Asialink expands into real estate lending – BusinessWorld Online
ASIALINK Finance Corp. is now offering real estate loans to individuals and small and medium enterprises (SMEs).
Asialink is offering three real estate products, namely real estate mortgage or Sangla Titulo, loans for the takeout of housing units, and loans for property acquisition of property.
“Our sustained and astronomical growth in the past few years has attracted the flow of foreign funds as well as local financing that now allow us to go into new opportunities such as real estate,” Asialink President and Chief Executive Officer Sam Cariño said in a statement on Thursday.
“The new offering comes after Asialink has entrenched itself in lending to SMEs in their purchase of trucks and other vehicles to grow their business,” the company added.
Sangla Titulo lets businesses borrow up to P20 million and offer property as collateral at an interest rate of as low as 0.8% for a five-year term plus a one-time 5.5% service fee. Loan proceeds can be released within two weeks from the submission of all the required documents.
Meanwhile, for those taking out housing units, Asialink will advance the full payment for the property on behalf of the borrower.
Lastly, Asialink can lend up to P15 million for property acquisition at a rate of 0.9% per month for a repayment period of five years and below and 1% for a 10-year term.
Asialink in January received a $130-million credit facility from the International Finance Corp., the private sector lending arm of the World Bank Group, to increase financing for micro, small, and medium enterprises.
In December last year, it signed an $115-million financing package with the Asian Development Bank to expand its working capital and support SMEs in the Philippines.
Asialink also secured a P4-billion strategic investment from Malaysian equity firm Creador in February last year. — AMCS