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G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Webinars 2024 Residential Real Estate Webinar 2022 Commercial Real Estate Webinar - Clint Langton's Presentation 2022 Commercial Real Estate Webinar 2022 Residential Real Estate Webinar 2021 Commercial Real Estate Webinar

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Refinance for Profit Refinancing your mortgage means obtaining a new mortgage loan on your property and repaying the old one. There are many reasons why a property owner should consider refinancing and a few of these reasons are detailed below. The most obvious reason is when a property owner (let’s call him Mr. O. Ner) has an existing mortgage loan at say 12% p.a. and discovers that banks and insurance companies are now offering mortgage loans at 9% p.a. Mr. O. Ner should first approach his current lender and request that the interest rate be reduced. If his request is refused, Mr. O. Ner should then approach another mortgage institution to refinance his loan. If he has a mortgage loan of $600,000 over 25 years @ 12% p.a. and decides to refinance it at the new rate, his monthly mortgage payment would drop from $6,319.34 to $5,035.18. He would, therefore, save over $15,400 per annum!.Another reason why Mr. O. Ner may be considering refinancing is to consolidate his existing loans. He may have the following loans: $100,000 – monthly payment of $3,300 – taken for his child’s university education; $60,000 – monthly payment of $2,000 – taken for personal reasons such as to purchase a second car, furniture, etc. $525,000 – monthly payment of $6,310. – mortgage taken 10 years ago to purchase his home. When Mr. O. Ner now obtains a new mortgage loan of $725,000 (assuming that he has enough equity), he will be able to repay all of the above loans plus have $40,000 to help towards the closing costs for the new loan. If the new mortgage loan is at 9% p.a. over a 15 year period (the same time remaining on his prior mortgage loan), his new monthly payment will be $7,354 vs. the total monthly loan payments before of $11,620. This represents a monthly saving of $4,266! A third reason to consider is that Mr. O. Ner may wish to raise some capital in order to make some investments. This can be done by refinancing his existing mortgage loan assuming that he has enough equity. Once the expected rate of return on his proposed investments is greater than the interest rate on his new mortgage loan, (sometimes referred to as “leverage”), it is in Mr. O. Ner’s best interest to refinance. Before rushing out to refinance his property, there are many other factors that Mr. O. Ner should consider. One of the most important ones is the closing costs involved in repaying an existing mortgage loan and obtaining a new one. While this will vary from case to case, Mr. O. Ner should cater between 4% to 5% (of the new mortgage loan amount) as closing costs. In instances where Mr. O. Ner is refinancing due to lower mortgage interest rates, while his monthly savings is immediate, it will take about two years before his savings offset his closing costs on the new mortgage loan. (For more details on the closing costs involved in a mortgage loan, readers should refer to our page entitled “Buying a Home”. Mr. O. Ner should also check to see if there are any prepayment penalties on his old loan as that could have an effect on his decision. In the second refinancing scenario above, it must be remembered that while Mr. O. Ner will enjoy an immediate monthly saving, he is extending the time period for repaying his personal loans (loans 1 & 2). We strongly recommended that professional advice be obtained before making any type of major financial decision. The time to get professional advice is now. Property owners are urged to check with their accountant, lawyer, financial consultant or contact G.A. Farrell & Associates Limited.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Make A Payment Make a payment for your valuation request. Type of Payment Choose an option Valuation in Name of Reference Number Amount to be paid Address of property to be valued Additional Comments Make Payment

