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This is a contract between an owner of equipment(the Lessor) and another party(the Lessee) giving the Lessee possession and use of a specific asset in return for payment of specified rentals over an agreed period. Basically, there are two major types which are:
(i) Finance or Capital Lease
(ii) Operating Lease

In CBL, the finance lease involves:
• the lessee (customer or borrower) selecting an asset e.g. vehicle, equipment etc;
• the lessor (CBP) finances the purchase that asset;
• the lessee uses the asset during the lease tenor;
• the lessee pays a series of rentals/installments for the use of that asset;
• the lessee has the option to acquire ownership of the asset by payment of the residual value, or purchase option price (applicable only in Finance Lease

Sale and Lease Back
Here an asset is to be refinanced and the tenor should not be more than eighteen (18) months. Inspection of the asset and change of ownership into the name of CBP would be arranged once the request is approved.

Advantages Using CBP
• Lower initial expenses which preserves working capital for your business.
• Highly competitive rate.
• Lower initial expenses;
• Flexible terms.
• Easier to upgrade equipment or keep up to date with technology.
• Wider range of leasable assets.
• An association of dependable partnering vendors offering guarantee and after sales services.
• Structured payments to suit clients’ cash flow; and
• Ownership of the asset(s) will be transferred to the client at the end of the lease period(for a Finance Lease).

Requirements
Corporate Entities
1. Application Letter
2. Copy of certificate of incorporation of the company- original for sighting
3. Copy of memo & articles of association - original for sighting
4. Company profile
5. Audited accounts for the last three years
6. Bank statements for the last six months
7. Projected cash flow for the next twelve months
8. Proforma invoice of the asset to be financed
9. Name of a Guarantor
10. Passport size photograph of the Guarantor
11. ID card (International Passport, Drivers Licence or National ID card) of the Guarantor(s)
12. A copy of Utility Bill (PHCN, Water Bill, Phone Bill etc)

Individuals
1. Application letter
2. Employment letter & last promotion letter
3. Bank statement for the last six months
4. Payslip for the last three months
5. A Guarantor
7. ID card (International Passport, drivers licence or national ID card) of the applicant and the Guarantor
8. Proforma invoice of the asset to be financed

For more information, contact us.

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