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Loan Take Over Request Letter

Loan Take Over Request Letter Template for Saudi Arabia

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Key Requirements PROMPT example:

Loan Take Over Request Letter

"I need a Loan Take Over Request Letter for Saudi Arabia where my company ABC Manufacturing LLC will take over an existing business loan of SAR 5 million from XYZ Trading Company, with the transfer to be completed by March 2025; the letter should emphasize our strong financial position and 10-year business history."

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Document background
The Loan Take Over Request Letter is a crucial document in Saudi Arabian banking practices, used when one party seeks to assume responsibility for an existing loan from another party. This document is typically employed in situations such as business acquisitions, property transfers, or when a stronger financial party wishes to take over a loan obligation. The letter must adhere to Saudi Arabian banking regulations and Sharia law principles, which prohibit conventional interest-based transactions. It serves as the initial formal communication to the bank, containing detailed information about both the current and proposed new borrower, existing loan details, and the rationale for the transfer request. The document plays a vital role in the loan transfer process, initiating the bank's due diligence procedures and compliance checks.
Suggested Sections

1. Sender's Details: Full name, address, and contact information of the person/entity requesting the loan takeover

2. Date and Reference: Current date and any reference numbers for the existing loan

3. Recipient's Details: Bank official's name, title, bank name, and full address

4. Subject Line: Clear indication that this is a Loan Take Over Request

5. Formal Salutation: Appropriate formal greeting to the bank official

6. Current Loan Details: Existing loan account number, current outstanding amount, and original loan details

7. Formal Request: Clear statement of intention to take over the loan and basic terms requested

8. Reason for Take Over: Brief explanation of the circumstances necessitating the loan takeover

9. New Borrower Details: Full information about the proposed new borrower including financial status

10. Closing Statement: Formal conclusion and request for further processing

11. Signature Block: Space for signature, name, and contact details of the requestor

Optional Sections

1. Current Borrower Consent: Statement of consent from the current borrower if the requestor is the proposed new borrower

2. Sharia Compliance Declaration: Statement confirming the proposed arrangement complies with Islamic banking principles, if required by the bank

3. Security Details: Information about any collateral or security arrangements, if applicable

4. Payment History Summary: Brief overview of the current loan's payment history, if favorable and relevant

5. Proposed Payment Terms: Any specific requests regarding payment terms, if different from current arrangement

Suggested Schedules

1. Current Borrower Financial Documents: Copies of relevant financial statements or proof of income

2. New Borrower Financial Documents: Financial statements, salary certificates, and other proof of financial capability

3. Existing Loan Agreement: Copy of the current loan agreement being requested for takeover

4. Identification Documents: Copies of IDs and relevant verification documents for all parties

5. Credit Report: Credit report of the proposed new borrower

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






























Clauses




















Relevant Industries

Banking & Financial Services

Real Estate

Construction

Commercial Business

Retail

Manufacturing

Professional Services

Islamic Finance

Relevant Teams

Legal

Finance

Compliance

Risk Management

Corporate Banking

Islamic Banking

Credit Administration

Document Processing

Customer Relations

Treasury

Relevant Roles

Banking Relationship Manager

Credit Officer

Loan Officer

Financial Manager

Chief Financial Officer

Legal Counsel

Compliance Officer

Islamic Banking Specialist

Corporate Banking Manager

Risk Assessment Officer

Treasury Manager

Account Manager

Business Development Manager

Property Manager

Financial Advisor

Industries






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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