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Anti-Bribery & Corruption Policy G.A. Farrell & Associates Limited (”GAF&A”) is committed to maintaining industry standards, best practice and ethics. In this regard, this policy exists so that GAF&A and those who work for the company observe and uphold a zero-tolerance position on bribery and corruption. POLICY STATEMENT GAF&A is committed to conducting business in an ethical and honest manner and is committed to implementing and enforcing systems that ensure bribery is prevented. GAF&A’s zero- tolerance for bribery and corrupt activities means it is committed to acting professionally, fairly, and with integrity in all business dealings and relationships, wherever in the country we operate. GAF&A will constantly uphold all laws relating to anti-bribery and corruption, in particular, Prevention of Corruption Act 11:11 as amended. GAF&A recognises that bribery and corruption are punishable on conviction on indictment to a fine of twenty thousand dollars and to imprisonment for two years or on summary conviction to a fine of two thousand dollars and to imprisonment for four months. DEFINITION OF BRIBERY Bribery refers to the act of offering, giving, promising, asking, agreeing, receiving, accepting, or soliciting something of value or of an advantage so to induce or influence an action or decision. A bribe refers to any inducement, reward, or object/item or value offered to another individual in order to gain commercial, contractual, regulatory, or personal advantage. Bribery is not limited to the act of offering a bribe. If an individual is on the receiving end of a bribe and they accept it, they are also breaking the law. Bribery is illegal. Employees must not engage in any form of bribery, whether it be directly, passively (as described above), or through a third party (such as an agent or distributor). They must not bribe a foreign public official anywhere in the world. They must not accept bribes in any degree and if they are uncertain about whether something is a bribe or a gift or act of hospitality, they must seek further advice from the company’s compliance manager. WHAT IS AND WHAT IS NOT ACCEPTABLE This section of the policy is sub-divided into four (4) areas: Gifts and hospitality GAF&A accepts normal and appropriate gestures of hospitality and goodwill (whether given to/received from third parties) so long as the giving or receiving of gifts meets the following requirements: It is not made with the intention of influencing the party to whom it is being given, to obtain or reward the retention of a business or a business advantage, or as an explicit or implicit exchange for favours or benefits. It is not made with the suggestion that a return favour is expected. It is in compliance with local law. It is given in the name of the company, not in an individual’s name. It does not include cash or a cash equivalent (e.g. a voucher or gift certificate). It is appropriate for the circumstances \e.g. giving small gifts around Christmas or as a small thank you to a company for helping with a large project upon completion). It is of an appropriate type and value and given at an appropriate time, taking into account the reason for the gift. It is given/received openly, not secretly. It is not selectively given to a key, influential person, clearly with the intention of directly influencing them. It is not above a certain excessive value, as pre-determined by the company‘s compliance manager. It is not offered to, or accepted from, a government official or representative or politician or political party, without the prior approval of the company’s compliance manager. Where it is inappropriate to decline the offer of a gift (i.e. when meeting with an individual of a certain religion/culture who may take offence), the gift may be accepted so long as it is declared to the compliance manager, who will assess the circumstances. GAF&A recognises that the practice of giving and receiving business gifts varies between countries, regions, cultures, and religions, so definitions of what is acceptable and not acceptable will inevitably differ for each. As good practice, gifts given and received should always be disclosed to the compliance manager. Gifts from suppliers should always be disclosed. The intention behind a gift being given/received should always be considered. If there is any uncertainty, the advice of the compliance manager should be sought. Facilitation payments and kickbacks GAF&A does not accept and will not make any form of facilitation payments of any nature. We recognise that facilitation payments are a form of bribery that involves expediting or facilitating the performance of a public official for a routine governmental action. We recognise that they tend to be made by low level officials with the intention of securing or speeding up the performance of a certain duty or action. GAF&A does not allow kickbacks to be made or accepted. We recognise that kickbacks are typically made in exchange for a business favour or advantage. GAF&A recognises that, despite our strict policy on facilitation payments and kickbacks, employees may face a situation where avoiding a facilitation payment or kickback may put their/their family’s personal security at risk. Under these circumstances, the following steps must be taken: Keep any amount to the minimum. Ask for a receipt, detailing the amount and reason for the payment. Create a record concerning the payment. Report this incident to your line manager. Political contributions GAF&A will not make donations, whether in cash, kind, or by any other means, to support any political parties or candidates. We recognise this may be perceived as an attempt to gain an improper business advantage. Charitable contributions GAF&A accepts the act of donating to charities — whether through services, knowledge, time, or direct financial contributions (cash or otherwise) — and agrees to disclose all charitable contributions it makes. Employees must be careful to ensure that charitable contributions are not used to facilitate and conceal acts of bribery. We will ensure that all charitable donations made are legal and ethical under local laws and practices, and that donations are not offered/made without the approval of the compliance manager.

G.A. Farrell & Associates Ltd, a leading firm of Chartered Valuation Surveyors, specialized in the valuation of properties in Trinidad & Tobago. Our Services In an effort to better serve our clients, the firm has contracted the services of Mr. Clifford Murray (MRICS). Now, when clients are constructing a building, the firm is able to provide both the Quantity Surveyor’s Report as well as the Valuation Report that mortgage lending institutions customarily request. The firm’s valuation, quantity surveying and property consultancy services can be utilized for many important reasons including: Purchase: Buying A Home Mortgage/Refinance: Refinance For Profit Insurance: How Much House Insurance Do I Need? Construction Sale Stamp Duty Balance Sheet Statutory requirements Site identification and negotiation for purchaser acquisition Please contact us to find out how we may be of assistance to you. Contact Us

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