Debt & project funding in Chandīgarh
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Chandīgarh
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Debt Funding Procedure
It has been conventional way to provide Debt on Project @ 12 to 15% rate of interest against 30 to 40 % margin of Project cost for 5 to 7 year term against much more than 100% Land/Project mortgage by nationalized banks. It requires promoters’ company profile, which should have experience of same industry with good financials and performance for at least last three years etc…to get approval of loan in two to three months time. It costs not less than 16 to 17% / annum including Rate Of Interest and other fixed and variable costs like processing fee, consultant fee and other hidden charges.
We are introducing easy Debt Funding option by relaxing almost just half of all above mentioned terms for giving relief to dynamic entrepreneurs & for giving a boost to the economic development of the country/countries The novel terms & conditions of Funding are as under :-
* Minimum and Maximum loan amount :- 10 Cr. INR to 1000 Cr. INR
* Tenure :- 5 Years (next 5 years renewable)
* Rate of Interest :- 7 to 8.25% /Annum for Indian Projects &
( LIBOR + …%age applicable on date) for Offshore Projects
* Security to be submitted :- Bank Guarantee or SBLC.
* Documents to be submitted for approval :- LOI , NCND,FPA (as per specimen)& DPR while applying for Loan
* Documents of Guarantee for loan :- Bank guarantee/ SBLC.
* Duration of disbursement :- First 10 TO 15% within 15 days & rest within
45 days after submission of Security (Can be lesser in
Specific cases where formalities are already completed )
* Currency :- INR Or any Foreign Currency of land for Offshore loans but
generally we prefer EURO / GBP or USD .
Processing fee and Consultancy Charges :- 5% processing fee of Lender to be deducted at source & 2.5
% Consultant fee to be paid separately by borrower out of
his personal source at the time of receiving Loan Amt . A
Separate BG equivalent to 2.5% charges would also be
Required favouring Consultants while releasing BG
favouring the Lenders .
.
Upfront Charges :- No upfront charges. (All charges after sanction ..
But at the time of disbursement of loan amt .)
Repayment :- Bullet payment after 5 years option is available to very
Viable-Projects otherwise through instalments .
(Principal + Interest).
Industry preference :- All industry except distilleries, slaughter houses, , tobacco
industries and the like.
NOTE: -CONSULTANT FEE SHALL BE PAID BY BORROWER FROM HIS SOURCE AT THE TIME OF DISBUSRSEMENT).
Value of the Bank Guarantee Required: - It would be equivalent to Principal + Interest for 5 years for Lenders AND 2.5% for Consultants separately.
Repayment can be one single payment at the end of 5th years at the time of maturity of the BG if Project is very sound otherwise through instalments.
Renewals: Possible in special cases at the payment of 5.0% renewable fee for another period of 5years. The BG has also to be renewed for another period of 5 years.
As you have read in the Funding Letter, we propose to release 10 to 15% of the total Fund in about a fortnight, so the Project takes off smoothly! It is therefore suggested to initiate your Project Executive Summary / DPR (Detailed Project Report) depicting the Funding amount needed, period (5 or 10 Yrs) along with all relavant details, LOI (Letter Of Intent), NCND Agreement, FPA (Fee Protection Cum Consulting Services Agreement) as per specimen to be supplied by us.
The Period of Fund Release: From the date of receipt of the Collateral, an initial amount of 10 to 15% will be released in about a fortnight or earlier. Balance would be released within 45days or earlier from then onwards after completion of all balance formalities if any. Total Funding will be completed in about 70days or much earlier from date of application depending how quickly the borrower can complete all the formalities.
These are in a nutshell, ballmark points. Based on each Project, terms & conditions can be worked out specifically/separately. The format of the BG is enclosed here with. Please follow up early at your end. For any clarifications, please feel free to contact.
