Businessman loan application delivered in wheelbarrow
A BUSINESSMAN trying to get a bank loan did some amazing math.
Simon, who wishes to retain his last name, claims that lawyers for the Taunton his bank branch harassed him for answers to irrelevant questions.
As a result, nine months later he still has failed to secure approval for the £ 1million loan to expand his residential rental business.
During this time, he had to print and fill out a 2180-page form, weighing 12.6 kg and standing 10 inches high.
Dressed in a tuxedo, he delivered his answers to 162 multi-part questions in a wheelbarrow to his lawyers on Friday.
Simon, who lives near Taunton, says lawyers’ demands have so far cost him more than £ 10,000 and are increasing.
And he could lose out on opportunities as he wants to use the money to buy other properties before the stamp duty holiday ends on March 31, 2021.
He said: “They are just asking for basic data on properties I already own, such as water tariffs, index card searches and certified true copies of insurance.
“One of the research was to see if the neighboring land could be used for village festivals, even though all of my properties are in heavily urbanized areas. And they want to know when our properties were last redecorated.
“The surveys are largely inappropriate and would primarily be for properties sold to a third party. We do not sell any properties.
“A number of items on the list have already been provided to the bank, so there are a lot of duplicates.
“A small effort to make the survey list more relevant would have both reduced our antipathy to the process and prevented an inevitable cooling of relations between us and the bank.
“We spoke to other clients of the bank who recently took on similar loans. Expensive and time-consuming counterparty lawyers were not needed.”
Simon is frustrated with the “inordinate amount of time” this has taken since a meeting with the bank in February.
He said: “Still, we realize there are elements of farce in all of this.”