Condotel investment financing in the Philippines
Condotel financing in the Philippines: Non Resident Foreign Nationals and Overseas Filipinos can now avail of mortgage loans for Lancaster Suites Tower I Condotel Suite Investments in the Philippines or take Equity from their existing Condo Units for the purchase of new preconstruction Condo Hotel suites at the Lancaster Atrium Manila
This is “really good news” for all existing unit owners and prospective buyers of Lancaster Suites Tower 1 http://www.condotel-manila.com Condotel Suites in the Philippines enthuses Beth Collingz, Director of PLC International, lead marketing partners of Pacific Concord Properties Lancaster Suites Condotel developments in Metro Manila, Philippines.
Banco De Oro (BDO) a commercial Bank in Metro Manila has just approved a buyer’s financing or mortgage scheme for the said project. Collingz stated that “The new financing scheme, a first providing Philippine Mortgages to Foreign Nationals residing overseas for the purchase of Condo units in the Philippines, is now available to unit owners (i.e., Filipinos, Filipino-Americans and Foreign Nationals alike) whom are looking to purchase a Condotel Suite or refinance their investments through BDO’s Home Loan” open to both residential and commercial unit owners and existing buyers of Lancaster Suites Tower I units whom have paid at least 30% of the total contract price of their units can loan up to 70% of the current unit market value.
Existing unit owners who are availing of Pacific Concord Properties in-house financing have the option to pay off their units in 144 months. With BDO’s Home Loan, unit owners can now opt to pay off the balance for up to 15 years [180 months] at only 10.5% per annum. By converting the existing in-house loan to BDO’s Home Loan, buyers will have more flexibility in paying off their loans at a much lower interest rate. What’s more, with BDO’s Home Loan, buyers can loan the full amount equivalent to 70% of the current value of their units regardless if they have already paid more than 30% of the units’ TCP. After paying the balance of the unit price to PCPI, the net amount will then be released directly to them. Buyers can take advantage of this offer to free up some cash as well as to finance the fit-out of their units in the condotel pool or their business set up requirements in their commercial units.
“Many of my previous clients whom have purchased units in Lancaster Suites Tower I are now set to cash in on their equity by availing of the new 15 year financing option to be able to reinvest in new units at Lancaster Atrium which is currently on preconstruction selling” said Collingz.
Collingz continued, “Not only will buyers of units in Tower I have rental income from their units from the middle part of 2008 that will partially offset mortgage payments, they can now free up their equity and take advantage of the current low prices for Condotel Suites in the new Lancaster Atrium and stand to make another 70-80% in property appreciation by the time the building is fully completed. This is really a fantastic offer from BDO and is initially available only to unit owners of Lancaster Suites Tower I Condotel units”
Pacific Concord Properties, Inc. is offering the perfect mix of both the right opportunity and the right timing. In recognizing the financial and emotional value of their investment, PCPI designed a program for all unit owners of Lancaster Suites and Lancaster Cebu that will help them maintain and generate income from their investment. More popularly known as the Condotel Advantage, this program will enable unit owners to gain access to PCPI’s experienced world-class property managers who will make sure of the complete and hotel-quality maintenance of the units enrolled in the condotel pool.
As part of the condotel pool, unit owners can relax knowing that their properties will be managed like hotel rooms. Finding tenants will not be a concern also as the property managers will be tasked in finding tenants for them to make sure that their units will earn a competitive rental income. By joining the condotel pool, unit owners will get to enjoy total hassle-free property management while earning rental income whether they are staying in the Philippines or residing in another country anywhere in the world
The Banco De Oro Super Value Home Loan program is open to ALL residential unit, commercial unit and parking slots owners of Lancaster Suites, whether:
a. Individual, Single, Married or Corporation
b. Filipino citizen
c. Filipinos married to foreigners
d. Foreign Nationals
2. Age of borrower must be 21 – 60 years old upon loan application but not more than 65 years old upon maturity of the loan.
