Applying for a RR loan - Revision history

Edarin: /* RR sorts out the legal charge with solicitors */

2026-04-29T16:45:56Z

RR sorts out the legal charge with solicitors

← Older revision		Revision as of 16:45, 29 April 2026
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	==RR sorts out the legal charge with solicitors==		==RR sorts out the legal charge with solicitors==

	If it is the first RR loan, then RR and the coop need to sign the legal charge, and register this with the FCA and the land registry.		If it is the first RR loan, then RR and the coop need to sign the legal charge, and register this with the FCA and the land registry.
	If another lender is involved (e.g. for the main mortgage), the conveyancing solicitor will also organise the signing of a dead of priority between the main lender and RR. The legal charge and/or deed of priority need signing and registering. The loaning coop must provide the RR’s solicitor with the details of any other lenders involved. This process has a cost (around £2000) that should be covered by the coop.
	~~This is dealt with by either the conveyancing solicitor (if the coop is purchasing a property) or the RR solicitor (if the coop is not buying a property)~~		If another lender is involved (e.g. for the main mortgage), the conveyancing solicitor will also organise the signing of a dead of priority between the main lender and RR. The legal charge and/or deed of priority need signing and registering. The loaning coop must provide the RR’s solicitor with the details of any other lenders involved.


			This process has a cost (around £2000) that should be covered by the coop.


	==FG holds a loan release meeting==		==FG holds a loan release meeting==
	After these steps, RR Finance Group will hold a loan release meeting to check the documents and confirm the release of the loan.		After these steps, RR Finance Group will hold a loan release meeting to check the documents and confirm the release of the loan.

Edarin at 16:43, 29 April 2026

2026-04-29T16:43:45Z

← Older revision		Revision as of 16:43, 29 April 2026
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	CCF emails the coop a loan agreement - CCF sets up the docusign so that the agreement gets emailed to be electronically signed by the first member, then the 2nd member, then the witness.		CCF emails the coop a loan agreement - CCF sets up the docusign so that the agreement gets emailed to be electronically signed by the first member, then the 2nd member, then the witness.

	CCF then emails the coop an attachment called the Direct Debit instruction (1 page form). This should be printed by the coop, completed, signed (using a pen) and posted back to CCF. CCF will then forward this to the coop's bank in order to set up a regular monthly direct debit payment bank.		CCF then emails the coop an attachment called the Direct Debit instruction (1 page form). This should be printed by the coop, completed, signed (using a pen) and posted back to CCF. CCF will then forward this to the coop's bank in order to set up a regular monthly direct debit payment bank.

			This process has a cost (around £350) that should be covered by the coop.

	==RR sorts out the legal charge with solicitors==		==RR sorts out the legal charge with solicitors==

	If it is the first RR loan, then RR and the coop need to sign the legal charge, and register this with the FCA and the land registry.		If it is the first RR loan, then RR and the coop need to sign the legal charge, and register this with the FCA and the land registry.
	If another lender is involved (e.g. for the main mortgage), the conveyancing solicitor will also organise the signing of a dead of priority between the main lender and RR. The legal charge and/or deed of priority need signing and registering. The loaning coop must provide the RR’s solicitor with the details of any other lenders involved.		If another lender is involved (e.g. for the main mortgage), the conveyancing solicitor will also organise the signing of a dead of priority between the main lender and RR. The legal charge and/or deed of priority need signing and registering. The loaning coop must provide the RR’s solicitor with the details of any other lenders involved. This process has a cost (around £2000) that should be covered by the coop.
	This is dealt with by either the conveyancing solicitor (if the coop is purchasing a property) or the RR solicitor (if the coop is not buying a property)		This is dealt with by either the conveyancing solicitor (if the coop is purchasing a property) or the RR solicitor (if the coop is not buying a property)


	==FG holds a loan release meeting==		==FG holds a loan release meeting==
	After these steps, RR Finance Group will hold a loan release meeting to check the documents and confirm the release of the loan.		After these steps, RR Finance Group will hold a loan release meeting to check the documents and confirm the release of the loan.

