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A form of property ownership where a section (unit) is owned, together with a pro rata portion of the common property. This type of property ownership is practiced in South Africa, Singapore and Australia. Condominiums would be a similar concept in America.
There are over 65 000 Sectional Title developments in South Africa and the demand for funding is over 5 billion rand.
Firstly, the banks insist on someone signing surety.
Secondly, this causes a conflict in ranking between the banks whereby monies advanced to a Body Corporate would place the lender first-in-line as a creditor, ahead of any bond holder or SARS.
Being a low-risk opportunity, the only primary risk associated with the model, if one can even call it a risk, is liquidity or recoupment time for the lender, but there is no risk of solvency. This is due to the collecting of outstanding levies.
About 935 currently.
None. Every Lender, in the history of the company, has been paid back in full.
Yes, we use your ETI externally, which does not affect what the company is currently engaged with.