The Hard Money Loan Contract is specifically designed for situations requiring quick, asset-backed financing in Saudi Arabia, where traditional bank financing may not be suitable or available. This document type is commonly used in real estate transactions, property development, or business expansion where rapid access to funds is crucial. The contract must comply with Saudi Arabian law and Sharia principles, particularly regarding the structure of profit payments instead of conventional interest. The agreement includes detailed provisions for property valuation, security arrangements, payment terms, and enforcement rights, all aligned with Saudi legal requirements. It's essential for protecting both lender and borrower interests while ensuring the transaction remains Sharia-compliant and legally enforceable under Saudi jurisdiction. The document is particularly relevant in scenarios where conventional financing options are either too slow or unavailable, but where substantial real estate assets can be used as security.
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1. Parties: Identification of the lender and borrower with full legal names, addresses, and registration details
2. Background: Context of the loan agreement and confirmation of Sharia compliance
3. Definitions: Definitions of key terms used throughout the agreement
4. Facility Amount and Purpose: Details of the loan amount and its intended use
5. Property Details: Description of the real estate property serving as security
6. Profit Rate and Payment Structure: Sharia-compliant profit rate and payment terms
7. Security and Collateral: Details of the security arrangements and property mortgage
8. Conditions Precedent: Conditions that must be satisfied before the loan becomes effective
9. Representations and Warranties: Statements of fact and assurances from the borrower
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Events of Default: Circumstances that constitute default and their consequences
12. Enforcement Rights: Lender's rights and remedies in case of default
13. Term and Termination: Duration of the loan and circumstances for early termination
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanism
1. Guarantees: Additional personal or corporate guarantees when required
2. Insurance Requirements: Specific insurance obligations for the property
3. Property Management: Requirements for maintaining and managing the secured property
4. Assignment and Transfer: Rights and restrictions regarding transfer of loan or property
5. Additional Security: Provisions for additional collateral if required
6. Construction Provisions: Specific terms for construction or renovation projects
7. Environmental Matters: Environmental compliance requirements and representations
8. Islamic Finance Structure: Detailed explanation of the specific Islamic finance structure used
1. Property Description Schedule: Detailed legal description of the mortgaged property
2. Payment Schedule: Detailed breakdown of payment amounts and dates
3. Profit Calculation Schedule: Methodology for calculating Sharia-compliant profit
4. Conditions Precedent Documents: List of required documents and conditions
5. Form of Draw Request: Template for requesting loan disbursements
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Security Documents: Forms of security documents and guarantees
8. Insurance Requirements: Detailed insurance specifications and requirements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Islamic Banking & Finance
Private Lending
Commercial Property
Residential Property
Investment & Finance
Property Investment
Asset Management
Relevant Teams
Legal
Finance
Real Estate
Risk Management
Compliance
Credit
Investment
Asset Management
Property Management
Islamic Banking
Documentation
Relevant Roles
Chief Financial Officer
Real Estate Manager
Finance Director
Legal Counsel
Sharia Compliance Officer
Property Development Manager
Investment Manager
Risk Manager
Credit Manager
Asset Manager
Property Portfolio Manager
Lending Officer
Commercial Director
Real Estate Investment Analyst
Compliance Manager
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