned it to us. Until we get the vehicle back we will charge you the daily rate published on our website.
Payment is accepted by debit, credit, Amex card or by BACS. Please note admin fees: debit card no fee, credit card 2.5% and Amex 5% fee.
A security deposit of £5,000 will be taken at the time of rental.
The deposit (pre authorised on a debit, credit or Amex card) is refundable, provided the vehicle is returned with no new damage and the same amount of fuel.
For early bookings e.g. 2-3 months in advance we take a 30% deposit and the balance 4 weeks before. Bookings within 0-8 weeks we require full payment.
Please note once a booking is confirmed it cannot be cancelled or re-arranged. If you have just paid a deposit and in the event of cancellation then you would still be liable for full payment.
All self drive hire quotes include fully comprehensive cover although security deposit / insurance excesses apply.
The amount of excess depends on which car you have rented. We do not offer any facility e.g. CDW to reduce the excess.
The security deposit ranges of £5,000 (Excesses vary from car to car so please ask)
Minimum and maximum age limits apply. Details of which can be found on a quote page. There is a £25+vat per day per extra driver charge for additional drivers up to a maximum of 3 drivers in total.
The minimum age is 25 (limited cars). Majority of our cars are 28 years and above to a maximum age limit of 70 years.
Loss or Damage to Vehicle
Rates include comprehensive accidental damage cover, except for the first £1,000 – £10,000 which is dependant on the excess of the car you hired.
What to do if you have an accident
All accidents must be reported within 24 hours and an accident report form completed. Failure to do this may result in the insurance becoming invalid. If you have an accident you must not admit responsibility. You should get the names and addresses of everyone involved, including witnesses. You should also: make the vehicle secure; tell the police straight away if anyone is injured or there is a disagreement over who is responsible; and call our emergency helpline.
All our vehicles are fitted with telematic devices and your vehicle may be tracked for asset recovery and insurance purpose or in the event of unauthorised usage.
Rates include 100 inclusive miles per day then a cost per mile thereafter
Driving Licence / Required Identification
A valid original driving licence (held for at least five years) must be produced at the time of hire.
Copies of ID must be sent prior to hire and originals must be available to show on the day of hire.
Proof of ID required: Driving licence, DVLA check, Passport, 2 x proof of home address (within 3 months and formal in nature e.g. bank / credit card statement, utility bill, council tax etc).
Fuel is not included in the price. If the vehicle is not returned with the same amount of fuel then there is a charge of £25+vat plus cost of fuel at the time of hire.
There is a £25+vat per day per driver charge for any additional drivers. Driving licences for additional drivers must be shown at the time of hire plus copies prior to hire.
London Congestion Charge / Dart Charge
You are liable for the first and last day of the hire if the vehicle is delivered and/or collected in the congestion zone or if we travel through the zone to the delivery/collection location. The hirer is liable and responsible for any additional days payment if the vehicle is driven in the zone during any other apart of the rental.
The hirer is responsible for ensuring the vehicle is returned to the agreed location. If we have agreed for the vehicle to be returned outside of office hours, the hirer will remain responsible for the vehicle and it’s condition until it is re-inspected by a member of our staff. The hirer will remain responsible for the vehicle and it’s condition and any parking charges until it is re-inspected by a member of our staff.
Customers are able to park their own vehicles at our Head office location.
Parking, Traffic and other offences / fines
All fines and court costs for parking, traffic or other offences (including any costs which arise if the vehicle is clamped or towed) are the responsibility of the hirer. An extra £25+vat admin charge per offence will apply.
No Smoking Policy
We operate a no smoking policy on all rental vehicles and reserve the right to charge a fixed £500 valeting fee on return of the vehicle if you have smoked or allowed smoking within the vehicle. This includes allowing cigarette smoke or ash into the vehicle which would imply the above.
Cars may be taken out of England, Scotland or Wales but only with pre-written consent from us. Vehicles taken abroad will be subject to a Green card, which is European insurance cover. For a week or part of its an extra £175 fee.
Child / Baby Seats
We do not supply car seats. Any fitting of your own car seat is the responsibility of the hirer.
Once a payment has been taken and the booking has been confirmed via email the hire cannot be cancelled, re-booked or changed under any circumstances. In the event of a deposit taken, you may well still be liable for the full amount.
Your contract with us
By signing the form at the place you rented the vehicle from, you will have accepted the conditions set out in this rental agreement. Please read the agreement carefully. If there is anything you do not understand or do not agree with, please ask a member of staff at the time of hire.
You must look after the vehicle and the keys to the vehicle. You must always lock the vehicle when you are not using it, and use any security device fitted to or supplied with the vehicle. You must always protect the vehicle against bad weather which can cause damage. You must make sure that you use the correct fuel.
