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You are required to prepare a full report addressed to Ray and Steve outlining available loan options; the process and the risks (potential and real) of which they should be made aware. 

In a suitable report format you should cover the following: 

1. The parties to the loan ? what names will be on the loan contract and form part of the security structure.

2. Outline a minimum of two (2) product options that are available to finance an equipment purchase. One of the products must be a term loan. Also outline the security structure required for both of your chosen product options.

3. Your recommendation of the best product option, including amount, security/collateral, term, potential interest rate and residual value (if any). State why the other product was not the best option for the client.

4. Name three (3) lenders that offer the products required for the client’s transaction. Advise Ray and Steve about the product type, loan terms that are available, interest rate, balloon payment (if applicable) and monthly repayments.

5. List the documentation Ray and Steve need to provide to obtain funding of the machine.

6. The client responsibilities, so Steve and Ray fully understand the facility being proposed.

7. Outline the risks (potential and real) of which Ray and Steve should be made aware.

8. Whether a personal guarantee will be required from the Directors and/or the director’s spouse.

9. A summary of all fees and charges — including those for setup and those of the lender.

10. The clients enquired about claiming back the GST that is included in the purchase price of the machine. In accordance with your qualification as a mortgage broker, provide advise to the clients regarding their question.

11. Advise which relevant disclosures must be made.

12. A request for the client to inform you of any questions about the transaction and/or provide an instruction to proceed.


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