It has been more than a month since I last talked about our investment in One Archer's Place. In my previous post, One Archer's Place or OAP is a realty investment that I made with a group of friends from High School. We went to investing in the project to rent it out to students or sell it to another buyer.
Before I proceed I would like to clear up a few details. I am investing in 3 units in OAP with 2 different groups. Lets call the first group EBSG (Earl's Business Support Group) and ZRO (my high school barkada). With EBSG, I have part ownership of 2 units in OAP. I have a part ownership of the last unit with ZRO.
The problem I'm having now is that the ZRO unit is not yet set unlike the EBSG units where we are already paying our monthly ammortizations. Gregory How and I are supposed to take a loan from the Philippine National Bank (PNB) and we expected that we will be able to get it in time to turn the money over to Eton Properties (OAP developer) but there were some guidelines and difficulties about our loan which hasn't been resolved yet.
First off, PNB didn't want to issue us the loan because my business (kendoughmagic Kaffei) is only less than a year old. They require that it should be 2 years or older. They suggested that we should change the name of the property to Gregory How (friend/co-investor), because his business is stable and has been in operation for years. Greg manages his family business GlobeCare, they dispose industrial waste the safe and environmentally friendly way. I thought it would be that easy but apparently Eton doesn't allow a change of name of the property unless it was a relative of mine. They wanted to know if we can make Greg the guarantor instead of changing the name of ownership of the property. Guess what?! the Bank will only allow Greg to be my guarantor if he was a relative of mine. I mean this has become really ridiculous. What if I was the only one in my family? hahaha the Funny part is we can payoff the loan because we're 6 in the group.
We'll have to see what happens next but definitely this situation is unbelievable. For the Banking Institutes that gives their customers this much of a hassle have to take a lesson or two about Customer Service. hahahaha
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