Request for waiver of penalty on late disbursement (Sampel Letter)

Purchaser’s name:
Loan Applicant:
Sale & Purchase Reference Number
/ Booking Receipt Number:

To Whom It May Concern
The Credit Control Department
The Property Developer Company
[Postal Address]

Cc: The end-financier
Cc: Panel Solicitors, both the S & P solicitor and the Loan Solicitor

Date of this letter:

Reference: Request for waiver of penalty on late disbursement

Kindly be informed that I / we, [ purchaser’s name, NRIC Numbers ] have recently purchased a particular unit of residential / shop lot / commercial property named [ the project name ] at [ location ] with your company dated this day [ purchase date ].

As with many other purchasers with various predicaments, 1,001 things may & did actually go wrong when least expected in the process of getting a loan released, draw down or disbursed on-time within the stipulated timeframe of usually 2 ~ 3-months.

As prudence and care have been duly exercised on my / our part, I / we surely do not expect unreasonable delay be it due to the lack of back-end co-ordination or due to the lack of competencies on the part of the facilitators, et cetera. Various reasons or rather excuses have been given me / us on the cause of delay by various parties which clearly display a lack of competencies, co-ordinations and professionalism.

As consumers, these in-between processes are rather ‘technical & complex’, beyond the grasp of many. I / We therefore put our faith and confidence in professionals / consultants to actually deliver their obligations and as such, we sincerely appreciate the developer’s due considerations & understandings on the events that has developed and led to the `late penalty’ being imposed unto me / us.
I am / We are grateful to have [ the following consultants ] to assist me / us beyond his / her call of duty to come up with all sorts of technical details and chronology which I / we have listed / assembled herein for your consideration.

The various dates as it progresses & its’ associated events

March 7th 2007 10% down payment made to the property developer
March 22nd 2007 Loan Application Date
April 7th 2007 Signing the loan Offer Letter ( Letter of Intent )
# April 30th 2007 Signing the S&P
* March 21st 2007 The S & P was backdated to this date. Why? Hmm ..
June 12th 2007 Signing the Loan Agreement at solicitor’s office
June 27th 2007 Date of Consent obtained from developer
July 6th 2007 Received original title from developer
July 4th 2007 Date of MOT, Memorandum of Transfer
July 10th 2007 Date of Presentation to the Land Office ( presenting Caveat )
July 12th 2007 Date of Loan Solicitor’s advice to the end-financier to release, draw down or disburse the loan
July 20th 007 Loan disbursed, drawn down or released.

Key observations made
1. The Loan Agreement was signed off within a month from date of loan application.
2. Why was the S & P backdated? No reasons or explanation yet to be given me / us.
3. If 3-months was given between the date of S & P and the date of the Loan Drawn Down, assuming that the S & P was not being backdated, then the Loan Draw Down as of the chronology above was well within the stipulated time frame of 3-months
4. All-in-all, we used the very same solicitor for both the S & P as well as the Loan Agreement to circumvent such delays from happening as being advised, yet we are made to pay for the ‘late penalty’ due to various faults that are not ours.

Hence, I / we would like to request for a complete, full waiver of any ‘late penalty’ imposed unto me / us as we strongly felt unjustified.

Your highest degree of attention to my / our appeal herein is much appreciated indeed.
I / we would hereby look forward to receiving your positive feedback at your earliest.



Yours truthfully,




………………………………………………………

[ the undersigned ]
Contact: