[Exclusive] Buyer of President Lee’s Bundang home: “I’ve paid back all 1.77 billion won”

[Financial News] It has been confirmed for the first time that the buyer of President Lee Jae Myung’s apartment in Yangji Village, Bundang, Seongnam, Gyeonggi Province, has fully repaid the 1.77 billion won borrowed through “seller financing (a loan from the homeowner)” when ownership was transferred. The buyer received the proceeds from selling an apartment they already owned nearby. The full repayment has also brought to a close, for now, the controversy over the mortgage that arose after July 20.
On the 10th, A, the buyer of the president’s Yangji Village apartment, told Financial News, “The apartment I had put up for sale to cover the remaining payment has been sold. I’ve received the interim payment, and expect to receive the full balance by the end of November.” A added, “I used that money to repay in full the homeowner’s loan secured against the president’s apartment. That’s why the mortgage was canceled.”
This newspaper previously reported that the mortgage securing 1.77 billion won on the Yangji Village apartment, which President Lee and his wife sold, had been canceled. This is also the first time it has been confirmed that the loan was fully repaid.
He dismissed as “baseless” claims by some that the existing mortgage had been canceled using a loan from Nonghyup Bank. The property register for the existing apartment owned by A and A’s spouse shows a mortgage securing 440 million won, registered on the 30th of last month. “It was registered by the prospective buyer of the apartment to obtain a loan for the interim payment,” he said, adding, “The sale is proceeding normally.”
Meanwhile, the sale price of the Yangji Village apartment owned by President Lee and his wife is 2.9 billion won. The contract was signed ahead of the late-July notice designating a project implementer for Yangji Village, and the buyer secured the status of an association member.
[email protected] Kwon Jun-ho, Jeon Min-gyeong, Choi A-young Reporter