What’s the name of the man who is seeking the mortgage loan?

Personal loan
A: Good afternoon, Sir, at your service.
B: Oh, thank you. My name is Robert and I’d like to make some enquiries concerning mortgage loan facilities offered by your bank. Am I in the right place?
A: Yes, definitely Sir, please take a seat and let me get hold of a mortgage loan application form. Might I know some details about the property you intend to buy?
B: I decided to purchase an apartment in Sapphire Court on Stanford Road, south of our town. I have already made my down payment last week and now I am trying to get a mortgage loan to finance the purchase.
A: Oh, I see. Is Sapphire Court a new development and what is your purchase price?
B: No, it’s a second hand property and as far as I know, it has been 5 years since the building was built. The owner is demanding for ＄1 million.
A: You mentioned that you have paid a down payment. If you don’t mind, please tell me how much you have already paid mid the amount of loan you want from the bank?
B: I have paid ＄40,000 to the landlord through the real estate agent and I will just need＄700,000 from the bank. What interest rates shall I pay if I’m approved to get the loan?
A: According to practice, we offer our customer mortgage loans on the basis of prime rate plus 1.5 %. At the moment, prime rate is 8 % so your mortgage loan, if allowed, will approximate to 9.5 %. But we might be able to offer you better terms depending on your profession. Let me first try to fill out this application form for you. Can I have your ID card please?
B: But I might not want a loan from your bank if the terms are not suitable to me. Should I not fill in any form at this stage?
A: Sir, the form is just to record the appropriate details and in any case, we will have to conduct an evaluation of the property before we can approve a loan. In addition, we also need your signature when we come to the very end of the form. There is absolutely no commitment at this stage and you can rest assured that the bank will not force you to take up our loan facilities if you don’t want to.
B: I understand. Here is my ID card. You can take a photocopy if you need.
A: Thank you Sir. Now I want the actual address and the size of the property. Do you want the repayment to spread across a 10-year schedule?
B: Yes, let’s work on a 10-year repayment schedule, It’s Apartment 8A, Sapphire Court, Stanford Road South, so it’s on the 8th floor. The size is about 750 square feet as the landlord said. There are 2 bed rooms, a sitting mom, a bath mom and a kitchen. The main window faces the south.
A: That sounds rather attractive. We will conduct an evaluation to find out the size and other related facilities. That will give us an idea on how much we can lend. Normally we only lend to a maximum of 70% for second hand properties but if you are looking for ＄700,000, which is only about 66% of your purchase price, I believe there is high chance for the loan to be approved as the property is quite new.
B: Just now you mentioned possible better terms. What exactly are they?
A: Well, would you mind telling me your profession, your source of income and whether you intend to live in the apartment you purchase?
B: I’m an engineer in Arrow & Moral Electronics Inc. and my annual income is 260,000 dollars. I also receive additional income for the articles I write for the magazines, amounting to ＄3,000 a month. I do plan to live in Sapphire Court myself.
A: Good. Have you brought with you your salary or income tax statement?
B: I’m sorry. I didn’t know you need them. But I can send them to you tomorrow.
A: Yes, please. We were talking about better terms just now. For certain profession, we offer special rates and if the property is to be used by the applicant, there will also be special consideration.
B: Is there any penalty if I make early repayment?
A: Only for the first year. There is no penalty if you make early repayment from the 2nd year onward.
B: I see. So all I need to do now is to sign the application form and wait for the bank’s advice on how much I can borrow.
A: That’s correct. Now if you don’t mind you may perhaps sign here and I will contact you within the next few days. This is my business card. Meanwhile, if you have other questions, please feel free to call me.
B: Thank you. Goodbye.
A: Goodbye.
              Personal loan
    Banks offer personal loans to their customers either in the form of installment loans or overdrafts. Installment loans are loans granted by the bank to the customer over a fixed period of time. Depending on the needs and nature of the loans, they can be extended for a period of a few days to several years.
    The repayment schedule is usually fixed in amount and time. The bank usually does net have the right to demand early repayment unless the customer fails to meet the agreed repayment schedule. The most popular repayment schedule would be monthly or semi-monthly and the repayment amount would be spread in equal installments over the whole term of the loan, or as otherwise agreed by both parties.
    Depending on the needs of the personal customer, the purpose of the loan varies: to finance a vacation or to make tax payment. Installment loans can be secured or unsecured. A bank may, up to a certain limit, advance a loan to a customer without security. An unsecured loan usually carries a risk, thus the borrower is required to pay a higher rate of interest on the amount borrowed. However, a customer with good credit standing can negotiate a loan at a lower interest rate even though no security is given. Usually, unsecured loans are for a shorter period of time and for smaller value, loans of this type are usually offered to those who have stable incomes and are in higher income brackets. Most borrowers are in the professional classes, e.g. engineers, lecturers/ teachers, accountants, etc.
    A secured loan is based on security provided by the customer which is attached to the loan agreement. The security could be provided in the form of specified assets or personal guarantees. A secured loan usually carries a lower interest payment. If the borrower defaults on the conditions of the loan, the bank could dispose of the assets given as security, keep what the customer owed or return the remainder to the customer.
    The most popular secured loans are those for financing the purchase of durable items. These loans usually have a period of at least a few years. An example of a longer loan with high security value is the home mortgage loan, which usually has a term for more than ten years.
    In a mortgage loan agreement, the asset itself is purchased by the loan and provides the security for the banker. The most popular mortgage loan is the real estate mortgage. Other mortgage loans are, for example, granted to purchase a car. This is called a chattel mortgage.
    When a customer is in the process of selling an asset, such as, a house and buying another one, this person needs a bridging loan, which is a loan agreement under which finance is required in connection with the sale of one asset and the purchase of another. The finance is required because the customer may be lacking money for buying a new asset before the money comes in for the asset being sold. Because the purchase occurs before the sale, the customer needs to "bridge" the gap.