Renovation loan for appartment building with a guarantee offered by the Fund KredEx
Renovation loan for appartment building is meant for renovating the appartment building and financing of works related to improving the quality of life of the residents.
TERMS AND CONDITIONS
The bank grants a renovation loan for appartment building in accordance with cooperation agreement with the Fund KredEx and based on the terms and conditions established by KredEx to guarantee the Appartment Building Loan (incl. requirements for applicants, extent of guarantee, works to be financed, requirements for insurance of the building), detailed information here.
|Loan applicant:||appartment association (AA) has been opereted for at least 12 months, there are no debts in utility payments and the AA is continuously solvent. The members of AA have no essential debts for association|
|Loan amount:||in accordance with the extent of works eligible for financing and payment ability of AA. Total monthly loan payment may form up to 85% from the amount to be collected into repair fund|
|Self-financing:||from 0% (renovation works performed within two previous years can be also considered as self-financing)|
|Interest rate:||6 months EURIBOR or the Bank’s base interest, to what will be added risk marginal and fee for KredEx guarantee|
|Contract fee:||up to 1% from the loan amount, minimum 100 euros|
|Collateral:||AA payments in Versobank AS (obligation to perform payments in Versobank AS starting from 50% from the total payments), as an addition guarantee of KredEx 75% from the principal amount of a loan not yet repaid|
|Grace period:||up to 12 months during renovation works|
|Insurance:||insurance of the building to be renovated in the extent of restoration is required during the loan period|
|Documents to be submitted in applying for a loan:|
The Bank may ask to submit additional documents if necessary.