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Loan Application Terms

ABOUT US:

This is an agreement between “us/we/our”, “Developer Money Market” (a trading name of DMM Technologies Limited, a limited company registered in England and Wales, registered in England number 12150045, registered address, DMM Technologies Ltd, 3rd Floor, 86-90 Paul Street, London EC2A 4NE); and you “The Client/Clients”.

  • We maintain a database of specialist property development funders known as a “Lender” or “Lenders”.
  • Developer Money Market is not regulated by the Financial Conduct Authority (FCA) and, therefore, only operates within non-regulated services. We reserve the right to decline any application that we consider may be for personal purposes or that may fall within regulated lending.
  • Our “Service” is to act for developer Clients who are seeking property development finance and use our database of Lender contacts to introduce potential providers of a “Loan” or “Loans”. A Loan may also be known as a “Facility”.
  • Upon you successfully achieving the first drawdown of a loan from a lender introduced by us, we receive a procuration / broker fee paid to us by the lender. Any fees will be clearly defined in the terms of the loan.

DEVELOPER MONEY MARKET OBLIGATIONS TO YOU:

We will have the following duties to The Client; to serve you faithfully and diligently and not to allow its interests to conflict with its duties under this Agreement:

  • Your data will not be shared with any third party other than is necessary to carry our Service to introduce you to a lender and will comply with our Privacy Policy.
  • We will comply with your reasonable and lawful instructions issued as part of the financing.
  • We will review your application and the information provided and will liaise with you in approaching a Lender for development Loans.
  • Please note that rates and underwriting criteria can change and the Lenders we work with reserve the right to do this at any time and without notice.

YOUR OBLIGATIONS AS THE CLIENT:

You will have the following obligations to Developer Money Market:

  • You must at all material times act in good faith towards us.
  • You will provide to us at all material times the information which we reasonably require to carry out our duties.
  • You confirm that you have the right to enter into this agreement. It is important that the information you provide is correct.
  • Any timescales estimating when the Loan should complete will be dependent on the swift return of Loan documentation, proof of identification and any other documentation we may need. If we or the Lender need to contact any other third parties who do not respond promptly, this may cause the application to take longer to complete.
  • You acknowledge and agree that we shall have no liability in respect of any issues with the Loan arrangement or the property which is the subject of any transaction, and that Developer Money Market’s sole liability to you shall be in respect of its delivery of the Service under this agreement.

GENERAL MATTERS

  • Each party shall at its own expense comply with all laws and regulations relating to its activities under this Agreement, as they may change from time to time, and with any conditions binding on it in any applicable licenses, registrations, permits and approvals.
  • This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales.
  • You have read the privacy policy for Developer Money Market and provide permission for to access necessary information to process this development loan application. It is a requirement that neither the borrower, nor any close relative, may occupy or attempt to occupy the land, property or part thereof being financed.
  • You are obliged to disclose any allegations of fraud, fraudulent misrepresentations, embezzlement, or breach of fiduciary duty including, without any limitation, any allegations of fraudulent or wrongful insurance claims, regardless of whether these resulted in a civil or criminal investigation or claim. You are obliged to disclose any criminal convictions, any allegations of criminal activity, pending charges of any other such allegations.
  • Our due diligence procedures require us to confirm your identity in accordance with UK Anti Money Laundering Legislation (AML). To comply with AML we will, in due course, require from you proof of your identity.