Thomas Ncube is a state-registered nurse at a nearby local Polyclinic. He has maintained a satisfactory account with your branch for the past five years, with occasional overdrafts prior to receipt of salary credit. He appears to have no significant savings.
He calls in to see you. He is taking up a new job, at a hospital in the area, which represents a promotion for him. His annual salary will increase from US$5000 to US$6000, giving him an extra US$50 per month of net income. He is aged 34, and is married, with two young children. He and his wife would like to move to a bigger property and have seen a house they would like to buy.
Their present house has been valued by a local estate agent at US$17500, and there is an outstanding building society mortgage of US$8400. The asking price for the property is US$22000, and the building society has agreed, in principle, to a mortgage of US$14500.
Mr. Ncube would like to move as soon as possible and asks for a bridging loan.
Required:
How would you respond to Mr. Ncube’s request? Give reasons for your answer. 

Note: Assume a mortgage rate of 8%