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17 November 2017

Budget Proposal 2018

20 September 2017

Back Pay Loans

Bridging Finance

Bridging Finance is a form of short-term finance, which is used as a ‘bridge’ before securing long-term finance or selling a property.

Borrowing Limits

Bridging Finance loans do not normally exceed $650,000 per member.

Rate of Interest

The rate of interest shall be ten percent (10%) on draw-down per annum

Repayment Period

The facility shall not normally be extended beyond nine (9) months

Qualifiication

  1. Guarantee from proposed mortgagor to secure bridging finance indicating that upon completion of construction the sum loaned to the member will be paid directly to TATECO.
  2. TATECO  will procure a Mortgage on property including building and portions thereof.
  3. Assignment salary deduction to TATECO for the duration of bridging facility
  4. Term Insurance to the value of the loan
  5. Ability to repay monthly interest installments and deductions should not exceed 40% of gross monthly income

NB in the case where affordability is determined on a joint income basis, both parties must be signatories to the loans.

Fees

All legal fees are borne by the member. Also note that:

  1. Draw downs will be paid only upon presentation of bills
  2. site visits will be conducted
  3. Quantity surveyor report will be required during construction
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