FNB property barometer some interesting news

Square metres of residential building plans passed vs completions 

Preparation is Key to Getting a Loan

It is definitely a myth that there is no funding available for entrepreneurs, as there is without question more funding than ever before available to entrepreneurs in South Africa. If you are in the market for a personal loan or need a loan to get your business off the ground and have not being successful in securing a loan is often the main reason why entrepreneurs often put off going it alone or individuals simply give up on trying to secure a home loan, personal loan or other much-needed finance.

Take note that not all businesses suit all financiers. Many entrepreneurs will soon become frustrated trying to access funding because they are not being successful. Many successful business owners will admit that they asked numerous funders before getting the finance they were looking for. This is usually due to a number of factors ranging from being unsuitable to not having all their ducks in a row.

Entrepreneurs usually learn from trial and error and adjust the sales pitch to the lender. One way to increase your chances of getting financing is setting up a pre-pitch meeting with the lender. You need to find out exactly what it is that they are looking for and what you as an entrepreneur can tweak and change to increase your chances of getting funding.

There are usually areas that you have not even thought about and you would not have been in a position to answer certain questions in an interview. Preparation is all-important when asking for any type of loan.

Funding is usually the bugbear of most entrepreneurs and the general consensus is that there is no funding – but this is simply not the case at all.

You can always bootstrap your business – did you know that many of the most successful businesses globally were launched on a wing and a prayer and no outside funding whatsoever? Alternatively find the right funding medium that suits your business but ensure that you get everything ship-shape prior to pitching to your funders.

If you are in the market for a personal loan, a loan for your business or a home loan, it is always wise to prepare well prior to giving your pitch.

FNB Home Loans Update - From Head Office

FNB Housing Finance is excited to announce that we have now officially joined Home Loans and
other banks in rolling out Interbank Document and Data eXchange (IDX) for our customers.

IDX is an interface which allows bank agents (within FNB) to request bank statements from all
other banks using a specified criterion. The purpose of this crossing point is to eliminate the
lengthy and unpleasant process of having to ask and wait for customers to bring their monthly
statements from banks which they hold their personal active account/s in order for their “loan”
requirements to be considered. Furthermore, this also allows the affected bank to be privy to
information which the customer might withhold/omit that could prove to be troublesome at a later
stage.

For now, customers are allowed to opt not to partake in this roll out but it will be mandatory at a later
stage. We request that you utilise the existing (applied by other banks) form for all FNB Housing
Finance customers who would like to involve themselves in this roll out.

Thank you for your continued support.