3. Borrower must be earning at least P50,000 gross monthly income.
4. Unit buyers must have paid at least 30% of the Total Contract Price (TCP) of their units.
5. Minimum loan amount is P500,000. Maximum loan amount is the equivalent of 70% of the TCP of the unit.
6. Maximum of 15 years to pay provided the age of the borrower does not exceed 65 years at maturity of the loan.
1. The following BDO forms need to be accomplished and submitted to BDO:
a. BDO Home Loan Application Form
b. BDO Insurance Brokers, Inc.’s General Information
c. Health Statement from Generali Pilipinas Life Assurance Company
d. Special Power of Attorney. The borrower and co-borrowers are required to sign the loan documents here in the Philippines in front of BDO officers. The SPA is required if the Borrower and co-borrowers (if any) are not residing in the Philippines. The SPA shall be authenticated by the Philippine Consuls Office where the borrower is residing.
2. Fill up the first 3 forms listed above (items 1.a to 1.c) completely.
3. BDO requires that the buyer should sign the loan documents in front of BDO officers at its office indicated below. If you cannot do this, then, you need to fill up the Special Power of Attorney (SPA) and designate your attorney-in- fact/loan administrator who can sign the loan documents in the Philippines in your behalf. If you will execute the SPA here in the Philippines, all you need to do is have it notarized by a notary public. If you will execute the SPA outside the Philippines, the SPA should be authenticated by the Philippine Consulate in the country you are executing it.
Authentication of the SPA can be undertaken upon notice of loan approval from BDO. Initially, you can submit to BDO an unauthenticated SPA at the time of loan application.
Submit the filled up forms (1.1 to 1.3 and 1.4, if applicable) through fax, courier service or registered mail including all required documents (See REQUIREMENTS below) directly to BDO
4. Upon receipt by BDO of the forms and the required documents, your loan application will be processed. Granting of the loan is subject to BDO’s credit processes and evaluation criteria.
5. BDO commits that loan approval will take 10 banking days from receipt of complete documents.
6. BDO notifies the buyer of the loan approval, prepares loan documents and schedule signing of loan documents by the buyer or attorney-in-fact/loan administrator.
7. Buyer signs loan documents and BDO issues a Letter of Guarantee (LOG) to PCPI.
8. On the basis of the LOG, PCPI transfers the condominium certificate of title (CCT) to the buyer’s name and submits the new CCT (in the buyer’s name) to BDO. The transfer of the CCT to the buyer’s name will take 45 to 60 days to complete.
9. BDO annotates its mortgage on the new CCT and after which releases the loan proceeds via payment of the outstanding balance of the TCP directly to the escrow account and releases to the buyer any remaining loan proceeds thereof, if any.
10. Buyer pays directly to BDO.
1. For Local Employed
a. Latest Income Tax return (ITR).
b. Certificate of Employment with Salary or latest full month pay slip.
2. For Employed Abroad
a. For seamen: Latest crew contract and employment history.
b. For nurses, contract workers and immigrants: Employment contract or Certification of employment and salary (to be authenticated by the Philippine Consulate upon loan approval).
c. Proof of monthly remittances or pay slips for the past three (3) months.
3. Own Business
a. Income Tax Return (ITR) for the last 2 years.
b. Financial statements for the last 2 years (Audited and, if applicable, In-house).
c. Any of the following documents or its equivalent if the business is located outside the Philippines:
i. Certificate of Business Registration with DTI.
ii. Copy of SEC Business Registration/Articles of Incorporation/By-Laws.
iii. Copy of SEC Business Registration/Articles of Partnership.
d. Bank statements or photocopy of passbook for the past six (6) months.
e. Top three (3) major suppliers and customers with contact persons and numbers.
f. Business background/Company profile (if applicable).
g. Other proof of other income, if any.
a. Marriage contract, if applicable.
b. Valid ID (eg. Driver’s License, passport, SSS, etc.)
For more info please do not hesitate to contact us:
PLC International Marketing Networks
Pacific Concord Properties Inc
Lancaster Condotels, Shaw Boulevard
Metro Manila. Philippines. 1552
Web: http://www.lancastersuites.com [Lancaster Condotels]