Development

Designed for customers who wish to finance construction or development projects on their property. 

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Development-Loan

Guide to Aptic’s development loan.

This loan is secured by the title deed of the property, providing a reliable and secure means of financing for large-scale projects such as building residential homes, commercial properties, or property improvements.

  • Loan Application Process:
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  •  Step 1: Customer completes the application form and submits all required documents, including title deed, financial statements, ID, KRA PIN, and project plan.
  • Step 2: Property valuation is conducted by an Aptic-approved valuer to assess the loan eligibility and determine the amount.
  • Step 3: Aptic reviews the application, conducts due diligence, and assesses the development project's feasibility.
  • Step 4: Upon approval, customer signs the loan agreement, and Aptic retains the title deed as collateral. Funds are disbursed for project use.
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  • Interest Rates & Fees:
    • 6% interest rate based on value of the property and customer risk profile.
    • Processing fee of 2-5% of the loan amount.
    • Additional fees for legal documentation, property valuation and customer profile.
  • Loan Repayment:
    • Flexible monthly or lump-sum repayment options, based on the project's cash flow.
    • Early repayment allowed without penalties, offering flexibility for borrowers.
    • Payment can be made via bank transfer, mobile money, or cheque.
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  • Loan Amount: Up to 60% of the market value of the property.
  • Loan Term: 3 to 12 months, with flexibility to extend based on project needs.
  • Interest Rate: Competitive fixed rates, dependent on property valuation and risk profile.
  • Collateral: Secured by a property title deed, held by Aptic until full repayment.
  • Processing Time: Loan approval and disbursement within 7-10 business days, ensuring timely access to funds for development.
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  • Property Owners: Individuals or businesses with undeveloped land or property who seek funds for construction or improvement projects.
  • Developers and Builders: Contractors or developers looking to finance property development projects, including residential, commercial, or mixed-use buildings.
  • Entrepreneurs in Real Estates: Individuals looking to invest in real estate projects, including rental properties, who need financing to begin construction or renovation.
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  • Ownership and Documentation:
    • Must be the registered owner of the property.
    • Clear title deed for the property, free of encumbrances.
    • Proof of property ownership and valuation.
  • Documentation Requirements:
    • Bank and/or MPESA statements for the past 12 months to verify cash flow.
    • Identification documents (ID) and KRA PIN of the property owner(s).
    • Recent valuation report of the property conducted by Aptic's approved valuers.
    • Project plan and budget for the proposed development.
    • Relevant permits and approvals for the development project.
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    • Title Deed Security: Retention of the title deed provides a secure form of collateral, with legal safeguards in place to manage default risks.
    • Due Diligence and Project Monitoring: Regular check-ins to ensure project progress aligns with the loan disbursement and that funds are used as intended.
    • Insurance: Property insurance may be required, listing Aptic as a beneficiary, to protect the asset in case of unforeseen incidents.
     
  • Access to Development Capital: Provide funds needed to begin or complete construction, allowing property owners to unlock the potential of their assets.
  • Secure and Flexible Financing: Loan terms aligned with project needs, offering a secure and flexible means of financing using property as collateral.
  • Peace of Mind with Comprehensive Support: Aptic provides a seamless application process, with support for all legal and regulatory requirements.
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