EMO Village Ltd has secured a Financing partnership framework with Co-operative Bank to support and ensure delivery of the project.
The project financing structure is aimed at ensuring the following:
- Provide guarantee and assurances by the key partners on the delivery of the project.
- Seamless implementation of the project by availing funds/ financial instruments on time for both construction and end user (mortgage financing).
- Cash management to Secure and protect member deposits/ payments through project escrow account management.
Under this partnership framework Cooperative Bank shall undertake the following:
1. Partnership with Cooperative Bank.
- End to End project delivery guarantee.
- Construction phase underwriting/ financing.
- Tenancy Purchase Agreement/ Scheme for end users.
2. Available Financing options.
- Cash Buyers – Project 100% deposits to be ring-fenced in a project escrow account with Cooperative Bank to secure construction.
- Installment Buyers – Installment periods phased into short term (3 months), medium term (6 months) and long term (12 months). Installment deposits to be ring-fenced in a project escrow account with Cooperative Bank to secure construction upon 100% installment payment.
- Mortgage Buyers – 80% financing of the construction cost with 12 months moratorium on construction period for maximum tenor of 20 years.
NB:All funds secured and/or ring-fenced by Cooperative Bank to be utilized exclusively for project development.
PAYMENT DETAILS (Project Escrow Account)
ACCOUNT DETAILS
BANK : CO-OPERATIVE BANK OF KENYA LTD
BRANCH : KILIMANI BRANCH
BANK CODE : KCOOKENA
ESCROW A/C : EMO VILLAGE LIMITED
A/C NO. : 01192784433000
MPESA PAYMENTS
PAYBILL NO : 400200
A/C NO : 01192784433000
Co-operative Bank of Kenya Limited – Contact Person
Kilimani Branch, P. O. Box 34904 – 00100, Nairobi, Kenya
Branch Manager: +254 722 493 281
Relationship Managers: 0792 968 443 & 0722 602 211