Each application for funding will include the following:
- Completed ARK Application Form
- S21 Identification Form along with 100 points of certified ID
- Assets and Liabilities Statement
- Signed Privacy Act Consent Form
- Copies of lease contracts
- Income details
- Construction loans require a detailed feasibility along with a predetermined number of pre-sale requirements.
- ARK may request further information from the borrower including tax returns and copies of financial statements.
- Each loan must have an independent valuation that is instructed by ARK and, where a construction facility is approved, we will use a quantity surveyor.
- Other information as determined by Ark.
On completion of the analysis of an application, including the valuation and financial analysis, the loan application will be reviewed by the Credit Committee for final sign off. All loans approved are periodically reviewed by the Compliance Committee. There will also be a meeting between an employee or nominee of ARK who has relevant lending experience and the borrower and, if necessary, any guarantors, to obtain further relevant information and to ascertain the borrower’s requirements and details about the loan.