We've applied for R1700000.00 building loan with ABSA, which amount consisted of the value of the vacant stand (R400000.00) and the building work (R1300000.00). ABSA bank approved the loan on a 80% basis. We bought the vacant stand during the beginning of 2013, in terms of which STDB has endorsed a bond over the vacant stand. When we applied for the bond with ABSA bank now, we have clearly indicated that we require an amount be set available on date of registration of the ABSA bond, in order to cancel the existing bond with STDB. ABSA confirmed when we've applied for a bond that they do approve 60% of the value of the vacant stand, which amount will be set available on registration of the bond, and on this understanding we have accepted the quotation given by ABSA bank and once ABSA bank phoned us to confirm the bond registration attorneys' detail, it became clear that this was not matter and full amount on retention. We explained our situation and she informed us that we need to address a appeal. Still after we had to resend the appeal by email 4 times, as each time ABSA apparently didn't receive my appeal, still we have not received any feedback or correspondence herein.
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