And still the torture continues: do we have a bank loan or don’t we? Citibank have refused the loan application, presumably because their assessor did not estimate the renovated value of the property to be commensurate with the loan amount. Which is a pity, as I’m convinced that — if properly renovated — the property will be an excellent investment. Of course, Citibank have no guarantee that the renovations will be properly done, so I understand their reservations.

Fortis have yet to give an answer. Their assessor’s report was due at 14:00 today, but there’s been a delay. We have a contractual deadline to confirm our purchase of the property by today, which we can’t do without a bank loan. Our consultant at Fortis spoke to the seller, and convinced him to give us another 48 hours, so hopefully this is a good sign that Fortis are serious about the loan.

Categories: Finances
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