Being Self Employed a curse for FNB (despite being their client for more than 16 years)

In preparation for my Home Loan Application submitted via Better Bond, I forwarded the following information, namely; (Please note, this is more than what is normally requested but I so wanted everything to be perfect so that there were no “come backs” or possibility that my application would not be successful).

1. Completed APPLICATION FORM 2. Signed OFFER TO PURCHASE #3 (PROPERTY NAME) 3. Copy of Company Registration documents CIPRO CK 1 4. Copy of IDENTITY DOCUMENT 5. PROOF OF ADDRESS (Business and Residential) 6. Copy of 2 years of AUDITED FINANCIAL STATEMENTS (F.Y.E : 2018 & 2019) 7. ITC 34 for (PERSONAL NAME) 8. ITC 34 for (BUSINESS NAME CC) 9. Copy of PERSONAL BALANCE SHEET for (PERSONAL NAME) 10. Letter of Earnings for (PERSONAL NAME) 11. Tax Return for (PERSONAL NAME) 12. Tax Return for (BUSINESS NAME CC) 13. Copy of PROPERTY TITLE DEED #1 (PROPERTY NAME) 14. Copy of PROPERTY TITLE DEED #2 (PROPERTY NAME) 15. Copy of PURCHASE AGREEMENT #2 (PROPERTY NAME) 16. Copies of 6 + 3 months BANK STATEMENTS 17. Copy of Signed RESOLUTION

I even provided the following additional BACKGROUND information as motivation and in support of my application

1. I have been a client of FNB for 16 years since I Matriculated in 2003. 2. I have successfully run my own business for the past 10 years since April 2009. 3. I have resided at the same address for 8 years since 2011. 4. I have retained all my original clients since 2009 i.e. 10 years. 5. Since starting my business in 2009, my income has grown steadily year on year despite challenging economic times. 6. Projections based on prior year Financial Statements indicate that this positive growth will continue to exceed R 1,200,000.00 per annum. 7. I have always maintained a healthy Credit Score for my business and personal accounts. 8. I try to practice sound financial principals by ensuring that I keep debt to a minimum and I save wherever possible (as per my various accounts with FNB). 9. The R 30,000.00 monthly RENT payments will become obsolete and be replaced by a BOND / LOAN Repayment should this application be successful. 10. I also have secured a stable Tenant for (PROPERTY #2) with a 3 year lease agreement with a commencing rental of R 10,000.00 per month

To break this down : My current RENTAL expense equates to 25% of my ANNUAL TURNOVER i.e. well within the AFFORDABILITY parameters.

To address any further “Affordability concerns” that the bank may have, my Financial Statements reflect that I have been paying R 30,000.00 since SEPTEMBER 2017 i.e. for almost 22 months.

I repeat, I made it very clear that the RENTAL EXPENSE AMOUNT (R 30,000.00 p.m.) on my Financial Statements would be replaced by a BOND REPAYMENT AMOUNT (R 30,000.00 p.m.).

Despite all of the above being in place and 100% up to date, my application was DECLINED.

How are SELF EMPLOYED, SOLE PROPRIETORS, ENTREPRENEURS with a SOLID proven track record and background supposed to help the economy grow if not even their own bank wants to "How can we help you?". HYPOCRITES

To conclude, I have little else to occupy my time and money (as I clearly understand that as a self employed individual that I am not permitted to buy a house), so I will now spend my time and money enlightening other Business Owners to NOT consider FNB as a banking partner.

Regards Disappointed FNB Client