BOND APPLICATION KREMLER/PRLB

<p>I app**** at Nedbank to increase my current home loan. Documentation were completed on 23 March 2016. These funds will be used to purchase the property where I am currently renting to operate my business from. On the 3rd of June 2016 I received an email stating that the application is approved on condition that I provide the following documentation:</p> <p>1. Municipal approval to be submitted for property sub-division (sub-division took place and the information was provided to the bank on 27 September 2016)</p> <p>2. Life cover of at least R 864 000.00 . (information was provided on the 8th of June 2016 - R1 000 000.00 life cover)</p> <p>3. Limited surety in favor of Nedbank ltd by PRLB DESIGNS for the obligations of Miss L. Badenhorst. (was done immediately)</p> <p> </p> <p>On the 27th September 2016 after submitting the sub-division diagram as requested, I received an email from the bank that they require the approved building plans of the property, this was submitted on the 29th of Sept. 2016. On the 10th of October 2016 after submitting all documents that was required from the bank, they requested another valuation to determine that the transaction was done at arms length. This was very strange to me as a valuation was already done on the 7th of April 2016, and the application was approved with the conditions as mentioned before. </p> <p>I sent an email to the bank on 11 Oct. 2016 asking the bank to explain why another valuation is required and why should I pay for this valuation again. I instructed the bank to proceed with the new valuation on condition that I will not be charged which they did agree to. The valuation was done on 26 Oct. 2016. My attorneys contacted the bank to enquire about releasing figures once a week since 2 Nov. 2016. On the 10th of Nov. 2016 I have contacted the bank to enquire about the valuation, Zanele Kgope informed me that there was uncer*****ies at Nedbank's Legal Department. Another week passed and I got really fed up, I contacted Alex Barkhuizen, not once but many times. He returned my call after 3 days after I have left messages on the cellphone and emails. On the 18th Nov. 2016 Alex Barkhuizen contacted me and informed me that he is now personally dealing with the matter and apparently I only require a resolution. The resolution was immediately forwarded to him as my attorneys have already drawn up the document, 2 months ago. On 23 Nov. 2016 the attorneys once again contacted the bank enquiring about releasing figures, they were informed that the matter has not yet been resolved. On the 29 Nov. 2016 another week passed, no feedback from the bank.</p> <p>I have been a nedbank client for 30 years, I have a business account, personal account, money market investment account, call account, credit card, and a home loan with Nedbank. Never in the 30 years have I defaulted on any of my accounts. I do not feel like a valued client with Nedbank. My liquid money is enougth to buy the property cash. I was advised from my financial planner to rather increase my home loan to buy the property to suit my financial plan for now and retirement. To date Nedbank has not responded and I am really fed up and frustrated as this application is been going on for nearly a year. I really do not know what to do next and because of the time delay the documentation submitted to the bank might expire and then I will have to start all over again. If Nedbank did not informed me that the application has been approved in June with certain conditions, which was met, I would have app**** with another financial institution long ago. I believe you can help me. Please let me know if you require additional information, since I have everything in writing. Your urgent response will be highly appreciated.</p>