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  • Writer's pictureKeelan Francis

Debt & Building Alterations

Brian and Elize are married in community of property, they have been together for 15 years and have one child.

They are both permanently employed and have a combined income of R18 500.

They came to us with a property that was bond free but in a terrible condition. The roof had rusted through and needed replacing, the boundary wall had collapsed and they were half way through redoing the kitchen and bathrooms. Basically, in its current condition, the house had little or no value at all.

Luckily for them the area they lived in meant the house could be worth well over R800 000 if it was fixed up properly.

Brian & Elize had realised this, but because of the state of the property and their financial predicament they could not get a home loan.

Instead they tried to improve the property by taking out personal loans to do the work but they both soon realised they could not get even half way with the loans. Furthermore, the interest rate they were paying was actually driving them further into debt, meaning drastic action was required to save themselves and the property.

Mattfin was able to consolidate all the loans debts and all the building costs one home loan facility and, with our specialist building team, we were able to help them completely renovate the property.

The total spend was over R400 000 – which including settling all the debt - but the property is now worth in excess of R800 000.

Brian & Elize have been paying us for the past few months and we are almost ready to switch them back to the mainstream banks as their credit profile has been cleared and their payment profile is once again good.

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