Property bridging finance is the provision of finance to individuals or companies on the sale or refinance of a property while they wait for the registration of the transaction to be completed.
Who can apply?
- Any person who currently owns a property and has either
- Made a profit on the sale of that property or
- Is waiting for a new or increased bond to be registered over that property
When can you apply?
- All transfer and bond documents have been signed at the attorney
- All suspensive conditions have been fulfilled
- All transaction related costs have been covered
- The bond provider is one of the 5 major banks
What facilities are available?
- 80% of the proceeds available from the transaction after provision for transaction related costs
What are the advantages?
- The profit from the transaction is immediately available without waiting for the registration process to be completed
- Consolidate debt
- Improve cash flow
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Fin24: Property