Gillian Clark
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Jackie Ward
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When you agree to act as a guarantor on a loan or commercial finance arrangement, you take on serious legal and financial responsibilities.
Lenders usually require you to obtain Independent Legal Advice (ILA) before the guarantee is finalised. This protects everyone involved by ensuring you understand the nature and risks of the commitment you are making.
Guarantees are legally binding and ILA provides clarity on:
- Your obligations under the guarantee;
- The circumstances in which the lender may pursue you;
- The potential impact on your personal or business assets;
- Any opportunities to negotiate or limit your exposure; and
- The consequences of signing without full understanding.
A clear explanation from an independent solicitor helps you make an informed choice with confidence.
We provide a professional, friendly and prompt service for clients who require independent legal advice in connection with:
- Personal guarantees for business loans;
- Director guarantees;
- Commercial mortgages and property finance;
- Refinancing arrangements;
- Development finance; and
- Bridging finance.
We will carry out a full review of the documentation, and a plain-English explanation of the key terms, and practical guidance tailored to your circumstances. Once the advice has been given, we will sign the lender’s ILA certificate or solicitor’s confirmation letter so the transaction can proceed without delay.
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Commercial Property Team