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add extra_drawing_facility type to loan transaction schema #358

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add extra_drawing_facility type to loan transaction schema #358

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83b77f5
add extra_drawing_facility type to loan transaction schema
Aug 29, 2024
ce77b59
Update type.md
kamilxdomo Sep 20, 2024
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5 changes: 4 additions & 1 deletion documentation/properties/type.md
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Expand Up @@ -1420,6 +1420,7 @@ A repayment that reduces the principal amount borrowed and does not include any
├── capital_repayment
├── capitalisation
├── due
├── extra_drawing_facility
├── further_advance
├── interest
├── interest_repayment
Expand All @@ -1443,14 +1444,16 @@ A repayment that reduces the principal amount borrowed
From F3.1 of [MLAR](https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/crd-iv/mlar-notes-may-2022.pdf):
>By 'capitalisation' we mean a formal arrangement agreed with the borrower to add all or part of a borrower's arrears to the amount of outstanding principal (i.e. advance of principal including further advances less capital repayments received during the period of the loan) and then treating that amount of overall debt as the enlarged principal. This enlarged principal is then used as the basis for calculating future monthly payments over the remaining term of the loan.


### due
From F6.1i of [MLAR](https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/crd-iv/mlar-notes-may-2022.pdf):
>'Payments due' means amounts due under normal commercial
terms (and not the lesser amounts which may have been agreed
as part of any temporary arrangement) fully to service the loans:
that is the balances outstanding including insurance, fees and fines etc.

### extra_drawing_facility
This can be linked with advances on flexible loans, which include an option to draw down further amounts. For example, a loan facility of £80k could have £65k advanced and an extra £15k facility available for drawing down further. This is separate to loan transaction type further_advance which is linked to map advances for further_advance loans.

### further_advance
From the Annex of the PS22/19 FCA policy [statement](https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/policy-statement/2019/ps2219.pdf):
>A “further advance” means a further loan to an existing borrower of
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1 change: 1 addition & 0 deletions v1-dev/loan_transaction.json
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Expand Up @@ -38,6 +38,7 @@
"capital_repayment",
"capitalisation",
"due",
"extra_drawing_facility",
"further_advance",
"interest",
"interest_repayment",
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