This Loan Agreement with Security is for a loan to a business by another business or individual or for a loan to an individual by another individual where the borrower offers certain assets to the lender as security for the loan. Form for use in the UK.
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This Loan Agreement with Security template is for a loan to a business by another business or individual (although it may also be used for a loan to an individual by another individual) where the borrower offers certain assets to the lender as security for the loan.
Interest is charged on the loan with the interest being calculated at a monthly rate of one twelfth of a nominated annual rate above the published annual base rate from time to time of the Bank of England. Repayment of the loan and interest is on a monthly basis. The agreement contains provisions allowing for the increase or decrease in monthly payments in accordance with the increase or decrease in the published annual base rate.
The agreement allows the borrower to repay the loan and interest within a specified time but the borrower may repay the loan and interest at any time by giving notice in writing to the lender or by paying a specified number of months interest in lieu of notice. The agreement contains provisions regarding preservation of the assets, including the maintenance of such insurance cover as the lender may require, the lender's right to inspect the assets, the borrower's obligation to make the assets available for inspection to the lender and default provisions.
You can view a sample online of a completed Loan Agreement with Security template by following this link: View Sample.
This agreement is suitable for use in the UK: England, Scotland and Wales. It includes relevant clauses and allows inclusion of details:
The Word Template version of the agreement contains the facility to automatically calculate the monthly interest and capital repayments and to recalculate loan repayments if there is a change in interest rate.
This document is available individually or as part of a Full Annual Subscription (£199 own use) - giving you access to wide range of documents, packages and forms for a single annual fee. Similar individual loan documents: