Finance and the ability to borrow or raise funds has become an integral part of personal and business life.
As these areas of law evolve, loan documentation and the structuring of loans and the requirements before a lender will agree to provide finance are becoming more complex and more regulated, which emphasises the need for professional legal advice to be obtained at the earliest possible opportunity for both lenders and borrowers alike.
Lenders and Secured Parties
If you are a bank, financial institution or a private entity lender, we can assist you with the establishment of a loan facility by:
- preparing loan agreements and security documents, for example, mortgages, general security agreements or security agreements over specific assets and personal guarantees;
- undertake legal searches and enquiries of the security offered by the borrower or other parties to the loan; and
- register any security (such as mortgages with the Queensland Land Registry or security interests on the Personal Property Securities Register).
We can also assist with consents requested during the term of such a loan, such as early repayment requests, discharge or releases, substitution of security or parties or even security assignments (whether between borrowers, guarantors or even with other lenders).
If default occurs at any stage, we can assist with any mandatory notices required by law and also all stages of any enforcement proceedings that may need to be commenced to recover any amounts payable under a loan facility, including the sale of any security, property or assets that may be required to give effect to the above.
If you are providing credit to customers then we can best advise you about drafting a credit application or terms of trade in conformity with the Personal Properties Securities Act 2009 (Cth);
Borrowers and Guarantors
If you are borrowing money from a bank or other institution, our expert commercial lawyers can:
- advise as to the important terms of the loan facility and the security documents including the rights and obligations imposed on the parties (whether as borrower(s) or guarantor(s) or otherwise);
- negotiate the terms of the finance facility including how the security should be structured; and
- assist with execution and the provision of independent solicitor advice certificates as may be required by the lender.