Too low an income
Another case. Koert owns a mortgage-free house in Amsterdam-Zuid. He started as an entrepreneur two years ago and needs growth financing. The turnover of his internet shop is increasing, against the market. He would like to get a mortgage on his house to be able to lend money to his company. The WOZ value is more than 800,000, he asks the bank for a space of 300,000. It doesn't work. His income is too low, as befits a cautious entrepreneur.
candle wax
Last example. Bart needs a ton to buy a restaurant in the south of the country: it would be the second location in the Netherlands, his first location is doing well and he wants to apply the formula in more places. He does not wait for the whims list to data and fancies of the bank but goes to Geldvoorelkaar.nl, a crowdfunding platform. On a scale of a to e he gets an a for creditworthiness. Within a week he has the requested ton, interest 8%, repayable in 5 years via annuity.
Money is stuck. Money, the oil of the economy, congeals into candle wax as soon as it gets near the old banks. Fortunately, there is the networked world. We are waiting for a real internet bank. It is coming.
This column was also published in Het Financieele Dagblad .