NOTE:-
i) Most of the viable Projects including real estate projects are welcome. Exceptions are distilleries, slaughterhouses, anywhere cruelty to animals is involved, tobacco industries and the like.
ii) Presently the Funding is in INR. BUT when the Project size goes above 200 crores of INR, we arrange to provide Euro / USD / GBP Funding also. The collateral has also to be in Euros / GBPs in which loan is required.
iii) Start up Projects with the BG /SBLC provided are welcome.
iv) Another attractive feature of this Funding is there is NO UPFRONT FEES charged. Many Borrowers will feel a lot relieved when they know this.
v) Fast Track Funding: This Funding Program is designed to deliver results in minimum time. Upon getting the 'Project Accepted for Funding ' through a letter, we initiate the Borrowers to get the BG/SBLC issued in the next 3-4 days. We send the Format in which BG / SBLC is to be issued. It will be favoring……………(Name to be given later by us). Once instrument (BG / SBLC) is established (it has to be sent to our banking coordinates which will be given in the above:' Project Accepted ' letter) once our Bank confirms the receipt of the BG/SBLC in our favour, let the Borrowers count the number of days. Simultaneously they need to prepare the other needed documents also . . . not to delay the process, but to complement the pace of progress of the process.
Further submitted that if we require to visit Project Site for verification of facts as mentioned in the Project Report in any place in India or Overseas OR Promoters themselves invite us for meeting at their places, promoter shall arrange the First Class Air Fare for 2 people along with arrangement of stay in 5 star Hotel. As a goodwill gesture, we shall not charge any Visit-Fee from the Promoter for time taken to discuss all issues in meetings to be held with him/her!
As you have read in the Funding Letter, we propose to release 10 to 15% of the total Fund in about a fortnight or earlier, so the Project takes off smoothly! It is therefore suggested to initiate your Project Executive Summary / DPR (Detailed Project Report) depicting the Funding amount needed, period ( 5 or 10 Yrs ) along with all relevant details , LOI ( Letter Of Intent ) , NCND Agreement , FPA ( Fee Protection Cum Consulting Services Agreement ) as per specimen to be supplied by us to avail the loan much earlier than the maximum period of 70 days given by us .
Best Regards,
SEVENSEAS WEALTHZONE INC. INDIA.
Director International Trade Finance & Foreign Affairs
Sumeet Gupta-BCOM, MBA Finance-Mphil
91-9876426571
The Bank Guarantee Format
This is the Deed of Guarantee executed by ………………………… Bank, its Registered Office at ………………………..India; and among other Branch at: …………………. (Here in after referred to as the Bank) in favour of …………………….
( here in after called the Beneficiary) having its Registered Office at ……………….. India for an amount not exceeding Rs. ……….. Crores at the request of M/s ……………………………………………………………………………………………………
(Borrower)
This Guarantee is issued subject to the liability of the bank under this Guarantee is limited to a maximum amount of Rs. …………….in words…………………………………………………………………………………………………………………… Crores, the Guarantee shall remain in full force for a period of five full year and cannot be invoked otherwise than a written demand or claim under the Guarantee served on the Bank on or before the date: ………………
We, the ………….. Bank hereby irrevocably unconditionally without protest or
notification, undertake to pay: ……………………… (the order of the Beneficiary)
Or its Assignee, (holder thereof ) at time of maturity immediately, without demand, reservation, protest, contest and recourse to the said sum of Rs. …………….Crores in the lawful currency of India (the Country of the Beneficiary) and /or its assignees shall be conclusive and binding on us irrespective of any dispute or difference raised by the said …………………………… ( borrower) as This Bank Guarantee is Irrevocable, Negotiable, Assignable, Divisible & Transferable With or Without any Fees and shall remain valid up to ………………….. 2008. If any further extension of this Guarantee is required, the same shall be extended for such required period/s on receiving instruction from M/s …………….. ( borrower) with the consent of Beneficiary or its Assignees on whose behalf this Guarantee is issued.
For and on behalf of ………………………….. Bank
By Bank Officer By Bank Officer
Name, Designation, Bank Address, ID for each Bank Officer
NOTE :- TEXT OF SPECIMEN CAN BE CHANGED BUT WITH MUTUAL CONSENT OF BORROWER & LENDER AND ALSO ONLY AFTER LENDER’S BANK AGREES TO THE CHANGES MADE IN THE DRAFT .
