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Seniors' Finance launched South Africa's first home equity release loan almost 4 years ago. SF HELP has been well received by customers, there is little doubt that there is demand for properly designed SAHERPA-accredited home equity release loans like SF HELP.

The business model underpinning Seniors' Finance anticipated using a combination of shareholder funds and institutional credit lines to finance the issue of SF HELP loans. As a direct result of the international credit crunch, we have been unable to access the institutional credit lines that we require, and have thus funded new loan issue entirely out of shareholder funds to date, which is unfortunately not sustainable.

As a result, we have made the difficult decision to stop issuing new SF HELP loans until further notice.

The above decision will have no impact on SF HELP loans already in issue. These loans will continue on a business-as-usual basis. Existing borrowers will continue to receive regular communication from Seniors' Finance, and are welcome to continue to make contact with Seniors' Finance as they have in the past. Existing borrowers have nothing to be concerned about, nothing will change.

Who can predict the future? If  institutional credit markets improve to such an extent that we are able to secure access to the credit lines that will allow us to implement our business plan, we are confident that we will then be able to issue new SF HELP loans again. We cannot however predict if or when this might happen.

We are disappointed that we have had to make this tough decision. We sincerely thank all stakeholders for their support to date, and commit to telling you if things improve. We are however committed to our existing customers, and will continue to give them a reason to smile.....

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