Purpose

Sugar Cane Farm Purchase

Limit: Max $75,000.00 and above is referred to the Board of SCGF.

Eligibility

Commitment Ratio of Loan Repayment to Net Farm Income to be below 60 percent, based on an average of past 3 years’ production and/or the forecast of the current year cane production.

Equity

33 per cent of the purchase price in form of FNPF Housing Eligibility, Cash, Genuine Sweat Equity is acceptable with sufficient evidence) and or additional Collateral Security is acceptable to equal Lending value.

SCGF Mortgagee Sale Farms are flexible to 20% of the Equity.

Interest Rate

6 per annum and is subject to change from time to time with advance advices.

Term

12 years for 30-year lease or term of 15 years for 50 year or more. Repayment holiday [either principal and interest or just principal] for one season acceptable on case by case for new farm. The loan to fully paid 7 years before lease expiry.

Repayment

Annualised Repayment deducted from the cane payments received from FSC. This ranges from 50 to 100% and once annual repayment is met, rest of the proceeds for the season are refunded.

Security

Mortgage over Farm Land, Security Agreement over farm crops, Security Agreement over Farm Chattels (tractors, trucks, implements) where needed with Insurance and Personal Guarantees and Irrevocable Authorities.

Requirements: [Refer to Specialized Loan Checklist ]