Q. How much do your services cost?
A. If the loan is of a Commercial nature the cost of our services is generally added to that loan and credited to Ellcon Financial Services upon settlement. If the loan is of a Residential nature the cost of our services is generally met by the lender with no cost to you. At Ellcon Financial Services our fees are based on the complexity of the funding proposal. This is agreed to from the start and will only change (either way) if there are any changes to the proposal.

Q. How much can we borrow?
A. No minimum’s or maximum’s, it just depends on the feasibility of the project.

Q. To what level can I borrow?
A. In some instances you may be able to borrow 100% of the cost to complete the project. As a rule though, the normal security value would be 66.67% of the Value of the property. Different finance entities will have there own criteria, however, at Ellcon Financial Services we can structure the loan to include multiple lenders to ensure you receive the required funds to complete the project.

Q. Can we borrow money if we have an adverse credit rating?
A. The simple answer is yes you can, however, you may incur a higher interest rate and fee.

Q. Do I have to provide a personal guarantee?
A. In most cases the answer is yes you will. The lender is looking for a commitment from you to the project, and needs to ensure that you are personally liable for any unforeseen detrimental circumstances that may arise during the course of the project. Please note however, that most lenders want to work with you to ensure the project is completed to the satisfaction of all parties.

Q. What do I need to get my project finance approved?
A. Although every project is different, essentially the documentation and processes required are the same. At Ellcon Financial Services we have the experience to help you with this initial process, including reference to professionals that are accepted by the different lenders. For example, Quantity Surveyors, Valuers, Lawyers, Engineers etc…

Q. Do I need a high income to get my loan approved?
A. If your loan is for property development, or is of a short term nature (1-2 years) then in most cases you don’t need an income, although it is preferred that you make a financial contribution to the project, either by way of a cash injection or by using equity in existing property. This requirement varies from lender to lender so we’ll discuss the options with you at the initial meeting.