Chapter 386: 386
Chapter 386: Single House in Yangpyeong County (1) – Part 1
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The purchase transaction of the basecamp for GH Logistics had completed when Gun-Ho transferred the last payment of the remainder of the auto repair shop’s sales price to the seller . Jae-Sik Moon moved his office to this new location while keeping the Paju City location in business . His SM5 was loaded with his office stuff . The business moved to this basecamp in Seonghwan Town while leaving two trucks, one truck driver, and a custodian behind in the Paju location . From now on, Jae-Sik would focus on expanding their clientele while maintaining the current workload for transporting books .
Gun-Ho stopped by GH Logistics in Seonghwan Town . There was no one but Jae-Sik Moon in the office . Jae-Sik was sitting in front of a computer by himself .
“Huh? President Goo, you are here . ”
“I think you need to hire someone as soon as possible . ”
“Speaking of which, I was actually checking the applications that we received for the office assistant position for bookkeeping work . We have received twelve applications so far . ”
“I came here to take you somewhere today . ”
“Where to?”
“We need to go to a bank in the area . ”
“A bank?”
“I want to take out a secured loan from a bank using GH Logistics’ land as collateral . ”
“I see . ”
Gun-Ho and Jae-Sik went to a local bank and talked with a manager who was in charge of a business loan . Gun-Ho initiated the request while giving GH Logistics’ business registration to the manager .
“We recently established a company by acquiring a factory in the area . We’d like to take out a secured loan using the property . ”
“Do you have an account with us?”
“We do have an account with this bank but with the branch in Paju City . ”
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Jae-Sik Moon took out the company’s bank book and showed it to him .
“Is it a registered business entity? Can I take a look at the financial statements?”
“As I mentioned earlier, the company was newly established . We don’t have financial statements yet . ”
“Oh, that’s right . You told me that the company was just formed . ”
“The current market value of that land is 2 billion won . There is no loan or lien attached to the land . ”
When Gun-Ho handed the land’s real estate registration over to the bank manager, he looked at it for quite a while and then searched something with his computer . Gun-Ho thought that the manager was probably looking for the officially assessed land price . The manager took out a calculator and asked, “How much amount do you intend to borrow?”
“I’d like to take either 40% of the current market price or 60% of the officially assessed land price . Will it be possible?”
The manager calculated with his calculator .
“The maximum amount of the loan we could offer is 720 million won . It’s about 40% of the officially assessed land value . If you had the company’s financial statements and if you were a long term client of our branch, we might be able to give you more but for now, that’s the best I could get for you . Even for the 720 million won loan, we will need the president’s personal guarantee . ”
“Hmm . ”
“If you decide to take out a loan, I will need a few documents from you . Please bring us the company’s certificate of formation, the company’s certificate of a registered seal, the real estate registration, and the cadaster . I also need the president’s certificate of a registered seal, his resident registration, and his property tax return . ”
“Property tax return?”
“That’s right . ”
Gun-Ho didn’t think Jae-Sik would be able to show his property tax return, and his credit score could be a problem too . Gun-Ho said to the bank manager, “I am the major shareholder of this company and this gentleman here is the president . Will it be okay that I produce all of those required documents? I am listed as the director in the certificate of formation . ”
“That’s fine . I will then need your certificate of a registered seal and the list of the shareholders . ”
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“No problem . ”
When they walked out of the bank, Gun-Ho noticed that Jae-Sik looked down .
“You don’t have to feel bad . ”
“Huh? Okay…”
“Let’s take out 720 million won loan . We can buy heavy equipment with money, maybe in installments . Also, let’s buy a few additional trucks and containers . ”
“Oh, that’s why you wanted to take out a loan . ”
“You have to be well equipped to succeed in the transportation business . ”
“It seems true . ”
“And, you said you have a loan—30 million won from the Korea Federation of Community Credit Cooperative, right?”
“Yes, I’m paying the monthly payment right now on time . ”
“Once we take out that loan, pay off your personal loan . Your credit score could become a problem . ”
“Can… I do that?”
“You can pay it back little by little from your monthly salary . Since there would be no interest, it would be easier for you to pay it off . ”
“Thank you so much . ”
While having a conversation with Jae-Sik Moon, Gun-Ho received a call from the seller who sold the auto repair shop to Gun-Ho .
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“Do you, by any chance, need a person who would work for you? I have someone I can recommend to you . ”
“A worker?”
“While I had the auto repair shop there, he worked in my office . He is very good at administrative work . He also knows the basic maintenance service of a car . He lives in Seonghwan Town . ”
“I don’t know . ”
“After I closed the business in Seonghwan Town, he came to Bundang District with me to work for me, but it’s really hard for him to commute from Seonghwan Town and I just feel sorry for him . If not for him, I wouldn’t let him go since I highly recognize that he is an asset to my business . But I can’t keep him here . The setting is just not working for neither of us . ”
“Give me one second . ”
Gun-Ho looked at Jae-Sik Moon and said, “It’s the seller who used to run an auto repair shop here . He is asking if we want to hire someone . That person is very good at administrative work and he knows how to do the maintenance service of a car . ”
“Really? Umm… It would actually be great to have someone like that . How old is he?”
“Hold on . Let me ask him . ”
“How old is that person?”
“He is thirty-three years old . He has a level-1 certificate in basic automobile maintenance . He also has a fire safety license . ”
“He said that person is thirty-three years old . ”
“He is three years younger than us . Assuming we are getting heavy equipment soon and so on, I think we need someone right away
Gun-Ho got back to the seller .
“Please send him to us and tell him to bring his resume . ”
“Great . He will be there by 2 pm today . ”
“President Moon, this is very good . He is younger than us so you will feel comfortable working with him . Moreover, he knows how to take care of cars in a professional way . That’s a big plus . For now, let’s have that guy and a female worker who can handle bookkeeping . ”
“I hope the company generates enough revenue . ”
“With the right tools and people, you will make money . Don’t worry about it . Where is your resident registration enrolled?”
“Me? It’s in Mangwon Town . ”
“I guess you and your wife are registered to Mangwon Town together, huh?”
“Not really . We are not officially married yet . We haven’t applied for a marriage certificate . So she is actually registered to the town where her parents are living, which is Bucheon City . ”
“You said earlier that you want to stay temporarily on the second floor of the company building, right?”
“Yes . I’m going to the market this afternoon to buy some bedding . ”
“You know what? Why don’t you move your residency to the company location?”
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