Sim.brighton at 15:49, 2 February 2026

2026-02-02T15:49:43Z

← Older revision		Revision as of 15:49, 2 February 2026
Line 5:		Line 5:

	The amount RR has available to lend is a factor coops will consider when applications come up, which is reported on in the Finance Report in each gathering agenda.		The amount RR has available to lend is a factor coops will consider when applications come up, which is reported on in the Finance Report in each gathering agenda.

	=Application Process=		=Application Process=

Line 19:		Line 18:

	Finance Group will then submit this recommendation, along with the modelling spreadsheet, and the RR loan application form to the Agenda Sec, for the upcoming gathering to make a decision on.		Finance Group will then submit this recommendation, along with the modelling spreadsheet, and the RR loan application form to the Agenda Sec, for the upcoming gathering to make a decision on.

	=After it has been approved=		=After it has been approved=

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	The RR finance worker then sends this contact and loan info to CCF.		The RR finance worker then sends this contact and loan info to CCF.

	==CCF sets up a loan agreement and direct debit for the coop to sign==		==CCF sets up a loan agreement and direct debit for the coop to sign==
	CCF (Coop and Community Finance - who administer RR loans and are authorised to take direct debits) asks the coop for the full name, email and phone number of 2 coop members, and 1 witness, in order to finalise the documentation and issue the DocuSign.		CCF (Coop and Community Finance - who administer RR loans and are authorised to take direct debits) asks the coop for the full name, email and phone number of 2 coop members, and 1 witness, in order to finalise the documentation and issue the DocuSign.
Line 50:		Line 47:
	If it is the first RR loan, then RR and the coop need to sign the legal charge, and register this with the FCA and the land registry.		If it is the first RR loan, then RR and the coop need to sign the legal charge, and register this with the FCA and the land registry.
	If another lender is involved (e.g. for the main mortgage), the conveyancing solicitor will also organise the signing of a dead of priority between the main lender and RR. The legal charge and/or deed of priority need signing and registering. The loaning coop must provide the RR’s solicitor with the details of any other lenders involved.		If another lender is involved (e.g. for the main mortgage), the conveyancing solicitor will also organise the signing of a dead of priority between the main lender and RR. The legal charge and/or deed of priority need signing and registering. The loaning coop must provide the RR’s solicitor with the details of any other lenders involved.
	This is dealt with by either the conveyancing solicitor (if the coop is purchasing a property) or the RR solicitor (if the coop is not buying a property)		This is dealt with by either the conveyancing solicitor (if the coop is purchasing a property) or the RR solicitor (if the coop is not buying a property)

	==FG holds a loan release meeting==		==FG holds a loan release meeting==
	After these steps, RR Finance Group will hold a loan release meeting to check the documents and confirm the release of the loan.		After these steps, RR Finance Group will hold a loan release meeting to check the documents and confirm the release of the loan.

Sim.brighton: new page

2026-02-02T15:48:39Z

new page

@@ Line 1: / Line 1: @@
-When a new co-op puts in an application for a loan from Radical Routes....
+The decision to approve a loan is made by the gathering where all member coops can feed in.
 =Application Process=
-==Business Plan==
+In order to apply for a loan, coops should fill in the 40 year modelling spreadsheet and complete a RR loan application form.
-=Timeline=
+The finance worker will move any money around in the RR bank accounts and set up the payment from the main RR bank account. This will need authorising.

Ruby at 16:12, 24 November 2025

2025-11-24T16:12:55Z

← Older revision		Revision as of 16:12, 24 November 2025
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	When a new co-op puts in an application for a loan from Radical Routes....		When a new co-op puts in an application for a loan from Radical Routes....

	~~We say yes!~~		=Application Process=

			==Business Plan==

			=Timeline=

Ruby: Created page with "When a new co-op puts in an application for a loan from Radical Routes.... We say yes!"

2025-11-24T16:10:16Z

Created page with "When a new co-op puts in an application for a loan from Radical Routes.... We say yes!"

New page

When a new co-op puts in an application for a loan from Radical Routes....

We say yes!