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Offer letter glossary

Forecast turnover

This figure is used to work out how to adjust the facility according to the needs of your business.

Facility Limit

The maximum value of outstanding debts owed by a specified debtor that will be eligible for funding at a particular point in time.

Advance percentage

The percentage of the approved value of notified debts we are willing to make prepayments on.

* notified debts – debts which have been created by the client and the invoice financier is aware of

Recourse period

The period of time over which we will provide funding against a debt.

Concentration percentage

The maximum amount of funding we will provide against each customers approved sales ledger balance.

Set up fee

One off admin fee which is deducted from the opening balance.

Service fee

The charge for the provision of the facility. This is also charged against the take-on ledger.

Discount fee

The charge against the funds in use.

*3.00% above Hitachi Base Rate of 1.25%

Refactoring fee 

A fee payable for the on-going collection costs (and sometimes the continued funding) of a debt that has remained outstanding beyond the recourse period.

Audit Fee

Yearly fee to enable us to run an audit on your businesses finances.

Credit Protection

Facility that ensures up to 90% of your eligible debt is protected against insolvency or prolonged non-payment, minimising the impact on your business.

*£27.50 will be charged after 12 months of the facility going live to renew each customer limit

Trust Account

A bank account in the name of a client/customer, the proceeds of which are held on trust for the invoice financier. It is the account to which the proceeds of debts funded under a debt purchase agreement must be paid. Fee payable on the last working day of each month.

Annual Renewal Fee

Payable on each anniversary of the date of your agreement.