Financing Facilities Information
Our company has very good relationships with all the banks in Cyprus, and we can help our clients get half of their investment financing according to the criteria of each bank.
In order for a buyer to obtain funding from a bank, the below terms are usually proposed:
- Financing for 50% of the selling price for the property to be acquired
- Rate indicatively 2.3% – 3.5% (subject to change)
- 1st degree mortgage on the plot/property
- In case the project is not completed, a guarantee will be needed from the Newzoe Developers
- Relevant insurances in favor of the bank (i.e. life insurance of the borrower, fire insurance of the property)
Please note that the securities, terms and conditions stated herein are indicative as the assessment by the bank is executed on a case-by-case basis.
If you need assistance with your funding, then we at Newzoe Developers Ltd, with our long standing cooperation with these establishments, can point you in the right direction.
Loan Request
In order to evaluate any prospective loan request , all new customers must provide us with the following:
- Application and Supporting documents
All prospective customers must complete the attached Personal Financial Statement and provide us with the below supporting documents for the purpose of evaluating their loan request.
- Proof of income. The proof of income can be in the form of monthly salary slips or a monthly salary confirmation provided by the employer. Otherwise, if the prospective applicant is considered to be self-employed, then we accept a salary confirmation from a third party such as an accountant, income tax application, tax clearance, bank statements etc.
Also, proof of any other income that the customer may be receiving eg. rental income, company dividends, other benefits etc.
- Monthly Debt Payments. We will be requiring information regarding the current credit facilities the applicant maintains in the form of loan statements and / or current account statements which show payments of monthly instalments of existing credit facilities.
It is important if a "Credit Scoring" report could be provided which is issued from an independent organization from the country of residence of the prospective customer or from any other country in which the customer maintains credit facilities (eg. a CDR report from Lebanon , eg. Equifax report in the UK etc).
- We will also be requiring a copy of the applicant’s passport and/or Identity card, and proof of residence address (such as a utility bill that was sent to the home address).
- In the case whereby the applicant is considered to be self-employed, we will be requiring information regarding the related company / sole proprietorship status (eg. bank statements , Memorandum and Article of Association, Audited Financial Statements etc).
Any prospective guarantors must also complete the attachment and provide us with the supporting documents listed above.
- Property
We will require a copy of the sales contract of the property or title deed of the property. The information will be used in order to proceed with the valuation of the property.