CBZ Home Loans Division is offering a commercial and industrial loan facility for the purposes of:-
- Building Finance
- Property improvements
The loan shall be advanced against the security of immovable property and a bond shall be registered.
- Application fee of $200.00
- Variable interest rate – 12% per annum.
- Establishment fees – 1.5% payable upfront once off.
- Mandatory Property insurance Plan
- Registration of a mortgage bond
- Applicant should have a corporate account with the Bank which is in full operation for at least 3 months.
- Monthly repayments shall include the Principal, Interest & insurance.
What you need to apply
- Fully completed Mortgage loan application form.
- Bill of quantities and quotations from contractors (if building)
- Agreement of sale (if purchasing)
- Copy of title deeds and (approved plans for the proposed Security.)
- Certified copy of Certificate of Incorporation and any change of name certificates
- Certified copy of CR6 if there is any change of Director’s names.
- Certified copy of Articles & Memorandum of Association.
- An extract certified by the Chairman and the Company Secretary of a Board Resolution authorizing the borrowing of funds, and the signatories.
- Certified copy of the latest Form of Annual Return
- Certified copy of the latest CR 14 form
- Current tax clearance
- Trading Licenses (if any Copy of National I.D of the Directors.
- Current banking arrangements with other banks (Bank, Account number, Branch/Relationship Manager, borrowings and how secured etc).
- Application letter covering the current exposures with CBZ or with any other financial institution by :-
- Company (applying the loan)
- All related companies
- Any other information that might be useful to CBZ considering your application.
- Audited financial statements for last two complete years and management accounts for the current period (last audit to date).The financial statements must have been prepared by accountants registered by the Public Accountants & Auditors Board (copy of practicing certificate must be attached). All the statements should be signed by the Directors.
- In a case where a property-holding company owns the property, financial statements should be submitted for the group or for the company from which funds will be availed to meet mortgage repayments.
- Bank statements for past six months.
- Actual cash flows for the current period and a cash flow forecast for next twelve months, the monthly repayment of $–.–. must be factored into the projections, including full details of assumptions made in their preparation.
- Commentary on the latest year-end and year to date management financial statements including comparison of actual performance with budgets and forecasts.
- Debtors and creditors age analysis
Brief Business report detailing -.
- Date business was established & Nature of main business, Business location & Details of products offered
- List of top ten customers & List of suppliers.
- Commentary on past and present performance – challenges and triumphs
- Future plans and prospects
- The names of shareholders and shareholding structure.
- An organogram of the management structure of the organization
- List of names and residential addresses of the Directors and a brief profile of each. Where a director (s) are required to stand as surety, statements of assets and liabilities may be requested
- The background, skills and experience of senior management and directors (their age and also qualifications).
- Schedule of Assets
- A brief report on how the company will mitigate the following risks and any other risks involved in that particular industry:-
- Financial risks
- Management risks
- Business risks
- Structural risks
- Security risks
N.B. Application processing will only commence on full receipt of all requirements.