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Cordova Multipurpose Cooperative Blog

13Aug 2016

Real Estate Loans

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Cordova Multipurpose Cooperative

  • The member must have share capital of at least 20% of the aggregate loan amount applied for and NOT have any past due loan amortization on other loans with the Coop
  • Flexible term
  • Mode of Payment: Bi-Monthly & Monthly
  • Flexible Term- Maximum of 36 months.
  • Interest Rate (Diminishing Method)
    • * Fully Secured – 21% Annual Effective Rate
    • * Partially Secured – 22% Annual Effective Rate
    • * Unsecured – 23% Annual Effective Rate
  • Loan Charges:
    • * 1% Retention Fee
    • * 2% Collection Fee
    • * 3% Service Fee
  • Loan Protection Insurance – ((loan amount/1,000)*0.53* term in months)
Real Property Loan

1. The member should have a real property need, either for the construction of a house or building or purchase of real property. It could be housing materials & labor for house construction, purchase of a lot or purchase of house & lot;

2. Bill of materials, cost canvass of materials, sketch plan & blueprint should be submitted;

3. Anotarized Contract to Sell or Deed of Sale(also notarized) between the member & the owner is required;

House Repair / Improvement Loan

1. The member must have a housing repair or improvement needfor his/herown house;

2. Bills of housing materials, Cost estimate, Materials’ canvass, Labor for construction should be submitted;