Redemption statements: a checklist for getting them right
A redemption statement is the last document a borrower sees from you. A short checklist for accurate, on-time statements, and why they should come from the loan record.
Redemption is the moment a bridging loan proves its value to the lender and the borrower. The redemption statement is the document that makes it official, and an error here costs time at exactly the point everyone wants the deal closed.
Before you issue
- Confirm the redemption date with the borrower's solicitor.
- Check the figures come from the loan record, not a copy of it.
- Make sure every fee on the statement appeared in the original terms.
- Record who prepared and who approved the statement.
After you issue
- Log the statement on the loan and send it to the solicitor from there.
- Track the loan as due to redeem until funds arrive.
- Update investor cash flow reporting when the loan redeems.