Bridging loan (BL) helps to bridge developers’ cashflow during construction and pending receipt of sales proceeds from end-purchasers and/or their end-financiers. This is to ensure the continuation of the project until completion.
Features
• BL for all types of property development catered for developers.
• Period of BL usually varies between 2 to 4 years but not exceeding the duration of the project.
• BL amount of not less than RM250,000
• The margin of financing of up to 40% of total development cost.
• BL drawdown is allowed up to 80% of the value and stage of construction work done as certified by architects / engineers’ certificate.
• Repayment is via dual mode of fixed installments and redemption of titles / Units whichever is the earlier.
Eligibility
• All legally registered business entities in Malaysia
Acceptable Security
• Property
• Quoted Shares
• AmBank’s Fixed Deposits
• Debenture
• Assignment of surplus on Project Development Account
Requirements
• Minimum paid-up capital of RM250,000
• The Company or its Group has track on property development
Supporting Documents For BL Application (where applicable)
• Certified true copy of Business Registration
• Certified true copy of Memorandum & Article of Association
• Certified true copy of Form 24, 44, 49
• Audited financial statement for the past 3 years and latest management account
• Brief history and background information of the Company and/or the Group
• List of all bank borrowings including leasing and hire purchase facilities. Details to include the type and amount of facilities enjoyed and security arrangements.
• Latest 6 months bank statements of the Company and/or the Group with other banks
• Feasibility study report / project write-up and economics
• Projected Balance Sheet and Profit & Loss account
• Projected Cashflow Statement
• Valuation Report of property offered as security
• Photocopy of Title Deeds offered as security
• Sale and Purchase Agreements, if there are no Title Deeds
• Certified true copy of Letter of Intent and/or Letter of Award and/or Contract Documents
• List of major suppliers, goods purchased and terms of trade
• List of completed and current projects in hand
• Photocopy of directors and guarantors’ NRIC
• Approvals by the Authorities for land conversion, sub-division and the proposed development.
• Lay-out plans
• Building plans
• Developer’s License
• Advertising Permits
• List of professionals eg. architects, engineers, surveyors, main contractors etc
• All other information relevant to the loan application
For us to know you better, we need the following information and documents
• Company profile, list of past projects completed and current projects.
• Profile of management team and directors.
• Project write-up
• Project feasibility report
• Project economics and cashflow
• Past 3 years audited account of the Company and/or the Group
|