Haggai Church/School Loan
HAGGAI CHURCH/SCHOOL LOAN
Haggai Mortgage Bank offer facilities to Organisactions such as churches and schools. Click on organisation to view details

CHURCH PROFILE.

  • Application letter
  • History of the church, (when it started and growth to date).
  • Profile of Key Operators of the Ministry such as Administrator, Treasurer, General Overseer e.t.c.
  • Profile of Church Council members/Trustees
  • Evidence of incorporation
  • Copy of church constitution
  • Ministry’s succession plan

FINANCIAL CASHFLOW.

  • Actual cash flow for the immediate past six months (attach source documents).
  • Projected cash flow (covering the tenor of repayment or minimum of 12 months). To be submitted along with assumptions
  • Account statement with other Bank(s). (For immediate past six months or as may be requested).
  • List of Bankers
  • Remittance Policy of the Ministry

CHURCH COUNCIL/TRUSTEE’S RESOLUTION.

  • Church council members’ approval to borrow.

ACCEPTABLE SECURITIES .

  • Provincial Pastor’s / General Overseer’s undertaking.
  • Landed Property (with registered title document)

Detailed information on the project to be financed, indicating the level of development so far, total budgeted cost, contribution and repayment plan.

Applications for rent should be accompanied with letter of Offer from Vendor noting all terms of offer and or receipts covering previous rent payments.

Applications for the purpose of property purchase must be supported with the following documents: 30% contribution

  • Valuation report covering the property to be purchased.
  • Offer letter from Vendor
  • Title documents covering the property (registered title)
  • Copy of layout and survey plan of the site
  • Properties financed under this scheme will have an insurance cover.

Applications for the purpose of construction or renovations must be supported with the following documents

  • Bill of Quantities covering the construction
  • Copy of approved drawings (building plans)
  • Detailed (stage by stage) schedule of works.

PRICING: highly competitive (percentage lower than current market rate).

TENOR: (Negotiable)

Notes:

  • The customer must have operated its account effectively with us for a minimum period of 6 Months.
  • Approval is dependent on ability to pay as deduced from cash flow record of the mission.
SCHOOL PROFILE
  • History of the School (Inception till date).
  • Evidence of Incorporation/approvals/registration.
  • Management profile.
  • Application Letter

FINANCIAL CASH FLOW.

  • Audited accounts of the School (3 years) (Profit & Loss Account & Balance sheet).
  • Projected cash flow, (One Academic Session or as may be required) – Stating the assumptions.
  • Actual/Past cashflow, (past session – should be broken into terms, stating school’s population, per term, per class).
  • Statement of Account, with other Bank(s) - (if any) [for six months or as may be requested].

BOARD RESOLUTION.

  • Board resolution permitting the school to borrow.

ACCEPTABLE SECURITIES.

  • Provincial Pastor’s / General Overseer’s undertaking.
  • Domiciliation of fees.
  • Landed Property (with registered title document)

APPLICATIONS FOR RENT

i. Evidence of past payments (receipts or agreements)

ii. Letter of offer from vendor/agent, communicating the terms.

APPLICATIONS FOR THE PURPOSE OF PROPERTY PURCHASE

  • Offer letter from Vendor
  • Equity contribution (at least 30% of loan amount)
  • Valuation report covering the property to be purchased by a certified Estate Surveyor/ Valuer.
  • Registered title documents covering the property
  • Copy of layout and survey plan of the site
  • Properties financed under this scheme will have an insurance cover.

APPLICATIONS FOR THE PURPOSE OF CONSTRUCTION OR RENOVATIONS MUST BE SUPPORTED WITH THE FOLLOWING DOCUMENTS

  • Bill of quantities covering the construction
  • Copy of approved drawings (building plans)
  • Detailed (stage by stage) schedule of works.

PRICING: highly competitive (percentage lower than current market rate).

TENOR: (Negotiable)

Notes:

  • The customer must have operated its account effectively with us for a minimum period of 6 Months.
  • Approval is dependent on ability to pay as deduced from cash flow record of the School.
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