**********
It has been conventional way to provide Debt on Project @ 12 to 15% rate of interest against 30 to 40 % margin of Project cost for 5 to 7 year term against much more than 100% Land/Project mortgage by nationalized banks. It requires promoters’ company profile, which should have experience of same industry with good financials and performance for at least last three years etc…to get approval of loan in two to three months time. It costs not less than 16 to 17% / annum including Rate Of Interest and other fixed and variable costs like processing fee, consultant fee and other hidden charges.
We are introducing easy Debt Funding option by relaxing almost just half of all above mentioned terms for giving relief to dynamic entrepreneurs & for giving a boost to the economic development of the country/countries The novel terms & conditions of Funding are as under :-
* Minimum and Maximum loan amount :- 10 Cr. INR to 1000 Cr. INR
* Tenure :- 5 Years (next 5 years renewable)
* Rate of Interest :- 7 to 8.25% /Annum for Indian Projects &
( LIBOR + …%age applicable on date) for Offshore Projects
* Security to be submitted :- Bank Guarantee or SBLC.
* Documents to be submitted for approval :- LOI , NCND,FPA (as per specimen)& DPR while applying for Loan
* Documents of Guarantee for loan :- Bank guarantee/ SBLC.
* Duration of disbursement :- First 10 TO 15% within 15 days & rest within
45 days after submission of Security (Can be lesser in
Specific cases where formalities are already completed )
* Currency :- INR Or any Foreign Currency of land for Offshore loans but
generally we prefer EURO / GBP or USD .
Processing fee and Consultancy Charges :- 5% processing fee of Lender to be deducted at source & 2.5
% Consultant fee to be paid separately by borrower out of
his personal source at the time of receiving Loan Amt . A
Separate BG equivalent to 2.5% charges would also be
Required favouring Consultants while releasing BG
favouring the Lenders .
.
Upfront Charges :- No upfront charges. (All charges after sanction ..
But at the time of disbursement of loan amt .)
Repayment :- Bullet payment after 5 years option is available to very
Viable-Projects otherwise through instalments .
(Principal + Interest).
Industry preference :- All industry except distilleries, slaughter houses, , tobacco
industries and the like.
NOTE: -CONSULTANT FEE SHALL BE PAID BY BORROWER FROM HIS SOURCE AT THE TIME OF DISBUSRSEMENT).
Value of the Bank Guarantee Required: - It would be equivalent to Principal + Interest for 5 years for Lenders AND 2.5% for Consultants separately.
Repayment can be one single payment at the end of 5th years at the time of maturity of the BG if Project is very sound otherwise through instalments.
Renewals: Possible in special cases at the payment of 5.0% renewable fee for another period of 5years. The BG has also to be renewed for another period of 5 years.
As you have read in the Funding Letter, we propose to release 10 to 15% of the total Fund in about a fortnight, so the Project takes off smoothly! It is therefore suggested to initiate your Project Executive Summary / DPR (Detailed Project Report) depicting the Funding amount needed, period (5 or 10 Yrs) along with all relavant details, LOI (Letter Of Intent), NCND Agreement, FPA (Fee Protection Cum Consulting Services Agreement) as per specimen to be supplied by us.
The Period of Fund Release: From the date of receipt of the Collateral, an initial amount of 10 to 15% will be released in about a fortnight or earlier. Balance would be released within 45days or earlier from then onwards after completion of all balance formalities if any. Total Funding will be completed in about 70days or much earlier from date of application depending how quickly the borrower can complete all the formalities.
These are in a nutshell, ballmark points. Based on each Project, terms & conditions can be worked out specifically/separately. The format of the BG is enclosed here with. Please follow up early at your end. For any clarifications, please feel free to contact.
