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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 90% of value/cost whichever is lower
TERM
Maximum 15 years
INTEREST RATE
2% above base customer rate
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 or sixty (60) months, lending must be on an amortised basis
FEES/ CHARGES
50% discount on all fees in first year of lending
Fixed monthly administration fee for next two (2) years (to be determined by the branch)
Review at the end of the third year and annually afterwards, 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