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Facility Letter Mortgage

Facility Letter Mortgage Template for United Arab Emirates

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Key Requirements PROMPT example:

Facility Letter Mortgage

I need a Facility Letter Mortgage for a commercial property in Dubai, with a facility amount of AED 15 million, incorporating both conventional and Islamic banking compliance requirements, to be executed by March 2025.

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Document background
The Facility Letter Mortgage is a fundamental document in UAE banking and real estate transactions, used when providing financing secured against real property. It serves multiple purposes: communicating the bank's formal offer of finance, documenting the terms of the facility, and establishing the framework for the mortgage security. This document type must align with UAE Federal Law No. 5 of 1985 (Civil Code), UAE Federal Law No. 14 of 2018 (Central Bank Law), and relevant emirate-specific property laws. The Facility Letter Mortgage includes essential details such as facility amount, profit/interest rates, tenure, security requirements, borrower obligations, and property details. It's particularly crucial in both conventional and Islamic banking contexts, requiring careful attention to local regulations and Sharia compliance where applicable.
Suggested Sections

1. Letter Header: Bank letterhead, date, reference number, and addressee details

2. Salutation: Formal greeting to the borrower

3. Facility Approval: Statement confirming the bank's approval to provide the facility

4. Facility Details: Type, amount, purpose, and key terms of the facility

5. Interest/Profit Rate: Applicable interest or profit rate, calculation method, and payment terms

6. Security and Mortgage: Details of the mortgage security, property details, and registration requirements

7. Fees and Charges: All applicable fees, charges, and processing costs

8. Conditions Precedent: Requirements to be fulfilled before facility drawdown

9. Representations and Warranties: Standard declarations by the borrower regarding their status and capacity

10. Covenants: Ongoing obligations of the borrower during the facility term

11. Events of Default: Circumstances that would constitute default and enforcement rights

12. Acceptance: Signature blocks and acceptance declaration

Optional Sections

1. Sharia Compliance: Required for Islamic banking facilities, stating compliance with Sharia principles

2. Insurance Requirements: Detailed insurance obligations if property insurance is required as additional security

3. Property Valuation: Include if specific valuation requirements or conditions are needed

4. Co-borrower Details: Required when facility is extended to multiple borrowers

5. Foreign Currency Provisions: Include for facilities denominated in non-AED currency

6. Additional Security: Required when additional security beyond the mortgage is needed

7. Special Conditions: Any unique terms specific to the borrower or property

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the mortgaged property including title details

2. Schedule 2 - Facility Summary: Summary of key commercial terms including amounts, rates, and tenure

3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges

4. Schedule 4 - Security Documents: List of required security documents and supporting documentation

5. Schedule 5 - Payment Schedule: Repayment schedule with installment details

6. Appendix A - Required Documents: Checklist of documents required from the borrower

7. Appendix B - Insurance Requirements: Detailed insurance requirements and minimum coverage

8. Appendix C - Standard Terms and Conditions: Bank's standard terms and conditions applicable to the facility

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Additional Security
Applicable Law
Applicable Rate
Bank
Banking Day
Borrower
Central Bank
Completion Date
Default Rate
Dirham
Drawdown Date
Encumbrance
Event of Default
Facility
Facility Amount
Facility Period
Final Maturity Date
Financial Indebtedness
Financing Documents
Interest Period
Land Department
Legal Charges
License
Material Adverse Effect
Mortgage
Mortgaged Property
Payment Date
Permitted Security
Principal Amount
Property
Property Value
Purchase Price
Registered Owner
Registration Fee
Repayment Schedule
Security
Security Interest
Security Period
Tax
Title Deed
Valuation Report
Clauses
Facility Terms
Security Creation
Property Description
Interest Rate
Repayment Terms
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Enforcement Rights
Insurance Requirements
Assignment
Set-Off Rights
Registration Requirements
Property Valuation
Payment Provisions
Default Interest
Early Repayment
Fees and Expenses
Notice Requirements
Governing Law
Jurisdiction
Amendments
Severability
Entire Agreement
Counterparts
Force Majeure
Indemnification
Confidentiality
Further Assurance
Compliance
Anti-Money Laundering
Tax Provisions
Relevant Industries

Banking & Financial Services

Real Estate

Property Development

Construction

Islamic Banking

Retail Banking

Commercial Banking

Investment Banking

Property Management

Legal Services

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Compliance

Real Estate

Islamic Banking

Retail Banking

Commercial Banking

Documentation

Underwriting

Customer Relations

Property Valuation

Relevant Roles

Legal Counsel

Credit Manager

Mortgage Officer

Relationship Manager

Compliance Officer

Risk Manager

Property Valuer

Banking Operations Manager

Islamic Banking Specialist

Chief Credit Officer

Real Estate Manager

Branch Manager

Financial Advisor

Documentation Specialist

Underwriting Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs general contractual principles, property rights, and security interests including mortgages (Articles 1399-1446 specifically address mortgage provisions)
UAE Federal Law No. 14 of 2018 (Central Bank Law): Regulates banking activities and financial facilities, including mortgage lending and associated requirements
Dubai Law No. 14 of 2008: Regulates mortgage rights in Dubai, including registration requirements and enforcement procedures for property mortgages
Abu Dhabi Law No. 3 of 2015: Regulates real estate sector in Abu Dhabi, including provisions for property mortgages and registration requirements
UAE Federal Law No. 8 of 2004 (Financial Free Zones Law): Relevant for mortgages in financial free zones like DIFC, establishing separate regulatory framework
Central Bank Circular No. 3776/2012: Regulations on mortgage lending caps and loan-to-value ratios for residential mortgage loans
UAE Federal Law No. 18 of 1993 (Commercial Code): Contains provisions relating to commercial mortgages and security interests in commercial transactions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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