What is required for OGC Properties to borrow from the bank for development purposes?

For OGC Properties to borrow from the bank for development purposes, obtaining approval from the HLURB (Housing and Land Use Regulatory Board) is essential. This regulatory body is responsible for ensuring that developers adhere to legal and zoning regulations before any development project can proceed. The bank will typically require that all necessary approvals and permits are in place to mitigate risks associated with lending.

Without the HLURB's approval, the bank may see the project as high-risk, potentially affecting the likelihood of securing the necessary financing. Additionally, having this regulatory endorsement helps assure the bank that the development is viable and compliant with local laws and land use policies, thereby making it easier for the developer to access funds needed for the project.