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Too intrusive

We also need a completed SALIE to confirm that his drawings/dividends from the business is sufficient to cover his personal expenditures. Can you please ask the client to complete this at his earliest convenience?

This was a question posed by a major bank in response to a loan application. Read it through

Banks do need to know that a owner isnt habitually taking out excessive sums from his business and rightly so but that is clearly demonstrated in the accounts. Owners will understand that but to be asked whether the drawings are sufficient is pretty ludicrous especially with a business with a good number of years trading and steady results

The banks dont get it. Yes this type of intrusiveness has been around for some time but the compettion is gathering pace and it is prefectly understandable why borrowers are looking at alternatives

Yes the peer to peer lenders are more expensive but as the critical mass and competition within that sector develops these rates will drop.

 

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