A loan secured by real estate is obtaining a monetary loan from an individual or legal entity. The collateral object can be any real estate property that has a certain market value. This type of loan is often confused with a mortgage, which is fundamentally incorrect. The collateral object is not a purchase item.
Each company providing a loan secured by real estate has its own rules. For example, most banks require proof of income. MFO Mig Credit Astana offers funds for any purpose through a simplified scheme, without paperwork. Loan secured by real estate in Almaty – an excellent solution for developing your own business.
Loan secured by real estate: advantages
Speed. The problem with all banks without exception is the lengthy approval process for a loan secured by real estate. Property appraisal, searching for clients in databases of other organizations, approval of the amount with the head office, multi-party contract signing, insurance. Mig Credit Astana knows the value of time.
To obtain a loan, a minimal set of documents is required:
For individuals – identity documents and proof of collateral rights, as well as an address certificate and a technical passport for the property;
For legal entities – copies of founding documents and ownership rights, as well as permission from the borrower’s managing body and a technical passport for the property.
Fair valuation. Banks are interested in undervaluing the property transferred as collateral. Because in case of problems, the bank still benefits. Mig Credit Astana does not engage in such fraud – the valuation is based on market prices. Additionally, the company offers a free on-site preliminary assessment of the collateral property.
Individual approach. Besides undervaluing collateral real estate, banks tend to be biased towards the type of objects. Money is gladly issued only against apartments located in multi-storey buildings. For other objects, banks try to provide the minimum amount. Mig Credit Astana does not discriminate against real estate. Private houses, land plots, non-residential objects – no restrictions for the borrower. If desired, the client can receive a loan exceeding 50-60% of the collateral property’s value.
Disadvantages of a loan secured by real estate
Risks are always present, especially when money is borrowed for developing a business from scratch. But even in these cases, Mig Credit Astana is ready for compromise. There are dozens of tools to help the borrower repay the loan secured by real estate on favorable terms.
Banks are interested in the borrower’s insolvency. MFO Mig Credit Astana works with a long-term perspective. Once a client takes a loan on good terms, they will definitely return or recommend the company to friends and acquaintances. That is how business is built worldwide.
