After heads of terms, the deal moves into its final stage: the lender completes its own checks, the lawyers finish the legal documents, and on completion the funds are released to the seller. In our process this is typically weeks 6 to 12. We stay in the room throughout.
What happens
- The lender's due diligence: a closer look at the target, often with accountants' and lawyers' reports.
- Credit approval: the lender's final sign-off.
- The legal documents: the sale agreement with the seller, the facility agreement with the lender, and the security documents.
- Conditions met: anything the lender needs before releasing funds, such as signed security, insurance, or the seller's loan agreed to rank behind the lender. See How do lenders treat a vendor loan?.
- Completion: the funds are released to the seller and the business is yours.
Fees at this stage
Our success fee is payable on drawdown, with the retainer credited. If you decide not to proceed in the legal phase, after a lender has issued a credit-approved offer, a Stage 3 abort fee can apply. There's no abort fee if the deal fails for any other reason, such as the seller or the lender withdrawing. See What is the abort fee, and when does it apply?.
If a lender pulls out late
Replacing a lender that has dropped out close to completion is something we look at case by case. See What if my acquisition finance is declined?.
Last reviewed: 8 October 2026