Filipino Homes Founder Appeals to Developers to Extend an Equity Holiday to Buyers
Filipino Homes founder Anthony Gerard Leuterio urged developers to consider relaxing on collections and extending an equity holiday to buyers. He is appealing to real estate developers to give buyers some leeway in paying their dues as they struggle to cope with the lingering effects of the Covid-19 global outbreak.
“The coronavirus outbreak has posed a serious financial threat to thousands of our buyers. It’s no longer just about the difficulty of stocking up on alcohol and hand sanitizers but about their capability to pay their bills on time,” Leuterio said.
“In this challenging time, we urge your office to consider relaxing on collections and extending an equity holiday to buyers who are affected in this crisis. On a case-to-case basis, you may make collection forbearance available to some of them. This would involve no longer pursuing late charges or no interest for a certain time frame that you may set,” said Leuterio, in a letter he sent to developers Monday, March 16, 2020.
“This critical situation provides us an opportunity to establish trust, do some social good beyond the interests of our firm, make a positive impact and showcase what our company represents for our buyers and the community,” the letter added.
Leuterio said his company has received calls from overseas Filipino worker (OFW) buyers informing them of their late equity payments due to lockdown.
Leuterio also expressed his concerns that many buyers may lose jobs due to the Covid-19 outbreak thus affecting their capability to pay or settle their bills on time.
“But we know that these OFWs will not cancel their real estate purchases because they need an investment,” he said.
Lovette Jam is a founding member and blogger of Filipino Homes. She is a freelance digital media professional. With a Masters in Business Management degree and Hubspot certification on Inbound Marketing, she currently works as a social media manager, project manager, and digital consultant.