Loan Conditions

Loan Structure

First Merchant grants Repayment Loans over 36 or 60 months and the fixed-payment instalments include Capital and Interest. This means your debt will be totally discharged when you make the final payment on your loan provided the debt has been serviced properly by payment of every scheduled monthly instalment on the due date. All of our loan products offer absolute clarity and we provide Borrowers with a unique Loan Repayment Chart which illustrates the monthly breakdown of capital and interest for every month of their loan.

Business Assessment

All loan facilities are subject to a satisfactory business assessment by our team.

Fees & Costs

First Merchant does not charge their clients any fees, however applicants are responsible for payment of our solicitors’ costs involved in their transaction.

Early Settlement

Loans can be terminated at any time without incurring any exit penalties subject to payment of the minimum interest chargeable in the facility.

Business Monitor Programme

We require to instruct one of our panel Business Management Consultants to visit the subject business(es) within three weeks of drawdown of the facility to check the financial management system. The Consultant will visit the subject business on a quarterly basis during the currency of the loan to monitor progress and ensure that the business is being operated satisfactorily.

Cash Stake

We will require positive proof that applicants can provide sufficient funds from their own resources without recourse to outside borrowing in order to complete the transaction.

Life Insurance

We require non-reducing life insurance to be effected on all borrowers’ lives in the minimum sum of the loan amount which cover must be on risk at drawdown of our funds. This insurance must be maintained on risk throughout the currency of the loan.

Introductory Commission

If your case has been introduced to us by a professional intermediary, we will pay a commission of 2.00% of the loan granted to the Introducer. The payment is neither added to the loan nor deducted from the loan and does not affect the financial structure of the facility or the quoted repayments.