The ICSH were delighted to form part of the launch of a new lending initiative offered by the HFA specifically targeted at Tier 2 or Tier 3 AHBs which are not currently approved Certified Bodies. The product launched is tailored to AHBs with lending requirements from a minimum of €250,000 up to €1,500,000 and is specifically tailored towards property acquisitions.
The lending is offered on a variable interest rate over 30 years with a 10 year fi xed offered of 3.85% (reverting to variable thereafter). Tier 2 AHBs who uptake on the new product will not have to undergo a full HFA credit review process but rather applications for the new Category 2 Certified Body status will instead be accompanied by:
- a specific project application for acquisition finance only;
- the most recent annual report;
- evidence of AHB status;
- a current tax clearance certifi cate, and
-
confirmation that they are signed up the Voluntary Regulation Code.
A Facility Agreement will be completed for each transaction, post approval and prior to drawdown, conditions include a Payment & Availability Agreement & Continuation Agreement. The ICSH welcomed the product as it offers further diversifi cation of lending across the sector.
