An insight for Brokers

As a commercial finance broker, a key part of your job is to keep deals moving.

When your client is asked to sign a personal guarantee, director’s loan, or a third-party charge, the lender may insist that they take Independent Legal Advice (ILA) first.

This is where delays and frustrations can often creep in.

What is ILA, and why is it important?

Independent Legal Advice means your client speaks to a solicitor, unconnected to the transaction, who can explain the risks and implications of what they’re signing.

It protects the lender, satisfies legal requirements, and ensures the document is legally binding.

But most importantly, it protects your client, too.

What happens without it?

• The lender may refuse to proceed
• The document could later be challenged in Court
• The deal stalls or falls apart entirely
• You don’t get paid

The Broker’s role in smooth ILA

You don’t need to provide the advice, but you can help your client avoid panic and delay by pointing them towards an ILA provider who:

• Understands commercial finance
• Works quickly and efficiently
• Offers remote appointments
• Keeps you informed of progress

How Phelan Independent can help

At Phelan Independent, we specialise in delivering fast, clear, and compliant ILA for business owners, directors, and guarantors within 48 hours.

We’re here to make your job easier and help your clients get the green light, without delay.

Instruct Phelan Independent for:

• A fast turnaround with advice guaranteed within 48 hours of instruction acceptance and documents being provided (usually the same working day).
• Access nationally to highly qualified solicitors, committed to providing a personalised service to fulfil legal and banking requirements, with in-person meetings available at no extra cost where required.
• A fixed fee starting from £225 (inclusive of VAT) with discounted rates available for multiple instructions or clients of NACFB members.

If you’re a broker who wants a reliable ILA partner, please get in touch by calling 0191 259 4640 or emailing enquiries@phelanindependent.co.uk.

Don’t forget!

Discounted fees are available for NACFB member clients and multiple instructions.