What are the payment terms of Flamingo? Can Flamingo arrange for local bank financing?
A. Flamingo is negotiating with few local banks to arrange home financing. We will assist our condo buyers to get suitable home financing from local banks. As it stands now the following are the payment schedules after the initial 20% down payment which will be prorated from subsequent payments. 1st payment: 25% of the 80% balance of the purchase price and upon completion of the substructure work. 2nd payment: 25% of the 80% balance of the purchase price and upon completion of substructure. 3rd payment: 25% of the 80% balance of the purchase price and upon completion of masonry work. 4th payment: 15% of the 80% balance of the purchase price and upon finishing work. 5th payment: 10% of the 80% balance of the purchase price upon completion of construction and handover. all payments are exclusive of 15% VAT.
