Applications for loans from CDTF
If your body would like to apply for a loan from the Foundation we would require the following information:
- The latest Audited Financial Statements
- A budget for the relevant years
- A proposal letter stipulating how the funds would be utilized
- If the body is a part of a denominational member of CDTF we would not require the your constitution. If not we need a copy of your constitution.
- It is responsibility of the applicant to establish from their governing bodies if they require permission from the denomination to apply for a loan.
Our terms and conditions are:
- The limit of the loan is negotiable (depending on funds CDTF has available and the ability of the borrower to pay the monthly instalment).
- The current interest rate is 8,5% per annum .
- The interest rate is fixed for the duration of the loan.
- Repayable over a 5 year period
- As security for the loan CDTF would register a first mortgage bond (ONLY FIRST. WE DO NOT ACCEPT SECOND BONDS ETC) over an existing property or property to be purchased.
National Credit Regulator
As the Foundation is governed by the National Credit Regulator (NCR Registration No 1960) and subscribes to the Code of Conduct to combat over-indebtedness see attached as Annexure A setting out the rules CDTF have to adhere to.
Information to be submitted and included in the Annual Financial Statements are as follows:
At our discretion we might accept Financials that have not been audited by a Registered Auditor. The Financials must have been independently reviewed and must disclose:
- All assets and an indication of any encumbrances.
- All liabilities and the payment terms of them.
- All future commitments and the manner in which they will be funded.
- Any contingent liabilities and the circumstances pertaining to them.
Once the loan has been agreed in principle CDTF would send an offer to the applicant, the applicant would then agree to the terms and conditions of the loan by completing page 3 of the offer and returning same to CDTF supported by an enabling resolution of the relevant body of the applicant. The FICA regulations require us with page 3 to receive in respect of the
- a certified copy of the persons Identity Document, and
- a current utilities bill (or the like) reflecting the residential address of the person.
In the meantime the offer will be sent to our attorneys Tonkin Clacey (TC). TC will contact the church and arrange for all the legal forms to be signed by the church through their attorneys in the different regions of SA.
Building and property insurance
CDTF requires that all loans must have full comprehensive insurance, which may be obtained through our broker (all the information is in the offer). Should you already be covered we will require a certificate from your insurance company.
We welcome photos of the finished projects to place on our website.