You are responsible for any damage to the vehicle during your hire.
You must not sell, rent or dispose of the vehicle or any of its parts.You must not give anyone any legal rights over the vehicle.
You must not let anyone work on the vehicle without our permission. If we do give you permission, we will only give you a refund if you have a receipt for the work from a VAT registered garage.
You must let us know as soon as you become aware of a fault in the vehicle.
You must bring the vehicle back to the place we agreed. One of our staff must see the vehicle to check that it is in good condition. If we have agreed that you may return the vehicle outside business hours, you will remain responsible for the vehicle and its condition until it is reinspected by a member of staff.
You will have to pay for reasonable costs of repair if:
• we have to pay extra costs to return the vehicle to its condition when the pre-rental inspection was carried out (for example, if extra valeting time or special material or equipment is needed to restore the vehicle to its pre-rental condition); or
• you have damaged the inside of the vehicle.
Before you bring back the vehicle you must check that you have not left any personal belongings in the vehicle.
We have maintained the vehicle to at least the manufacturer’s recommended standard. We assure you that the vehicle is roadworthy and suitable for renting at the start of the rental period. We are not responsible for indirect or consequential losses which happen as a side effect of a breakdown which are not foreseeable by either party (such as loss of profits or loss of opportunity).
We are only responsible for loss or damage to property left in the vehicle if the loss or damage results from our negligence or a breach of contract.
Conditions of use
The vehicle must only be driven by you and any other driver named only, or by anyone else we authorise in writing. Anyone driving the vehicle must have a full valid driving licence.
You or any other authorised driver must not:
• use the vehicle for hire or reward;
• use the vehicle for any illegal purpose;
• use the vehicle for racing, pacemaking, testing the vehicle’s reliability and speed or teaching someone to drive;
• use the vehicle while under the influence of alcohol or drugs;
• drive the vehicle outside England, Scotland and Wales, unless we have given you written permission;
We work out our charges using as per repair costs stated on the contract. You will be liable for:
The rental and any other charges we work out according to this agreement.
Any charge for loss or damage resulting from your hire.
A refuelling service charge if you have used, and not replaced, the quantity of fuel that we supplied at the start of the original rental. £25+vat plus cost of fuel.
All fines and court costs for parking, traffic or other offences (including any costs which arise if the vehicle is clamped). You must pay the appropriate authority any fines and costs if and when the authority demands this payment. If you do not, you will be responsible to pay our reasonable administration charges which arise when we deal with these matters.
The reasonable cost of repairing any extra damage which was not noted on our damage sheet / contract, whether you were at fault or not. And the reasonable cost of replacing the vehicle if it is stolen due to hirer negligence.
A loss-of-income charge, when we demand it, if we cannot rent out the vehicle because it needs to be repaired, it is a write-off (can’t be repaired) or it has been stolen and we are waiting to receive full payment of the vehicle’s value. We will charge you at the published daily rate and we will never charge you for more than 30 days’ rental charges. We will always do everything we can to make sure the vehicle is repaired or we get payment as soon as possible.
Interest which we will add every day to any amount you do not pay us on time, at the rate of 4% a year above the base lending rate.
Value added tax and all other taxes on any of the charges listed above, as appropriate. You are responsible for all charges, even if you have asked someone else to be responsible for them.
This is possible but rare due to the value of our vehicles. We have to refer the amount of cover you arrange, the type of policy and the insurer you have chosen to our insurers before the hire can commence. Proof of an insurance certificate or cover note will be required.
We must be satisfied with the cover and policy conditions, and you must not change them. We may ask your insurers to record our name as owners of the vehicle. If the vehicle is damaged or stolen you will let us negotiate with the insurers about whether the vehicle can be repaired or what compensation is due to us. You are financially responsible for settling the full claim and paying all costs if the policy you have arranged fails and the vehicle is damaged, lost or stolen, or a claim as made by any other party.
All cars are subject to availability and can be subject to change without prior notice.
You agree that we may use any information you have given us to carry out our own background research. If you break the agreement we can give this information to credit reference agencies, the Driver and Vehicle Licensing Authority (DVLA), debt collectors and any other relevant organisation.
Ending the agreement
If we end this agreement it will not affect our right to receive any money we are owed under the conditions of this agreement. We can also claim reasonable costs from you if you do not meet the main requirements of this agreement. We can repossess the vehicle (and charge you a reasonable amount) without using unreasonable force or causing damage.
Governing UK Law
This agreement is governed by the laws of the UK. Any dispute may be settled in a court in the UK.
If you would like any further clarification regarding our terms and conditions, please contact our customer services.