New Introductory Commission terms
Effective from 1st April 2018
First Merchant will pay a single introductory commission of 1.00% (one per cent) of the loan granted on new cases submitted to us from 1st April 2018. This commission will be paid to the introducer when their client draws down our loan facility. We will not pay any repeat commission to the introducer on any further loan facilities we may subsequently grant to the same borrower.
If we agree to progress a new case, we will issue a Commission Agreement to the introducer which will validate the introduction. We will not pay commission on a case unless we have issued a Commission Agreement.
First Merchant pay Introductory Commission from their own resources and neither add the commission to the borrower’s loan nor deduct the commission therefrom so this payment does not affect the terms of the borrower’s loan contract or the quoted APR calculation.