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(a) Purchase of property (land or building) for own business occupation use.
(b) Construction or renovation of building used in the business
LOAN LIMITS
Up to 75% of value/cost whichever is lower
TERM
Maximum 20 years
INTEREST RATE
2% above base customer rate.
MORATORIUM
On capital repayments up to one year, i.e. interest payable monthly
REPAYMENT PROVISIONS
Fixed monthly installments on an amortised basis with provisions for periodic and defined lump sum payments. Where the loan exceeds five (5) years (sixty mths), lending must be on an amortised basis.
FEES/ CHARGES
50% discount on all fees in first year of lending - a fixed monthly administration fee for next two years (to be determined by the branch) - review at the end of the third year and annually thereafter using Bank's fee scale.
INSURANCE PROTECTION
All lendings to be fully covered by an insurance provider acceptable to the Bank.
SECURITY
(a) A first demand legal mortgage unless otherwise allowed, stamped to at least the principal sum advanced.
(b) Full Comprehensive insurance cover.
FINANCIAL INFORMATION
1. Business Plan
2. Cash Flow Forecasts
3. Periodic Management Accounts as considered necessary
4. Annual Accounts