Bond Gallery, in association with our partner Rodel Financial Services, offers homeowners and home buyers a Bridging Finance product which is geared to provide a short-term advance of YOUR money:
- while you wait for the sale of your house to be concluded and the profit from the sale;
- while you wait for the second bond on your current home to be registered;
- while you wait for the formalities to be concluded when you switch bonds and receive any surplus cash;
- while you wait for the registration of your new home recently bought.
With Bridging Finance, you get the financial certainty of knowing your money is available right away, as it can take 3 months before the profits from the sale of your house will be paid to you. This can be a serious setback if you are waiting for funds to pay a deposit on the next home, pay outstanding rates and taxes or need cash to settle debt before taking transfer of your next home.
How Does It Work?
Our Bridging Finance partner, Rodel Financial Services, purchases the up and coming proceeds of the sale of your property or new bond from the attorneys and makes these funds available to you immediately before the bond registration takes place.
How Much Money Can I Get?
You are advanced up to 80% of the profits (equity) of the sale of your home or new bond value. The remaining 20% will be paid to you on completion of the standard transfer process.
|Proceeds of sale of house
|Minus outstanding bond amount
||– 400 000
|Equals a profit (equity) amount of
|Maximum amount available for Bridging Finance (80%)
We can also assist estate agents who have concluded a valid sales agreement, but would normally have to wait up to 4 months for their commission to be paid out to them.
- Up to 80% of the commission can now be advanced prior to transfer taking place.
- There is no liability for a principal if agents in his/her employ bridges the commission – the principal simply has to sign consent.
- Knowledgeable, professional consultants will advise you.
- We take care of all the paperwork.
- Once an agent has registered it will take 24 hours for the monies to be paid.