On acceptance of our loan offer, the borrower must transfer the Loan Processing Fee before Bridging Vat will start the due diligence process.

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The aims of the Bridging Vat due diligence process are:

1. being satisfied that VAT is correctly charged on the purchase and there are no reasons why HMRC may disallow the recovery of VAT.

2. optimising the borrower's VAT registration to ensure tax is recovered as quickly as possible following completion and paid directly from HMRC to Bridging Vat.

3. ensuring Bridging Vat has complied with Anti Money Laundering regulations.

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As part of this process we:

• send a simple information request for the borrower, or their solicitor, to complete.

• arrange to meet the borrower and visit the property.

• open a designated bank account in the borrower's name to receive the VAT recovery.

• complete the online or paper HMRC form necessary for Bridging Vat to be appointed as the borrower's VAT agent.

• complete the online or paper HMRC form to nominate the Bridging VAT designated bank account to receive the VAT recovery from HMRC.

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Due diligence is normally completed within 5 working days  but this can be completed in 3 working days for urgent loan applications.