NOTE:-
i) Most of the viable Projects including real estate projects are welcome. Exceptions are distilleries, slaughterhouses, anywhere cruelty to animals is involved, tobacco industries and the like.
ii) Presently the Funding is in INR. BUT when the Project size goes above 200 crores of INR, we arrange to provide Euro / USD / GBP Funding also. The collateral has also to be in Euros / GBPs in which loan is required.
iii) Start up Projects with the BG /SBLC provided are welcome.
iv) Another attractive feature of this Funding is there is NO UPFRONT FEES charged. Many Borrowers will feel a lot relieved when they know this.
v) Fast Track Funding: This Funding Program is designed to deliver results in minimum time. Upon getting the 'Project Accepted for Funding ' through a letter, we initiate the Borrowers to get the BG/SBLC issued in the next 3-4 days. We send the Format in which BG / SBLC is to be issued. It will be favoring……………(Name to be given later by us). Once instrument (BG / SBLC) is established (it has to be sent to our banking coordinates which will be given in the above:' Project Accepted ' letter) once our Bank confirms the receipt of the BG/SBLC in our favour, let the Borrowers count the number of days. Simultaneously they need to prepare the other needed documents also . . . not to delay the process, but to complement the pace of progress of the process.
Further submitted that if we require to visit Project Site for verification of facts as mentioned in the Project Report in any place in India or Overseas OR Promoters themselves invite us for meeting at their places, promoter shall arrange the First Class Air Fare for 2 people along with arrangement of stay in 5 star Hotel. As a goodwill gesture, we shall not charge any Visit-Fee from the Promoter for time taken to discuss all issues in meetings to be held with him/her!
As you have read in the Funding Letter, we propose to release 10 to 15% of the total Fund in about a fortnight or earlier, so the Project takes off smoothly! It is therefore suggested to initiate your Project Executive Summary / DPR (Detailed Project Report) depicting the Funding amount needed, period ( 5 or 10 Yrs ) along with all relevant details , LOI ( Letter Of Intent ) , NCND Agreement , FPA ( Fee Protection Cum Consulting Services Agreement ) as per specimen to be supplied by us to avail the loan much earlier than the maximum period of 70 days given by us .
Best Regards,
SEVENSEAS WEALTHZONE INC. INDIA.
Director International Trade Finance & Foreign Affairs
Sumeet Gupta-BCOM, MBA Finance-Mphil
91-9876426571
The Bank Guarantee Format
This is the Deed of Guarantee executed by ………………………… Bank, its Registered Office at ………………………..India; and among other Branch at: …………………. (Here in after referred to as the Bank) in favour of …………………….
( here in after called the Beneficiary) having its Registered Office at ……………….. India for an amount not exceeding Rs. ……….. Crores at the request of M/s ……………………………………………………………………………………………………
(Borrower)
This Guarantee is issued subject to the liability of the bank under this Guarantee is limited to a maximum amount of Rs. …………….in words…………………………………………………………………………………………………………………… Crores, the Guarantee shall remain in full force for a period of five full year and cannot be invoked otherwise than a written demand or claim under the Guarantee served on the Bank on or before the date: ………………
We, the ………….. Bank hereby irrevocably unconditionally without protest or
notification, undertake to pay: ……………………… (the order of the Beneficiary)
Or its Assignee, (holder thereof ) at time of maturity immediately, without demand, reservation, protest, contest and recourse to the said sum of Rs. …………….Crores in the lawful currency of India (the Country of the Beneficiary) and /or its assignees shall be conclusive and binding on us irrespective of any dispute or difference raised by the said …………………………… ( borrower) as This Bank Guarantee is Irrevocable, Negotiable, Assignable, Divisible & Transferable With or Without any Fees and shall remain valid up to ………………….. 2008. If any further extension of this Guarantee is required, the same shall be extended for such required period/s on receiving instruction from M/s …………….. ( borrower) with the consent of Beneficiary or its Assignees on whose behalf this Guarantee is issued.
For and on behalf of ………………………….. Bank
By Bank Officer By Bank Officer
Name, Designation, Bank Address, ID for each Bank Officer
NOTE :- TEXT OF SPECIMEN CAN BE CHANGED BUT WITH MUTUAL CONSENT OF BORROWER & LENDER AND ALSO ONLY AFTER LENDER’S BANK AGREES TO THE CHANGES MADE IN THE DRAFT .
**********
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