- Upon receipt of loan proceeds (via MC or account),
client will receive an amortization schedule indicating
payment terms for the first 12 months. First due date
will be one month from booking date. Client to issue
12 post-dated checks for the year.
- Amortization schedule will include monthly payment
to loan (principal and interest) plus monthly payment
for MRI and FIRE for next year coverage. Second year
and succeeding years' premiums for MRI and Fire are
monthly amortized.
- Rates are fixed for one year. Loan will be re-priced
after one year. New amortization schedule will be
given to the client. Next batch of 12 post-dated checks
will be submitted by client based on new amortization
schedule to be provided by the AO.
A
new amortization schedule will be given yearly and clients
are expected to provide us a new set of 12 post-dated
checks based on the same. |
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