Bridging Finance
The prupose of the bridging loan is to assist members for the construction of residential and/or commercial properties.
Terms
- Maximum duration 9 mths
- Extension in excess of 9 mths is to be approved by the Board of Directors
- Interest is to only be paid monthly/weekly for the period
- At the end of the 9th month the total loan is to be paid off in full
- All legal fees are born by the member
- Draw-downs-payments will be disbursed upon presentation of valid receipts
- Member should be in good standing with at least (1) year membership
Maximum value & repayment period
- Maximum amount – $1.2 mil
- 120 mths – 240 mths
Debt service ratio
50%
Interest rate
6% per annum on straight line