Condo Sale at La Verti Residences Financing

Bank Financing Process

The process starts with the client's intent to finance his/her outstanding loan with DMCI thru the bank.
The client prepares the necessary documents for submission to bank.
The bank performs the necessary credit investigations & background checks & documentation.
The bank then approves the loan.
The bank issues a letter of guarantee & deed of undertaking.
Finance assistant reviews the documentation and clarifies with the client issues regarding his account.
Finance assistant endorses the documents to the Department Head for final review and signing; then forwards the document to the authorized signatories to sign signifying DMCI's conforme.
Authorized signatory signs the LOG & DOU.
Reproduction of the LOG and DOU.
A copy of the LOG and DOU is placed on file.
Another copy of the LOG and DOU shall be forwarded to DOCS CONTROL group for preparation of DOAS.
Collate the documents.
Prepare documents for transmittal to Bank.
Bank processing.
Determine if accredited bank or if documents can be undertaken.
If not an accredited bank, Finance Assistant shall wait for the compliance of Legal Department and then the Bank releases the proceeds of the loan.
If accredited Bank, bank will immediately release proceeds of the loan subject to an undertaking. Compliance by Legal Department.
Endorse the account (after drawdown) to Billing and Collection for Final Billing.