Bahamas - Apply for Approved Lender Status

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Procedure

Apply In-Person

1. The lending agency must write a letter to the Minister of Housing, on the agency's letterhead, asking approval as an authorised lender.
2. Visit the following link for Contact Details: Link.
3. The letter is examined, and the Institution is notified in writing of either approval or denial of approved lender status.
4. The Minister may invite the agency to become an approved lender in particular cases. The agency may accept in certain situations, in which case the ministry would issue the institution an official letter informing them that they have been approved as a lender.
5. An officer from the Department of Housing will organise a meeting with the institution to inform them on the format for Government Guaranteed loans once an approved lender letter is issued stating that approved lender status has been obtained.
6. The Housing Officer will also provide the Institution with all essential forms to ensure compliance with the Housing Regulations at the meeting.
7. Lenders with offices on family islands who want to apply to become approved lenders can do so at any of the Ministry of Housing's local offices listed below. The application, however, will be processed in New Providence.
   

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Required Documents

• Current national insurance certificate
• Copy of national insurance board compliance letter
• Up-to-date business license
  

Office Locations & Contacts

The following locations between the hours of 9:00 am to 5:00 pm, Monday to Friday, except public holidays.

New Providence
Department of Housing
Charlotte House
Corner of Charlotte and Shirley Streets
P.O. Box N275
Nassau,
New Providence
The Bahamas
Tel. (242) 302-5816 or 323-3333
Fax.(242) 328–4244

Grand Bahama
Government Office Complex
The Mall Drive
P.O. Box F43774
Freeport,
Grand Bahama
The Bahamas
Tel. (242) 352-3630 / 3893
Fax.(242) 352–9244

Abaco
Officer In Charge
Department of Housing
Dove Plaza
Marsh Harbour
Abaco
The Bahamas
Tel. (242) 367-2157
Fax.(242) 367-2150
Contact Address Details Link
Contact Details for Family Island Link

Eligibility

Any lending institution, Banks, Mortgage Agencies, Credit Unions, Insurance Companies, that is:

• A business dedicated to lending money
• A registered corporation in good standing and conducting business in The Bahamas.
• The Minister must also be satisfied that the institution has adequate funds and experience, as evidenced by at least ten years of operation.
  

Fees

There are no charges for using this service. Changes to the fee may be made at the Minister of Housing's discretion, subject to the Housing Act.

Validity

There is no deadline associated with this service.

Documents to Use

This service does not require an application form. Simply send a letter to the Minister responsible for Housing, on the agency's letterhead, requesting approval as an approved lender.

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Acquiring approved lender status takes a period of two to three week.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since january 1908.

Required Information

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or Country of Birth.

Need for the Document

It is required for all lending institutions wishing to offer housing mortgage loans with a government guarantee must be approved by the Minister responsible for Housing.

Information which might help

Website Link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links which might help.

Others

More information which might help people.