Nedbank are suckering you in to get your property.

<p>Called Nedbank requesting a loan to partially finance the purchase of a business.</p> <p> </p> <p>We started the process to get asset finance to get the loan as it was suggested as the best way forward.</p> <p> </p> <p>Every thing went well.</p> <p>I was informed that I did not need property to do this, as I had explained in the beginning that I did not have property to offer as an asset.</p> <p> </p> <p>It was submitted and denied. I was told they can't do it with out unbonded property.</p> <p>I requested information on why I was denied. I was told that the loan would make my business insolvant.</p> <p> </p> <p>This makes no sense the business assets are valued at almost 1.5 times the loan amount, and the business annual earnings before tax are atleast 5 times the loan repayment amount. </p> <p> </p> <p>So if the business doesn't show profit the assets are at a greater value than the loan and if the it does I could pay off the full loan in the first year.</p> <p> </p> <p>I restated this and was told that the assets depreciate over time and that the income of the business doesn't matter. Even though I had to submit 2 sets of documents with the financials of the business. This does not include the asset descriptions. </p> <p> </p> <p>So then why was asset finance offered to me. How then do you get a loan on a car. It's based on asset value at time of sale and your unhindered income. So then ?</p> <p>Considering the documents where for vehicle and asset finance I don't see the problem here.</p> <p> </p> <p>I asked what an acceptable debt ratio would be and I was ignored. I asked if I could get a loan for less and I was told not without unbonded property, which makes no sense because this loan was requested on the basis that there is no unbonded property.</p> <p> </p> <p>I have not recieved any information on why my loan was denied. I repeatedly requested contact from credit or a report on the loan denial and I haven't recieved anything.</p> <p> </p> <p>I stated that I would take this to the Finance Ombudsman on the grounds of "Treat the Customer Fairly" act and all contact since then has been passive aggressive.</p> <p> </p> <p>No one has answered my questions or explained to me what is happening.</p> <p> </p> <p>Everytime I ask I get the run around or some ******* about:</p> <p>They can't finance start-up businesses this way. It has been around for more than 12 years.</p> <p>My ID document is unclear, it was good enough to do the application.</p> <p>They need financials, they have the last annual financials.</p> <p>Need to submit other staff, if they care about the staff they would give me this loan before they loose their jobs.</p> <p> </p>