The Simple Construction Loan Agreement is designed for use in England and Wales when a lender provides financing for construction projects. This document is particularly relevant for smaller to medium-sized construction projects where straightforward financing arrangements are required. It includes essential provisions for loan disbursement, security arrangements, and construction milestones while ensuring compliance with UK building regulations and financial services laws. The agreement balances the lender's security requirements with the practical needs of construction financing, incorporating necessary safeguards for both parties.
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1. Parties: Identifies and defines the lender and borrower
2. Background: Explains context of the loan and construction project
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies loan amount and permitted uses
5. Interest and Repayment Terms: Details interest rate, payment schedule, and repayment mechanisms
6. Conditions Precedent: Lists conditions that must be met before loan disbursement
7. Security: Details security arrangements for the loan
8. Borrower Covenants: Lists borrower's ongoing obligations
9. Events of Default: Defines circumstances constituting default
1. Cost Overrun Provisions: Additional funding arrangements if project exceeds budget - typically used for larger construction projects with significant cost risks
2. Step-In Rights: Lender's rights to take control of project in specific circumstances - typically used for complex commercial construction projects
3. Environmental Provisions: Environmental compliance requirements - used when project has significant environmental impacts
1. Schedule 1 - Property Details: Detailed description of construction property
2. Schedule 2 - Construction Schedule: Timeline and milestones for construction
3. Schedule 3 - Draw Down Schedule: Timing and conditions for loan disbursements
4. Schedule 4 - Form of Contractor Direct Agreement: Standard form agreement with main contractor
5. Appendix A - Construction Plans: Approved construction plans and specifications
6. Appendix B - Required Insurance: Details of required insurance coverage
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