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Commercial Mortgage
This product empowers small and medium scale enterprises to part finance the acquisition of landed property for commercial purposes.
Loan Information
This product is designed to meet the funding needs of established small and medium scale enterprises in viable businesses to part finance the acquisition of Business/Office Premises/ warehouse under the outright purchase scheme.
Tenor: 60 months
Target Market:
- Reputable Professional Firms such as: Accounting, Audit, Law, and other specialised disciplines.
- SMEs in different sectors of the economy.
- Competitive pricing
- Flexible repayment period
- Flexible collateral Structure
- It empowers the customer to own their business premises, which in time could be used as collateral for further borrowing(s).
- Business must be duly registered with Corporate Affairs Commission.
- Customer must have been in business for at least 5years
- Customer must have maintained an active account with either FirstBank or any reputable bank for minimum of 6 months
- Building plan approved by the relevant authorities
- Valuation report to be obtained for property to be financed
- Offer letter from developer
- • Application letter on customer’s letter head
• Duly completed Retail Loan Application Form. Click here for form
• Visit any FirstBank branch to submit letter and form to Branch/Business Manager to get started
FAQs
SMEs such as schools, hospitals, professional firms etc.
The bank will finance both Outright Purchase and Construction of business properties.
The amount a customer can get under the product is subject to a couple of factors such as: the customer’s cash flow, current level of indebtedness, location of property etc. Customers are advised to visit any FirstBank Branch to discuss details of proposed transactions.
A different product targeted at individuals in paid employment is available in the bank (Personal Home Loan) under which individuals may purchase or construct properties of their choice for personal use.
