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ABF and Mortgage

Asset Based Finance (ABF) is an alternative form of financing that enables companies and individuals to acquire vehicles (locally and internationally), plant and machinery, IT equipment and other movable assets.

Mortgage is a facility tailor made for customers in need of purchasing residential, buy to let and commercial properties for Personal and Business customers. This product comes with Equity Release as a value addition to support customers who require financing for other facilities which using the appreciation in the value of their property to secure additional facilities upon demonstration of serviceability among other requirements.

FCB has two centres in Nairobi and Mombasa that specifically handle Asset Based and Mortgage Finance. The centres are exclusively for the sale and promotion of these two products and will provide the much needed differentiation as a referral point for customers. The centre in Nairobi is adjacent to the Kimathi Street Branch, off Kigali Street, while the centre in Mombasa is at our Digo Road Branch.



In scope financed as new Financed as Second-hand Out scope

School buses, tractors, pickups, Agricultural Equipments, tour vans, trailers, prime movers, lorries/ trucks, saloon cars and 4x4

Prime movers, lorries/trucks, canters saloon cars, pick-ups and 4x4

Other PSV e.g Matatus and buses

Vehicles/assets that cannot be financed as second hand include Trailers, Tractors, Agriculture equipment and school buses.

Chinese Trucks, used Renault trucks and any adversely mentioned companies.

Features
Vehicle Finance Parameters
Age Maximum Term of Finance

Minimum Deposit By Customer

Facility to Value (FTV)

New 60 months 10%
1-4 years 48 months 25%
4+ years up to 7 years 36 months 30%
Requirements
Facility Amount Requirements Individual Requirements Company/ Business

Below Kshs

5M

Duly completed Facility Application Form

ID & PIN of Customer

Copy of logbook (if available)/form A

Proof of monthly income – For salaried customers (i.e. 3 months pay slips and contract).

Sale agreement/ Quotation/Pro-forma Invoice

Observe 1/3 rule (proof of additional income to be considered)

Comprehensive Insurance for asset being financed

6 months bank statement

Tracking device for commercial vehicles only(both new and grey).

Duly completed Facility Application Form/ duly signed letter

Directors ID & PIN

Reg. docs for limited Co., Cert of Inc.

Memorandum and Articles of Association (confirm if the co. has borrowing powers under borrowing powers clause in the Articles of Assoc.)

Trade permit to confirm if they are currently in business

Copy of logbook in case of motor vehicle/form A

Proof of income (i.e. Cash flows and management accounts)

Sale agreement/ Quotation/Pro-forma Invoice.

Comprehensive Insurance (Insure both prime mover and Trailer)

6 months bank statement unless Co. has been in operation for less than 6months.

Tracking device for commercial vehicles

Between Kshs 5M and 10M

As above

12 months bank statement

2 years business experience (Start-ups to be approved exceptionally and with a higher Financing to value (FTV) of minimum 40% or additional security, to be considered under normal terms if client has a firm contract in place)

Trailer only FTV 70:30 (This is where a client has prime movers but requires financing for only trailers)

As above

Call report capturing

2 months bank statement

2 years business experience (Start-ups to be approved exceptionally and with a higher Financing to value (FTV) of 40% or additional security, to be considered under normal terms if client has a firm contract in place)

Trailer only FTV 70:30 (This is where a client has prime movers but requires financing for only trailers)

Above Kshs

10M

As above

2 years audited accounts

As above

2 years audited accounts

1. Personal Mortgage

The home facility is primarily intended to finance the purchase of urban residential properties for non-commercial purpose

Product Features:
Payroll Direct Check Off Scheme & Elite Customers Elegant Customers Sole Professional

Minimum facility amount Kes. 1 million

Flexible repayment period of maximum 20 years

Access to mobile and internet banking

Competitive pricing rates of 10% flat rate.

Serviceability to be pegged on the 1/3rd rule

At least one month’s salary to be evidenced in FCB account

Property under finance to be used as collateral

Repayments to be via check off by employer where a check off

system exists or standing order from customer’s FCB salary account.

Minimum facility amount Kes. 1 million

Flexible repayment period of maximum 20 years

Access to mobile and internet banking

Competitive pricing rates of 10% flat rate.

Serviceability to be pegged on the 1/3rd rule

At least one month’s salary to be evidenced in FCB account

Property under finance to be used as collateral

Repayments to be via check off by employer where a check off

system exists or standing order from customer’s FCB salary account.

Minimum facility amount Kes. 1 million

Flexible repayment period of maximum 20 years

Access to mobile and internet banking

Competitive pricing rates of 10% flat rate.

Serviceability subject to client cash flows.

At least one month’s salary to be evidenced in FCB account

Property under finance to be used as collateral

Regular credit into personal account for at least six months (latest 6 months)

Evidence of registration/license with relevant trade association

Evidence of minimum 3 years post qualification experience

2. Business Mortgage

This is a facility for business customers to enable them purchase of urban residential, buy to let or commercial properties.

Product Features:
  • Minimum facility amount Kes. 1million.
  • Flexible repayment period of maximum 10 years.
  • Maximum age, 70 years. i.e. the facility should be repaid by the 70th birthday.
  • Purchase of residential, buy to let and commercial premises.
  • Access to Equity release on residential properties.
  • Access to mobile and internet banking.
  • Competitive pricing rates of 10% flat rate
  • Amount pegged on serviceability of not less than 1.5 times.
  • Property under finance to be used as collateral.

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