Commercial lending involves lending to businesses. It allows corporations to fund short-term expenses or invest in new equipment. Business lawyers represent financial institutions and companies in all aspects of commercial lending. Here are some of the services that a business lawyer can provide.
Drafting Loan Documents
Business lawyers draw up lending agreements between debtors and creditors. Having proper documentation is vital for any commercial loan. Lenders must be sure that the loan documents are watertight before they authorise the loan. Business lawyers ensure that documentation does not contain unenforceable terms or loopholes that debtors can use to avoid paying.
Business lawyers can help lenders take action to recover a debt. It is imperative for lenders to follow proper legal processes to recover the money they are owed, as there are strict regulations governing debt recovery. Business lawyers can draft letters to debtors letting them know when they need to pay and how much, as well as the action that will be taken if debtors do not pay. If debtors do not pay, dispute resolution solicitors can help their clients escalate their cases to court.
Sometimes, businesses involved in commercial lending simply need advice to let them know what their options are. Business lawyers and bankruptcy lawyers can advise companies and organisations on the law surrounding commercial lending to ensure they make the most of the opportunities that are open to them, as well as avoiding the potential pitfalls.
Why Do Businesses Need a Specialist?
Specialist business lawyers with commercial lending expertise can help businesses manage their loans. Businesses that get involved with commercial lending without the help of a business lawyer can end up breaking laws or losing money on commercial loans that go wrong. Businesses that engage the services of a business lawyer can be sure that they are following the proper legal processes to recover the money they are owed.
For help with any aspect of commercial lending, businesses can contact GSC solicitors. Our firm of corporate and commercial solicitors in London can help with any aspect of commercial lending. Get in touch today for help with commercial lending or to find out more.