Investing in capital project especially for commerce will create a ripple effect that will affect the Nigerian nation positively. This write-up is for those who are interested in short and long term loan from one million dollars and above. The costs on loan are quite friendly (4% – 13%) and note that you are required to pay nothing unless a BG from Barclay’s Bank covering the amount you want is provided by the financiers:
TYPES OF FUNDS
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PRODUCT 1
Registration: GBP1,000.
Short term funding for all viable import trade. Requirement is 13% interest to be paid in advance after invoice have been submitted and verified. Customer/trader obtains a proof of fund document from a local commercial bank showing that they have such funds to pay the interest and deposit same with fund arrangers. Customer obtains an invoice from supplier and give to arrangers for the financiers. LC is opened and goods are supplied.
Tenor of this loan: Customer will have it for 1year (12months).
No other costs. All costs are paid once within the interest charged above.
All types of trade may qualify.
Amount possible; Up from $1mn -$10mn
Disbursement begins after 10 bank working days maximum.
Finder’s fee to be negotiated with the client.
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PRODUCT 2. Medium term loan.
Registration: GBP1,000.
Amount available per project: $10m
Customer will pay $150,000 to obtain international BG
Customer will pay $30,000 to the funds Arrangers
Customer provides proof of fund (P.O.F.) for the $180,000 above (to be issued by customer’s bank to Barclays Bank, London).
Customer writes a Letter of request and completes all the necessary forms.
Customer submits International Passport Data Page.
Customer gets offer letter and communicates acceptance.
Customer releases payment for the BG and Arrangers fees.
Customer submits a feasibility/cash flow report & other documents.
Loan contract agreement sent and signed.
Disbursement schedule is sent to client.
Disbursement begins from 30days maximum.
Tenor allowed: 5years renewable depends on the project.
Interest on loan: 4% (fixed) per annum.
Other bank fees: 2% flat only.
Finder’s fees to be negotiated with the client.
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PRODUCT 3. Long term & capital project
Registration: GBP1,000.
Tenor allowed; 5yrs-20yrs
Amount; $5m -$100m
Customer writes a letter of request and completes all the necessary forms.
Customer submits International Passport data page.
Customer gets offer letter and communicates acceptance.
Customer will pay 4%of the loan to obtain international BG (2% to be paid upfront, balance to be deducted at monetization)
Customer will pay $50,000 to the funds Arrangers.
Customer provides proof of funds (P.O.F) for the 2% deposit for BG, and $50,000.Arrangers’ fee.
The issuing Bank confirms its readiness to issue the BG and Funding Bank confirms readiness to fund the projects.
Customer releases payment for the BG and the Arrangers’ fees.
Customer submits a feasibility/cash flow report & other documents.
Loan contract agreement sent and signed.
Loan disbursement schedule sent to client.
Disbursement begins within 45days maximum.
Moratorium allowed: 1-3 years.
Interest on loan; 4% (fixed) per annum.
Other bank fees; 2% flat only.
Finder’s fees to be negotiated with client.
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GENERAL CONDITIONS:
(i) Letter of request from the Borrowers
(ii) Completion of (a) Clients Information Sheet (CIS), and Non Circumvention and None disclosure form.
(iii) Submission of International Passport Data Page.
(iv) Business Plans with Cash Flow Projection.
(v) All loans are subject to review after 72 hours.
COST OF FUNDS
(I) Between 3.5 to 5% interest rate per annum, depending on the type of loan.
(II) 2-4% Collateral fees. There must be proof of fund (POF) from the borrower’s bank.
LOAN TENOR
The loan is for a period of 1 year and can run to 15 years depending on the project and the type of loan required.
TIME FOR PROCESSING
We give maximum of three months to get the loan ready for draw down depending on the quality and time of the documentation from the borrowers. A loan has been granted within six weeks with all documentations in place and conditionality fulfilled.
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Have a wonderful week!
