The loans will be based on a loan to value ratio at prevailing market rates.
Incredible Holdings – which has business in electronics distribution, luxury goods trading and loans financing – is set to acquire Hong Kong-based Billion Credit Financial at HK$5.8 million ($1 million).
The proposed acquisition is in line with the group’s goal of diversifying into the loan financing business of providing personal and business loans secured by providing personal and business loans secured by assets such as privately owned commercial, industrial or residential properties in Hong Kong based.
