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The best Current Asset Financiers
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QD
#1 Posted : Tuesday, January 17, 2012 2:02:15 PM
Rank: Member


Joined: 8/5/2009
Posts: 597
Hi wazuans, I'm currently looking for a financial institution that will help finance a piece of land i hard commited to purchase mid last year (Paid 10%)but the papers are ready now. Any leads i.e. rate, contact and term is highly appreciated.
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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Gathige
#2 Posted : Tuesday, January 17, 2012 2:22:00 PM
Rank: Elder


Joined: 3/29/2011
Posts: 2,242
@ QD,

Try your Sacco ( if you belong to one) as they are handy for such matters. Bank loans prohibitive at the current rates but would be a last resort if other avenues fail. All the best
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Gordon Gekko
#3 Posted : Tuesday, January 17, 2012 2:30:02 PM
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Joined: 5/27/2008
Posts: 3,760
First, land is not a current assetsmile

In my mind, and I stand collected, Asset Finance is for movable chattels (machinery, vehicles etc). Immovable Assets (land, buildings) are not asset financed, mortgages apply. Maybe just semantics.....
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Tgoldman
#4 Posted : Tuesday, January 17, 2012 3:56:00 PM
Rank: New-farer


Joined: 1/16/2012
Posts: 56
QD If this property is located in Nairobi city or within mombasa county, do get in touch with me. I can sure we can work something out.
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QD
#5 Posted : Tuesday, January 17, 2012 3:57:31 PM
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Joined: 8/5/2009
Posts: 597
Thanx at Gathige will visit my Sacco pap. @ GG yes its semantics as most banks group land purchase under mortgages as well others in the big group of asset financing. Any advice though much appreciated.

@Tgold the property is within Kajiado county.
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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Gathige
#6 Posted : Tuesday, January 17, 2012 5:07:50 PM
Rank: Elder


Joined: 3/29/2011
Posts: 2,242
@QD

All the best. Was in the same predicament in Dec after i had paid similar deposit. Was able to get a facility at KCB at 23% but since i needed an advance for only 6 months, i calculate i will pay about 10% interest which is not too bad. Try them and you may be lucky
"Things that matter most must never be at the mercy of things that matter least." Goethe
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StatMeister
#7 Posted : Tuesday, January 17, 2012 10:59:24 PM
Rank: Veteran


Joined: 5/23/2010
Posts: 868
Location: La Islas Galápagos
QD wrote:
Hi wazuans, I'm currently looking for a financial institution that will help finance a piece of land i hard commited to purchase mid last year (Paid 10%)but the papers are ready now. Any leads i.e. rate, contact and term is highly appreciated.


land falls under real estate, not asset finance.

Second, ask for an unsecured loan
A bad day fishing is better than a good day at work
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Julie
#8 Posted : Wednesday, January 18, 2012 8:36:08 AM
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Joined: 12/2/2006
Posts: 658

@StatMeister
Are unsecured loans cheaper?
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groupielove
#9 Posted : Wednesday, January 18, 2012 10:39:43 AM
Rank: Member


Joined: 6/21/2010
Posts: 119
Location: Nairobi
Julie wrote:

@StatMeister
Are unsecured loans cheaper?

They are actually more expensive than morgages as there's no collateral. Unless all other avenues fails, this should be the last resort.I know barclays doesn't fund purchase of land under morgage but you can only qualify under unsecured loan
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QD
#10 Posted : Wednesday, January 18, 2012 1:41:31 PM
Rank: Member


Joined: 8/5/2009
Posts: 597
Thanx to all for the good advices. Am sorted.
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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