Asialink Finance Corp. said it is expanding into real estate lending, offering its trademark quick processing and low interest rates to individuals and small and medium enterprises (SMEs).
The new offering comes after Asialink entrenched itself in lending to SMEs in their purchase of trucks and other vehicles to grow their business.
“Our sustained and astronomical growth in the past few years has attracted the flow of foreign funds as well as local financing that now allow us to go into new opportunities such as real estate,” said Sam Cariño, president and chief executive of Asialink.
Asialink offers three types of lending: Sangla Titulo; take-out of housing units; and acquisition of property.
A business entity can borrow up to P20 million and offer a property as collateral in sangla titulo. The interest rate is as low as 0.8 percent, if up to 5 years, plus a one-time 5.5 percent as service fee. The loan proceeds can be released within two weeks from the submission of all the documents required.
It said that in taking out housing units, Asialink advances the full payment for the property on behalf of the borrower at an interest rate same with sanlang titulo. The release of the funds is faster by a few months than bank processing time.
Asialink can lend up to P15 million for the purchase of a property. The rate is 0.9 percent per month for a repayment period of five years and below, and one percent if up to ten years.
The company focuses on lending to SMEs that find it hard to borrow from banks and its success has attracted investments from the International Finance Corp., the private sector financing arm of the World Bank, and Creador, a private equity fund, as well as financing from the Asian Development Bank.
