Makao Bora

Aimed at landlords who need financing to manage, maintain, or expand their rental properties.

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Makao-Brora-loan

Guide to Aptic’s Makao Bora Loan.

This loan product is secured by the rental income from the property, offering landlords a flexible way to access funds without needing traditional collateral.

  • Loan Application Process:
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  • Step 1: Customer submits the application form along with required documents, including proof of rental income, property title deed, and tenant agreements..
  • Step 2: Aptic reviews the rental income statements, verifies tenancy agreements, and assesses the risk profile to determine loan eligibility.
  • Step 3: A rental remittance agreement is established, detailing how rental income will be directed to Aptic for loan repayment
  • Step 4: Upon approval, customer signs the loan agreement, and funds are disbursed to the property owner's preferred account.
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  • Interest Rates & Fees:
    • 4% interest rate based on rental income and customer profile.
    • Processing fee of 3% of the loan amount.
    • Additional fees for legal documentation, property valuation, and rental agreement processing.
  • Loan Repayment:
    • Monthly repayent aligned with rental income payments, minimizing financial strain on the landlord.
    • Early repayment without penalties, offering flexibility if the landlord receives extra income or decides to repay ahead of schedule.
    • Payment options include direct rent remittance from the tenant(s) or property management agent to Aptic.
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  • Loan Amount: Based on a percentage of the rental income, typically up to 60% of the monthly rental income multiplied by the loan term.
  • Loan Term:3 to 12 months, with terms aligned to match rental payment cycles.
  • Interest Rate: Competitive fixed rate, dependent on the rental income and risk assessment.
  • Collateral: Secured by rental income, with a legal agreement to remit rent payments directly to Aptic for loan repayment.
  • Processing Time: Quick approval and disbursement within 5-7 business days, allowing timely access to funds.
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  • Landlords: Property owners with rental income, including residential or commercial landlords who need funds for property improvements, debt consolidation, or other financial needs.
  • Property Investors: Individuals or entities investing in rental properties who may need capital for repairs, renovations, or expansion of their rental portfolio.
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  • Rental Income Verification: Proof of consistent rental income for at least 12 months, with supporting bank or Mpesa statements.
  • Documentation Requirements:
    • Rental income statements for the past 12 months, showing regular deposits from tenants.
    • Identification documents(IDs) and KRA PIN of the applicant.
    • Copy of the property title deed or lease agreement.
    • Agent's agreement (if applicable), authorizing the remittance of rental income directly to Aptic.
    • Proof of tenancy agreements with tenants occupying the rental property
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  • Rental Remittance Agreement: Ensures that rent payments are directed to Aptic, providing a secure and predictable source of loan repayment.
  • Tenant Verification and Income Stability: Verification of tenancy agreements and review of historical rental income to ensure reliable repayment potential.
  • Property and Tenancy Monitoring: Regular checks to confirm that tenants remain in place and are paying rent as expected, maintaining loan security.
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  • Access to Capital Without Traditional Collateral:Leverages rental income, providing an accessible financing option for landlords without the need for property title deeds or other high-value assets.
  • Aligned Repayment Terms: Repayments are directly linked to rental income, reducing financial pressure on landlords by aligning payment schedules with cash flow.
  • Quick and Flexible Financing: Fast approval and disbursement make it easy for landlords to access funds for property improvements, debt consolidation, or expansion.
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