Maryna holds the BA, LLB, LLM degrees and is a Director at the Cape Town offices of STBB. She is an admitted Attorney, Notary Public and Conveyancer with many years of experience in the field of property law and conveyancing. She is also the firm's Marketing Director and attends to external publications for the firm as well as conducts ongoing training for estate agent and bankers training and is a regular seminar presenter for attorneys and property practitioners.

Property Law Update | Issue 07 – 2017

BUYING A BUSINESS WITH A HOMELOAN: IS AFFORDABILITY MEASURED WITH REFERENCE TO BORROWER’S INCOME OR TO THE BUSINESS’ ESTIMATED PROFITS?

Wiese and Another v Absa Bank Limited (14580/2013) [2017] ZAWCHC 12
(24 February 2017)

May a bank refer to the projected income of a separate commercial entity when assessing affordability of a personal loan for a consumer, in circumstances where the loan to be advanced to the customer is for the specific purpose of purchasing that commercial entity? The consumer here argued that the bank knew that his salary was insufficient to cover the instalments under the homeloan whilst the bank maintained that the estimated income of the franchise that the borrower intended to acquire with the loan, would be adequate to enable him to repay the loan.

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The Judgment
Summary of the Judgment

 

STBB’S STSMA REFERENCE GUIDE

In this, the fifteenth set of notes for your STSMA Reference Guide, section 16 of the Act is discussed.

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Section 16 of the Act – Appointment of Administrators
(N.B. Print in landscape)