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IRC gets Pag-ibig approval for P40-million loan

 Published on 01 February 2013
 Written by Madelaine B. Miraflor [ manilatimes.net ]
Listed IRC Properties Inc. has obtained the approval of the Home Development Mutual Fund (Pag-ibig Fund) for a P40-million loan that it is seeking to fund the development of 510 housing units in its 8.72-hectare subdivision in Rizal province.
In a disclosure to the Philippine Stock Exchange (PSE), IRC Properties confirmed that Pag-ibig Fund approved its P40-million loan application under the direct development loan program for the Sunshine Fiesta Phase 2-Fiesta Casitas project in Binangonan, Rizal.
According to the oil firm-turned real estate developer, the purpose of the loan application is to “finance the land development and house construction of 510 housing units of Sunshine Fiesta Phase 2-Fiesta Casitas project in Binangonan, Rizal.”
The company also specified that the term of loan is three years, and the interest rate is based on Pag-Ibig Fund’s full risk-based pricing framework for the duration of the loan.
The collateral, meanwhile, involves the First Real Estate Mortgage on Transfer Certificate of Title registered under IRC’s name.
Early last year, IRC announced that it entered into a partnership with Dell Equipment and Construction Corp. for the development of a residential subdivision in Binangonan, Rizal.
A previous PSE disclosure said that the board of IRC Properties authorized the company to enter into a joint development agreement with Dell Equipment and Construction in turning its 8.72-hectare lot into a residential subdivision.
Fiesta Casitas, according to earlier disclosure, will form part of the Sunshine Fiesta Subdivision.
Under the partnership, Dell Equipment and Construction will develop the property at its own expense and take an 88-percent share in the developed house and lot units.
In February 2012, Securities and Exchange Commission has approved Interport Resources Corp.’s application to change its corporate name to IRC Properties. IRC also became a real estate developer. Interport Resources was an oil exploration firm.
The original purpose of the Interport Resources was oil exploration and real estate was secondary.
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