Building loan progress payment inaction.

Building loan progress payment inaction. I am having the WORST experience with Standard Bank Home Loans.

The story so far:

1. At the beginning of March we requested a progress payment on the property

2. An assessor who had not studied the drawings was sent out to inspect.

3. The inspector’s assessment had progress at 66 %. Which was gravely incorrect. Had this inspector bothered to study the drawings for the house they would have seen that. 4. The 66 % was paid out and I proceeded to contest the assessor’s building progress assessment.

5. A second assessor was eventually sent out by Standard Bank last week Thursday (19/03/2020). This assessor put the building progress at the correct percentage (77 %)

6. The assessor submitted their assessment to the assessment team at the end of on the 20th of March 2020.

7. Standard Bank is now obliged to payout the difference between the unknowledgeable inspector and the most recent inspector a sum difference of 11 % (77% less 66 %). Tomorrow would be two week since the second inspection was done and my builder is yet to see payment.

8. This payment is critical as it’s intended use was to make the house watertight (waterproofing and glazing). With the recent rains and CoVID19 lockdown the builder and I are deeply concerned that there will be imminent damage to the property. It is imperative that the builder receive the difference payout today.