Credit Refusal Letter s5l5r

January 24, 2018

Business Line Bank Zone 3, Bobontugan Jasaan Jasaan Misamis Oriental

Dear Mr. Edmund Montefalco, Thank you for your interest in applying for credit with Business Line Bank. We have looked intently into your credit application and would have welcomed your business. Unfortunately, we are unable to extend any credit to you at this time. Your credit application was refused because you do not have sufficient collateral to put forward for your credit request. Moreover, your business has not been performing well. Our study of the market for your renovation skills and services has shown a sharp decline for such services at this time with a weak real estate market. The real estate market is at its lowest in the past decade and therefore makes for a very unstable market to invest funds in. Business Line Bank would be happy to reconsider your credit application when the real estate market situation changes. An increase in the stability of the housing market will allow us to invest in this field again. That would help us reassess the ability of your company to pay back the amount lent and also allow you to submit sufficient collateral for easier processing of the loan. Our bank laws require us to ask our client to offer at least 80% of the loan sought value as collateral in property in the form of a mortgage or the form of valuable jewelry. We have attached our required by laws for your better understanding.

Sincerely Yours,

Ms. Maria Estor Bank Manager