urban
03-08-10, 15:26
Hi everyone,
Can I check with you guys?
I have a developer side letter offering me a small discount which they will give me back a small amount (1%) upon TOP? I will have to pay them in the mean time this discount, which they will pay me back upon TOP.
Of course the bank will not loan me the full S&P price, but will be giving me a long based on S&P price less side letter discount.
I have already paid in cash the 20% downpayment on the full S&P price (including the discount).
My question is:
Is it correct that the bank is saying that I have to pay the remaining 80% of the discount, even though the progress payment being called now is only for the 1st 10%?
I find the logic strange that the bank says so. But apparently that is what lawyers have advised the bank to collect from me before disbursement the 1st 10% of loan.
Thanks for any advice.
Can I check with you guys?
I have a developer side letter offering me a small discount which they will give me back a small amount (1%) upon TOP? I will have to pay them in the mean time this discount, which they will pay me back upon TOP.
Of course the bank will not loan me the full S&P price, but will be giving me a long based on S&P price less side letter discount.
I have already paid in cash the 20% downpayment on the full S&P price (including the discount).
My question is:
Is it correct that the bank is saying that I have to pay the remaining 80% of the discount, even though the progress payment being called now is only for the 1st 10%?
I find the logic strange that the bank says so. But apparently that is what lawyers have advised the bank to collect from me before disbursement the 1st 10% of loan.
Thanks for any advice.