Funding Circle share some frequent trends from Q1. CCJs
- CCJs do not always show on the borrower’s TransUnion credit report when we complete our pre offer credit checks.
- We also carry out verification at the KYC stage which can identify a CCJ.
I would strongly advise you to ask the client if they or any of the directors have any personal CCJs upfront to avoid offers being rescinded.Company CCJs within the last 12 months (satisfied or unsatisfied) will be rejected.
- Unsatisfied company CCJs of more than £1,000 will be rejected regardless of time passed.
- Personal unsatisfied CCJs of more than £1,000 will be rejected, this is regardless of how old they are and includes multiple CCJs that total more than £1,000.This is applicable for all directors within the business and shareholders entered on the application.
Accounts
- If accounts are required we will ALWAYS require the full set for the latest year filed on Companies House which includes a detailed profit and loss. Please note we always require both the profit and loss and detailed profit and loss. We will also cross reference against the accounts on Companies House to ensure they match against the figures sent across.
- A detailed balance sheet is required if the value you are requesting will take the customer’s total exposure to £250,000 +, we require this to be included in the accounts when first sent over.
Upcoming plans for Q2 2024 
- We are currently piloting electric personal guarantees with a handful of brokers with the aim of rolling out to the whole of our broker channel in Q2 2024. We are very excited to launch this to the whole channel and speed up our loan closing process.I will be in touch nearer the time of launch.