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Property
The property to be acquired will be taken as security for the loan. In view of the limit of P4 million at medium scale projects, the Agency will consider co - financing projects with other commercial entities where the cost/acquisition of such property is in excess of the set limit of P4 million.
In an instance where a project is being co-financed, the Agency will either take a first bond, second bond or may rank pari-passu with the co-financier. The rank of the bond will to a great extent be determined by the proportion of the Agency’s funding participation in the project.
General Description
This is a loan acquired by a promoter/s for the construction of a commercial/Industrial property, an application for a construction loan will normally include the purchase price of land, unless if such land has already been purchased.
Security Requirements
The property financed by the Agency will provide security for the loan. The property being financed should therefore have a title deed.
Construction Loans
This loan is used for the construction of property or to complete a partially developed or incomplete structure.
Requirements
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Approved Building Plans (should be less than 2 years)
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3 quotations from 3 Construction Companies* (Labour and Material)
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Tender Evaluation
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Business Plan inclusive of financial projections
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Bill of Quantities conducted by a qualified Quantity Surveyor.
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Copy of form F2 confirmed by Company secretary (if applicant is company)
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Copy of Identity document/Omang (if applicant is individual)
Property Purchase Loans
This is a loan used for the purchase of already existing property
Requirements
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Offer of sale/Deed of sale
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Business Plan
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Valuation report
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Copy of title Deed
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Structural Survey report
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Copy of form F2 confirmed by Company secretary
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Copy of Identity document/Omang (if applicant is individual)
Extension Loans
This is a loan offered for the extension of property that maybe or may not be bonded to the Agency, with an objective of the loan is increase the scope of the building with a view to improve on the earnings capacity. The loan may also be sought for purposes of renovating property.
Requirements
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Approved Building Plans
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3 quotations from Reputable Construction Companies* (inclusive of Labour and Material)
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Tender Evaluation
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Business Plan
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Bills of quantities
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Copy of form F2 confirmed by Company secretary
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Copy of National Identity document/Omang (if applicant is individual)