A brief summary of the terms used in the Information Note is as follows.
Full details are included in the main body of the Information Note, however if you would like any further information please contact SFT at firstname.lastname@example.org.
|applicant’s forecast||is the unit by unit annual core rental income forecast submitted by the Applicant and supported by (i) a completed set of application templates; and (ii) a rental income valuation report;|
|ARIF||is the agreed annual core rental income forecast which will be the basis on which the guarantee amount is calculated;|
|commencement date||is the date of commencement of the guarantee period;|
|core rental income / core rent||is the minimum rental income which is forecast to be generated by operation of residential tenancy agreements signed by tenants occupying eligible units, exclusive of any additional income which may be generated by optional extra services offered to tenants in exchange for fees which are in addition to core rent;|
|eligible units||are the units intended to generate guaranteed core rental income and which on the commencement date meet the eligibility criteria set out in the Guarantee;|
|guarantee amount||is the amount payable to a beneficiary in terms of the Guarantee;|
|guarantee fee||is the annual fee of 1.22% of the ARIF payable in each year of the guarantee period;|
|guarantee period||is the three or five year period commencing on the commencement date;|
|PA report||is the report produced by SFT’s appointed property advisor and addressed to SFT and SG;|
|viability assessment||is SFT’s assessment of the overall long-term viability (including the financial viability) of an applicant’s proposal.|