X and Y decide to incorporate a Singapore company to acquire a prime piece of real estate to build a block of flats consisting of 20 separate housing units. Both X and Y are directors and shareholders of the company. The company intends to apply for bank financing to pay part of the purchase price of the property, and to cover construction costs for the development project. The company owns some office equipment. It also has a substantial sum of cash in its current account. Its office is rented. The company has no other assets.

You are legal counsel for the lender bank that is going to grant the loans. Advise the bank on the type of security and security documentation it needs, and any other steps it has to take, so as to protect the bank's legal position.