So 2.2B loan. Banks lend 50% of the property value as collateral. So this property was worth kitu 5B.
Nilikuwa nashangaa kwani this guy doesn’t have money stashed elsewhere Lakini after kuona hiyo property nikajua aliangusha pesa yake yote hapo given that it’s 5B.
No wonder he’s fighting with everything he’s got. Lakini inaoenekana pia the bank did not disburse the whole amount. I’ve seen such cases where you agree with the bank for a 10M loan halafu wanakupea the first disbursement kitu 3M. Maybe wanafuatilia na 2M. The remaining 5M wanaanza kukuzungusha so you end up not finishing your project.
As soon as you default for a few months they pounce wanachota kila kitu. I’ve seen this happen to someone before. That’s why you shouldn’t be buddy buddy with bank employees and managers.