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ASSET LEASING
Asset lease basically deals with acquiring equipments for clients and allowing them to make use of it for a period of time while paying a charge for its usage.
At First Asset Ltd (FAL), we offer individual leasing options and corporate leasing options.

  • INDIVIDUAL ASSET LEASING
"    The Individual Leasing is strictly for salary earners with verifiable source of income from reputable firms within Freetown. Household equipments such as electronics, computers, gas cookers etc can be leased to the clients over a period of time, during which the clients would be paying a monthly rental to the firm for its usage. After the predefined tenure is over, the ownership of the asset would be transferred to the client, provided all initial conditions are met.

"    The target sector for this product is the educational, Banking, Manufacturing, consultancy, NGOs, airlines, Mining, Telecommunication, agriculture and Health sectors. The target segment would be all monthly salary earners within the target sector. Examples are salary earners from Banks, Telecomm firms, Insurance firms and staff of other reputable institutions and private companies.

"    Modus Operandi- Application forms and relevant documents are filled and submitted by the prospective client, attaching a pro-forma invoice of the preferred product. The customer would also provide a 3 month bank statement of account and a form signed by the human resource unit of the employer indicating their knowledge and accepting that the employee terminal benefit would be held in cases of default by the employee.


"    A debt service ratio (DSR) of 30% is applied to the client's net income and the client's credit history is analysed.

"    If the customer's credit history and cashflow analysis shows that the employee's disposable income can conveniently meet the repayment of the lease, offer letters and lease agreements are issued by FAL and accepted by the clients. Then, post-dated cheques are collected from the employee. The cheques must be issued from the salary account of the customer and dated for the exact pay day.

"    On receipt of all documentation and payment of the security deposit for the lease, FAL issues a cheque to the vendor of the item to be leased. The item is then picked up and delivered to the customer. The item, though in the possession of the clients, remains the property of FAL throughout the tenure of the lease, until all pre-agreed payments and terms are satisfactorily met. Then, the ownership of the item is transferred to the client.
"    Only products that are marketable and valuable would be leased to customers. No specialised equipment or equipment parts would be leased.


  • CORPORATE ASSET LEASING
"    The corporate leasing is available to reputable companies, associations, cooperatives etc with verifiable source of income. Equipments required would be leased to the clients over a period of time, during which the clients would be paying a monthly rental to the firm for its usage. After the predefined tenure is over, the ownership of the asset would be transferred to the client, provided all initial conditions are met.

"    The target market sector for this product is the educational, Telecommunication, Manufacturing, consultancy, NGOs, agriculture and Health sectors. The target segments are companies, associations, unions, cooperatives within the target sector.

"    Modus Operandi- Application forms and relevant documents are filled and submitted by the prospective client, attaching a pro-forma invoice of the preferred product.

"    A cashflow analysis and credit history of the firm is obtained from the documents availed by the firm and other credit indices are analysed.

"    If approved and satisfactory, offer letters and lease agreements are issued by FAL and accepted by the clients. Then post-dated cheques are issued and all payments made before the leased items are availed to the client. The item, though in the possession of the clients, remains the property of FAL throughout the tenure of the lease, until all pre-agreed payments and terms are satisfactorily met. Then, the ownership of the item is transferred to the client.