I have a client with a property portfolio of just short of R500m. He has been enslaved by his bank and SARS. Here’s how – Government departments only want to rent property from black owned enterprises, so, in the early days, my client was able to buy commercial properties from white owners, negotiate 10 year leases with Government departments and then take those leases to his bank for finance. The bank would then discount the future rental income to present day values and grant a facility for that amount of money. So initially the money received from the bank exceeded…
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