Resources
Exit plan checklist
Questions to work through before taking a short-term loan, so the way it will be repaid is clear, documented and has a backup.
Preparation checklist. This is not an eligibility or credit assessment and does not predict whether any lender will lend.
Download PDFInteractive checklist
Primary exit
- What will repay the loan: sale, refinance or another source
- The date the exit is expected, and the date the loan expires
- Evidence of the exit, in writing where possible
- Costs deducted before the loan is repaid, such as selling costs or refinance fees
Timing
- Time to prepare the property for sale or refinance
- Marketing campaign and settlement period
- A buffer for delays
- How and when the lender considers extensions, and their cost
Backup exit
- What happens if the sale price is lower than expected
- What happens if a refinance is not available on time
- Other assets or funds that could be used
- Who to contact early if the exit is at risk