Bond secured for self-employed foreign national
The ooba team had 2 challenges to overcome with this deal; the purchasers were non-SA residents and self-employed. Due to the clients’ poor credit profile, the application was declined by 2 banks. After 3 rounds of escalation and rate motivation to bank management, the loan was finally approved on condition that the purchasers open a transaction account with the bank concerned. The ooba team arranged for a banker from the relevant institution to meet the buyers on a weekend visit to facilitate this and the deal was closed, much to the delight of the buyers and agent.