SECURITY BANK PHILIPPINES MORTGAGE LOAN

SME Business Mortgage Loan

A convenient secured loan option with high loanable amount and low interest rates. This loan is perfect for larger SMEs who are looking to make big purchases or investments to scale their business. This secured loan can go up to P20M for 10 years loan term if you have the collateral to back it up.

Features

• Minimum loan amount: PHP 1,000,000
• Maximum loan amount: PHP 20,000,000
• Loan payment term: Up to a max of 10 years (for asset acquisition, loan take out and construction) and 5 years for permanent working capital.

Benefits

• Higher loan amount compared to other business loans
• Lower interest rates and offer tailored to client needs
• Approval in 15-20 working days
• Startups (operating less than 3 years) are acceptable on a case to case basis

Acceptable Collaterals

Residential Properties:

• 80% of Appraised Value for lot with improvement
• 60% for vacant lot

Commercial Properties: 60% of Appraised Value

Mixed-use Properties: 60% of Appraised Value

Hold-out Deposit: 100% of Peso deposit accounts maintained with SBC.

Fees and charges

• Appraisal fee: Paid upfront– PHP 3,500 (Metro Manila); PHP 4,500
• Real estate mortgage: Paid upon approval–~2.5% to 3.0% of loan amount
  (inclusive of: DST, registration fee, notarial fee, processing fee)

Eligibility Requirements

For Business

• Registered business with the Securities and Exchange Commission or Department of Trade and Industry
• Business should be registered as either Sole Proprietorship, Partnership, or Corporation
• At least 3 years in operation.
• Must exhibit profitable operations
• Start-up businesses (operating less than 3 years) are acceptable on case to case basis

For Employed

• Principal should be at least 21 years old upon loan maturity
• Earning minimum monthly income of P50, 000
• Employed for at least 2 years

Documentary Requirements

Sole Proprietorship

1. Completely filled out and signed loan application form
2. Clear copy of marriage contract (if married)
3. Clear copy of one valid ID (photo-bearing government issued) of borrower/ spouse/co-borrower/ signatories of the loan
4. Latest Income Tax Return and Comparative Audited Financial Statements (with Notes to AFS) or two years Audited Financial Statements if latest is not comparative
5. If operating for ONE year or less: Financial Projections and Prospects
6. Certificate of Business Name Registration with DTI (for sole proprietorship) or Articles of Partnership (for partnership business)
7. Authorization letter (for bank, business and trade checking)
8. Valid Business/Mayor’s permit
9. IF STARTUP: Financial Projections and Prospects (if applying as a startup or if business has been in operation for less than 3 years)

Partnership/Corporation

1. Completely filled out and signed loan application form
2. Company profile: background, owners, key officers
3. Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/signatories of the loan
4. SEC papers:

• Corporation – Certificate of Incorporation, Articles of Incorporation, By-laws and General Information Sheet
• Partnership – SEC Certificate, Articles of Partnership, Partnership Resolution

5. Latest Bank Statements (latest 6 months with debits and credits)
6. Latest Income Tax Return and Comparative Audited Financial Statements (with Notes to AFS) or two years Audited Financial Statements if latest is not comparative
7. Authorization letter (for bank, business and trade checking)
8. Suretyship of majority owner/s
9. Valid Business/Mayor’s permit
10. IF STARTUP: Financial Projections and Prospects (if applying as a startup or if business has been in operation for less than 3 years)

Employed

1. Completely filled out and signed loan application form
2. Clear copy of marriage contract (if married)
3. Clear copy of one valid ID (photo-bearing government issued) of borrower/spouse/co-borrower/signatories of the loan
4. Certificate of Employment and Compensation (COEC) / Employment Contract OR Latest 3 months pay slips OR Latest ITR (BIR form 2316)
5. Certificate of Business Name Registration with DTI (for sole proprietorship) or Articles of Partnership (for partnership business)
6. Authorization letter (for bank, business and trade checking)
7. Employment Verification (EV) by SBC CI Unit
8. If OFW, with Special Power of Attorney (SPA)

Collateral Documents for Real Estate

1. Copy of collateral title (TCT/CTC)
2. Lot plan and vicinity/location map
3. Tax declaration on land and/or improvement
4. Appraisal Fee; OR Number
5. Additional Documents for Specific Loan Purpose

LOAN TAKEOUT

6. Proof of amortization payments for the last 3 months
7. Statement of account from bank

CONSTRUCTION OR RENOVATION

8. Bill of materials and estimates of construction and labor cost
9. Floor and building plan and specifications