I wrote a new business deal last week and checked to see if the loan was drawn down £10m!
It was, in 100 x £100,000 faster payments to avoid 1 x £30 CHAPS fee which is charged for payments above £100,000!
Thing is the interest charged on the 3 days clearance for faster payments by the outgoing bank is over £3,000, that’s the differential cost, we did explain this to them!
Oh well!
|
|
No surprise. Have seen all sorts of excuses for saving very modest amounts of money on a survey or valuation, when the property is worth 100 times the fee or more. People would rather go cheap for a piece of almost worthless paper than spend a little more and get something of use which they might be able to use to renegotiate the price anyway; saving them a lot more.
|
Tight customers - Netsur
