BMO Bank of Montreal OnReserve Home Renovation Loan Program - PowerPoint PPT Presentation
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BMO Bank of Montreal OnReserve Home Renovation Loan Program
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Personal loan applications will be processed at a designated BMO branch. ... For personal loans over $10,000, BMO will conduct draw control due diligence. ... – PowerPoint PPT presentation
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Title: BMO Bank of Montreal OnReserve Home Renovation Loan Program
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BMO Bank of MontrealOn-Reserve Home Renovation
Loan Program
- Any First Nation
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What is BMOs On-Reserve Home Renovation Program
- Innovative financing alternative for home
renovations on-reserve without government
involvement. - Each program is designed to meet the specific
requirements of an individual First Nation. - Home renovation loans may be used to make minor
renovations to an existing home on-reserve.
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What is BMOs On-Reserve Home Renovation Loan
Program
- Only qualified members of a First Nation that has
implemented an ORHRLP are eligible. - Currently 5 programs are in place providing
financing of up to 1 million.
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On-Reserve Home Renovation Loan Program
- Program Details
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Program Details
- Eligible Loan Purpose
- Access to personal loans for minor renovations to
existing homes on-reserve. - Portfolio Size
- Maximum to be determined by the First Nation and
BMO.
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Program Details
- Eligible Property
- Owner occupied, single family home on land held
under a Certificate of Possession, or other
method, ie long term lease or Certificate of
Occupancy. - Eligible Borrowers
- Member qualification
- Usual credit criteria will not apply provided the
loan is secured by the First Nation and borrower
has the income to service the debt.
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Program Details
- Loan Amounts
- Program provides qualified members access to
personal loans from a minimum of 5,000 to a
maximum of 25,000. - Amortization
- For personal loans up to 10,000, the maximum
amortization is 60 months. - For personal loans 10,001 to 25,000, the
maximum amortization is 120 months.
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Program Details
- Interest Rate
- BMO Bank of Montreal posted interest rates for
personal loans will apply. - Security
- The First Nation to provide BMO for all personal
loans made under the program - - Guarantee
- Deficiency Agreement
- Band Council Resolution
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Program Details
- Authorization
- Personal loan applications will be processed at a
designated BMO branch. - For personal loans up to 10,000, loans will be
advanced with no draw controls upon receiving
appropriate security documents from the First
Nation. - For personal loans over 10,000, BMO will conduct
draw control due diligence. Loan advances will
be made at various stages of renovations upon
receiving appropriate security documents from the
First Nation.
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Program Details
- Reporting
- BMO will provide the First Nation with a monthly
report on loan activities under the program.
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