[2024] UKUT 00418 (IAC)

The respondent has misconstrued the rules as requiring a loan agreement to state in terms that the loan is unsecured and is subordinated. Paragraph 45(d)(iii) of Appendix A of the Immigration Rules does not require the loan agreement to expressly “state” that the loan is unsecured and subordinated. It requires the agreement to “show” that the loan is unsecured and subordinated: Ground 1

The respondent failed to assess whether the terms of the applicant’s loan agreement do in fact “show” that the loan is unsecured and subordinated. The respondent’s enquiry went no further than observing that the terms “unsecured” and “subordinated” do not feature in the agreement: Ground 2

The respondent could not reasonably conclude that the loan agreement did not show that the loan was unsecured and subordinated: Ground 3