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SUMMARY OF KENYA BANKS CONSTRUCTION PROJECTS FINANCING REQUIREMENTS

PROJECT REQUIREMENTS

  • Title deed
  • Priced Bills of Quantities from a registered Quantity surveyor
  • Environmental Impact assessment and NEMA license
  • NCA projects Registration.
  • Approved Architectural and structural drawings from relevant County Govornment.
  • Valuation report of the parcel of land.
  • A joint builders agreement between the contractor and the client.
  • A performance bond from the contractor with the bank as the first loss payee (CBKL).
  • All risk insurance cover from the contractor during the period of construction with the bank's interest noted (CBKL)
  • Profile of the implementation team, together with the current practicing certificate of the architect, quantity surveyor, structural engineer, the contractor and the marketing agent where the units are for sale (CBKL)
  • A feasibility study indicating at minimum the project concept and commercial viability of the project (CBKL) (Company‟s legal status, ownership, organization and management, Profile of company Directors and key management staff, Business activity of the promoting company and trading history, including audited accounts for the past three years where applicable, unique selling points for the project/competitive advantages.
  • Proof by developer of a secondary source of income that can be relied upon for repayment
  • Planned project implementation schedule with activities and their timings
  • Specification of plant and service equipment required.
  • Projected investment and financing plan.
  • Projected cash flow during construction and up to full repayment of the loan.
  • Demonstration of sponsor‟s capacity to meet their portion project financing.
  • Evidence of up to date payment of land rates and rent.
  • Evidence of availability of existing source(s) of income to service interest during construction
  • Pre sales (Some banks)