Model Number

BG/SBLC

We are proud to introduce ourselves as one of the leading Real Estate and Construction Firm in Bangalore.

THE COMPANY

CREDENCE ASSOCIATES is an Upcoming Real Estate firm engaged in the development, acquisition, management and operation of multi-family properties. Its properties are highly diversified with respect to design and geography, ranging from Villas to Garden Styles. Credence has a good Land Bank mainly in Bangalore City and in various B Cities of Karnataka State.

MOTTO

To uphold the standards of CREDENCE and maintain the beauty of the community, certain regulations need to be followed with each villa construction. Assuring that these standards are met and keeps all owners and visitors very happy with our little paradise.

LONGFAITH (HK) LIMITED is a Wholly Owned Subsidiary of CREDENCE ASSOCIATES incorporated in Hong Kong. Borrowing Loan from a Bank or a Private Lender against a Bank Guarantee in India is not liberalized yet, so we are borrowing funds in our Hong Kong Company and the funds will be utilized  to India as Equities of Longfaith (HK) Limited.( Under JV)

ASIA PACIFIC is providing us a loan of US$ 10 Million in the first trenche and the remaining loan will be given to us if we provide the Bank Guarantee for the first tranche without any delay as per our Agreement. The Funds will be transferred to our Account through MT103, which can be proved to you from Bank to Bank. We are making 3.5% of the Loan amount as margin money to our Lenders and on failing to provide the Bank Guarantee the margin money will be forfeited.

We need to purchase a Bank Guarantee for US$ 10 Million + 8% interest that is US$ 10.8 Million for a period of 1 year from any top AAA or AA rated banks from any country at good rates. (i.e., between 55% - 65% + brokerage). This Bank Guarantee should not be on lease, its purely a purchase and we are buyers. The principal will be our Company (Longfaith (HK) Limited) and the beneficiary will be ASIA PACIFIC (The Original Beneficiary name will be provided at the time of Agreement).

WHAT WE NEED FROM SELLER?

1. We need the Bank Guarantee Format, which they are providing (selling) us.

2. Agreement Draft (Buy and Sell).

3. NCND and Fee Protection Agreement.

4. Any other Terms and Conditions and mode of Operation.

We will be able to provide MT103 from HSBC, Mongkok Branch, Hong Kong which can be verified from Bank to Bank. The next step is the Seller should simultaneously provide MT103 Bank Guarantee to our Bank. Once it is authenticated, verified and satisfied by our Bankers both funds and Bank Guarantee should be exchanged. If there are any genuine seller / sellerâ??s representatives, they can communicate with us with their requirements and offers.

with regards