We facilitate your process: from start to finish!
Would you like to invest in a historic property in Curaçao? Whether you plan to restore a historic building or purchase one, MFC guides you from start to finish. With clear steps, straightforward communication and personal guidance, we help your project progress smoothly, efficiently and successfully.
STEP 1: General Information and Initial Consultation
Do you own a listed monument?
If not, read the general information (link or PDF).
Check the list of monuments (link).
Would you like to learn more about MFC’s procedures?
Download our checklist (PDF).
What MFC offers:
MFC has three roles.
We are the designated point of contact for monument permit applications and grant provision. This includes grants on behalf of the Government of Curaçao and Dutch monument funding available in Curaçao through the NRF.
Read more about the NRF (Nationaal Restauratiefonds; PDF or link on low-interest loans).
MFC also provides banking services: loans and mortgages (read more in the Products PDF). Financing through MFC often combines these services.
Yes, I own a listed monument!
We invite you to an intake meeting.
You can reach us through our contact page.
STEP 2: Intake Meeting
What would you like to do with your monument?
Do you already have a plan?
What will the property be used for?
Do you have an architect who meets our requirements?
Do you meet the basic requirements for starting the application process?
Clients often ask us for an initial cost estimate.
Do you already have a restoration plan?
Do you have a contractor who meets our requirements?
Does the budget meet our conditions?
Does the restoration meet the government’s requirements for monuments? (Further information: PDF or link.)
What is your financial capacity?
MFC advice:
Our list of recognised architects.
A checklist indicating the documents you need or are expected to submit.
Information on tax benefits.
STEP 3: Project Registration
After the intake meeting and an initial review of your information, MFC decides whether your application process can begin.
If it can:
• We create a project file and give you a case number.
• You receive access to our online process system; we send you your login details.
• You must transfer ANG 300, excluding turnover tax (OB), as the fee for starting the application process.
STEP 4: Preparing Your Permit Application
You appoint an architect to prepare the restoration plans. We guide and advise you and your architect to ensure the plans are correct and meet the required quality standards.
Following approval in principle, the plans can be submitted to MFC together with the completed restoration permit application. As the government’s official point of contact, MFC submits these documents to ROP.
The permit application process runs in parallel with your financing application to MFC.
ROP generally approves permit applications submitted through MFC when there are no special issues.
Please allow time for the permit application process.
STEP 5: Preparing the Restoration Budget
You appoint a contractor to prepare a detailed, itemised budget. We carefully review the cost estimate prepared by your contractor and may request adjustments to specific items.
Our experienced team can provide practical advice on preparing the budget, including realistic costs and points to consider.
Once your balanced budget has been accepted, we proceed to step 6.
STEP 6: Preliminary Financing Overview
We calculate the financing required. During this stage, we determine how the financing will be allocated.
Our products also include additional options. We guide you in choosing from our products, such as a grant-and-loan facility or an NRF loan, and establish the terms of your loans.
This process leads to a financing plan for your project.
STEP 7: Preparing the Financing Plan
The amount of funding required to restore your property has now been established.
The plan is based on the choices and agreements made so far and on all the information and documents you have submitted.
Security arrangements, such as collateral or bank guarantees, form part of the plan. Your valuation report is also included.
Your repayment capacity is important to the assessment, and we analyse whether it is sufficient.
We check whether all requested documents have been submitted and contain the correct information.
As a financial institution, we must also comply with the requirements of the FIU and the Central Bank.
In addition to the financing plan, we conduct a background check. Forensic reviews your past conduct and advises us.
STEP 8: Decision-Making
Your financing application undergoes an internal assessment. Our management and internal credit committee make their assessment using the financing plan as a guide.
Applications are assessed at the end of each quarter.
In most cases, your application will be approved, as considerable consultation and advice have preceded this stage. In some cases, an application may nevertheless be rejected or require adjustments.
STEP 9: Preparing the Agreements
There are two types of agreement: mortgage agreements and loan agreements.
A mortgage agreement must be executed through a civil-law notary to establish the mortgage right.
A loan agreement is a contract between MFC and the client. This agreement is signed at MFC’s office upon submission of a bank guarantee.
Before signing, you receive draft agreements for review and approval. We are available to answer your questions and discuss any comments.
STEP 10: Signing the Agreements
Once the parties have signed the agreements, the application process is complete.
If you have provided bank guarantees, the funds underlying those guarantees are frozen. These funds are paid into your account or accounts after the loan has been repaid.
It is time to celebrate!
The restoration work then begins in accordance with the agreed conditions.
Your repayments start one month after completion of the restoration, in accordance with the dates agreed.
Progress meetings and checks are scheduled at intervals.
You must also ensure the required insurance policies are in place in accordance with the agreement, including life or annuity insurance, contents insurance and any other applicable policies.