Terms & Conditions
Elite Crowdfunding Network Terms and Conditions for Lender Members
1. Interpretation
1.1 In this agreement the following rules of interpretation shall apply:
1.1.1 defined terms in these terms and conditions have the meaning set out in Schedule 1 hereto;
1.1.2 clause and paragraph headings shall not affect the interpretation of this agreement;
1.1.3 a reference to a person shall include a reference to an individual, firm, company, corporation, partnership, unincorporated body of persons, government, state or agency of a state or any association, trust, joint venture or consortium (whether or not having separate legal personality) and that person’s personal representatives, successors, permitted assigns and permitted transferees;
1.1.4 unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular;
1.1.5 unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.
2. Applicable Terms and Conditions
2.1 If you become a Lender Member of the Elite Crowdfunding Platform these terms and conditions set out the basis on which you will utilise the Elite Crowdfunding Platform and the basis on which, together with any applicable Loan Documents, you will lend monies through the Elite Crowdfunding platform.
2.2 These terms and conditions should be read together with and are in addition to our Terms of Website Use, Website Acceptable Use Policy, Cookie Policy, Privacy Policy and Consent to Receive Unsolicited Direct Marketing Material all of which are available online at www.elitecrowdfunding.co.uk
2.3 Please read these terms and conditions carefully and print a copy for your future reference.
2.4 In utilising the Elite Crowdfunding you confirm that you have read and understood these terms and conditions and agree to be bound by them. If you do not agree to these terms and conditions you must stop using the Elite Crowdfunding Platform immediately.
2.5 We have the right to revise and amend these terms and conditions from time to time without the need to obtain your prior approval. You will be advised of any such changes and by continuing to utilise the Elite Crowdfunding Platform you will be deemed to have accepted any such revisions and amendments to our terms and conditions.
3. Requirements for Membership of the Elite Crowdfunding Platform
Requirements for Membership
3.1 Representations and warranties are promises and statements made by you to us upon which we rely on being accurate in our dealings with you.
3.2 It is a pre-requisite to being approved as Lender Member that you make the following representations and warranties to us at the time you register on the Elite Crowdfunding Platform and every time you use the Elite Crowdfunding Platform or our Services and upon entering into a Loan Participation:
3.2.1 you are an individual or a limited liability partnership or a limited liability company or other legal entity;
3.2.2 if you are an individual you are not less than 18 years old;
3.2.3 if you are lending as an individual outside the UK you are holding a passport that you a resident of the specified country.
3.2.4 you confirm that all personal information that you provide to us about yourself is accurate and true to the best of your knowledge and you will promptly provide us with updates if any such the information changes;
3.2.5 you have, and maintain, a valid United Kingdom bank or building society bank account; all you are legally permitted by your country to introduce the funds into the Elite Crowdfunding Platform.
3.2.6 you will only ever lend your own funds through the Elite Crowdfunding is Platform unless you are authorised to deposit funds on behalf of a third party (“Third Party”), in which case you may do so only with our express consent. We may request that you provide written authorisation from the Third Party confirming you have the necessary authority to deposit and lend funds;
3.2.7 you will immediately notify us if you hold a Consumer Credit Licence issued by the Financial Conduct Authority;
3.2.8 if you are registering as a Lender Member or accepting these terms and conditions on behalf of a legal entity such as a company, trust or partnership, you must confirm to us that you are legally authorised to do so and we may request evidence of such legal entitlement (by way of a copy of any document which shows the valid and subsisting authorisation);
3.2.9 by entering into this agreement, you are not breaking any laws or regulations that are applicable to you nor is any company, trust or partnership upon whose instructions you are acting;
3.2.10 you have carefully considered the risks involved with using our Platform and also the risks associated with business lending, including but not limited to, the possibility of losing the money you lend and the Risk Warning highlighted in paragraph 6 below;
3.3 To become a Lender Member of the Blend Platform you must:
3.3.1 first be approved as a Lender Member,
3.3.2 You must register your details on our website at www.elitecrowdfunding.co.uk
3.3.3 You must successfully complete the appropriateness test on our website at www.elitecrowdfunding.co.uk
3.3.4 You must satisfy our anti-money laundering and know your client checks.
3.4 Where a prospective Lender Member does not meet the required criteria set out above, the prospective Lender Member may be otherwise permitted to become a Lender Member of the Elite Crowdfunding Platform with the written agreement from us.
Anti-money laundering information and know your client information
3.5 Once you are registered on the Elite Crowdfunding Platform, prior to accepting your application to become a Lender Member we are required by law to undertake appropriate anti-money laundering and identification verification checks. This requires us to ask you to provide personal information about yourself.
3.6 You agree that we may share your personal information with credit reference agencies and other third parties, both for these purposes and for the purposes of fraud prevention.
3.7 Even if prospective Lender Members are able to satisfy all of our membership criteria the Elite Crowdfunding Platform may still, using its unfettered discretion, refuse to grant Membership or withdraw Membership without giving a reason.
Ongoing know your client obligations
3.8 You must promptly provide such further evidence of identity as we may require from time to time so as to comply with anti-money laundering regulations and know your client regulations and any other applicable legal requirements..
3.9 You must inform us promptly of any changes to your personal information (including your residential addresses, email address, telephone numbers and tax status).
3.10 If you are a company you must notify us within 30 days of the occurrence of a Change of Control.
3.11 You may not assign or transfer your Membership to anyone without our prior written consent which we may grant or withhold at our unfettered discretion.
4. About Us / Legal and Regulatory Information
The Platform
4.1 The Elite Crowdfunding Platform is accessed through the website www.elitecrowdfunding.co.uk
which is owned by Elite Crowdfunding UK Ltd.
4.2 Elite Crowdfunding UK Ltd is a limited liability company incorporated in England and Wales with company number and with its registered office situated at
4.3 Elite Crowdfunding perform introductory functions on behalf of Lender Members in order to bring Lender Members direct access into funding property development;
4.6.3 Elite Crowdfunding provide a stream-lined process for entering into loans and to coordinate and facilitate the payment and collection of sums due under or in connection with those loans;
4.6.4 Elite Crowdfunding enter into Loan Agreements as facility agent for and on behalf of Lender Members; and
4.6.5 Elite Crowdfunding will take certain limited actions upon a Borrower’s default as set out in these terms and conditions.
4.7 Elite Crowdfunding will act as the lender’s facility agent in accordance with the provisions of paragraph 12 below.
Elite Crowdfunding UK Ltd (Security Trustee) Limited (the “Security Trustee”)
4.8 The Security Trustee is a company limited by guarantee incorporated in England and Wales with company number and with its registered office situated
4.9 The Security Trustee will
4.9.2act as security trustee on behalf of Member Lenders in relation to any Security held in respect of the Loan Documents, and
4.9.3 enforce any Security on behalf of Lender Members in consultation with Elite Crowdfunding. The Security Trustee will act in accordance with the provisions of paragraph