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BUSINESS MORTGAGE
STANDARD BANK
AUGUST 2007
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DEFINITION
• BUSINESS MORTGAGE
• RESIDENTIAL PROPERTIES WHICH CAN BE EASILY CONVERTED BACK TO
A RESIDENTIAL HOME ONCE A BUSINESS IS NO LONGER REQUIRED
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CRITERIA
• MINIMUM LOAN R100000• MAXIMUM LOAN R10M• SECTIONAL TITLE OFFICES R1,5M MAXIMUM BOND• LTV LESS THAN 66%=20YEAR TERM• LTV MORE THAN 66%=15 YEAR TERM• HOC INSURANCE IS COMPULSORY ON ALL LOANS• CONCESSION RATES MAY APPLY• BUSINESS RIGHTS TO BE OBTAINED• MAXIMUM LTV 80%
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COSTS
• THE FOLLOWING COSTS ARE APPLICIABLE ON ALL LOANS.
• BOND COSTS
• TRANSFER FEES
• INITIATION FEES
• RGISTRATION FEES
• SECURITY ASSESSMENT FEES
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CAPITAL RISK RATING
• CAPITAL RISK WILL APPLY AT A CHARGE OF 1,5% FOR THE ENTIRE LIFE OF THE BOND.
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EXCLUSIONS
• BUILDING LOANS
• VACANT LAND
• ASSISTED LOANS
• JUMPSTART
• AGRICULTURIAL LOANS
• NON-RESIDENTIAL PROPERTIES FOR EXAMPLE FACTORIES AND RETAIL OUTLETS
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DOCUMENTS REQUIRED
• HOME LOAN APPICATION
• INCOME & EXPENDITURE FORM
• CURRENT TITLE DEED OR CERTIFED COPY
• CURRENT LOCAL AUTHORITY ZONING CERTIFICATE
• CASH FLOW ANALYSIS
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CONTACT PERSON
• PLEASE NOTE IF OVER R10M THIS LOAN WILL FALL UNDER OUR PROPERTY FINANCE CONTACT NUMBER 011770-8000 ASK FOR PROPERTY FINANCE DEPT
• PRODUCT OWNER
• Nolene 011631-1167