Bridging Finance is the intelligent way to access funds which are due and owing to you, but which have been tied up in the highly complex and time consuming processes of the Deeds Registry Office.
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BRIDGING FINANCE
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SHORT-TERM MORTGAGE LOANS
BRIDGING FINANCE PRODUCT:
Londonbridge offers you a financial solution in the following situations;
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Advance of surplus equity- we will advance the capital/profit earned by the seller of a property prior to the registration of the transaction in the deeds office.
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Payment of Rates/Levies/ Transfer Duty – we will provide access to your funds for the payment of these unexpected costs, in order to facilitate the transfer and registration process.
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Mortgage Bond- we will advance monies due in terms of approved mortgage bonds, further advances or a switch between financial institutions long before the registration of the bond takes place in the deeds office.
Benefits offered to you
Londonbridge bridging finance solutions offers you the following benefits:
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80% upfront advance on funds due to you from a property related transaction
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Easy credit process by completing our one page application form
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We will liaise directly with your conveyancer to obtain the required documentation.
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Payment is made to you within 24 hours of a completed application
Bridging funds can be used for;
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Settling outstanding rates, taxes, levies or other payments due to conclude the sale of your existing property
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Paying the deposit to secure your new property purchase
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Payment of transfer duty and fees on the purchase of your new property
Finance Charges
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The Finance Charge is calculated at the rate of 2,75% (Two comma Seven Five) per month, 90 Cents per R1000,00 per day, calculated from the date on which the advance was made to the date of settlement.
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An Initiation Fee shall be payable on each transaction, calculated at 1% (one percent) of the loan amount, subject to a minimum fee of R500.00 (Five Hundred Rand) and a maximum fee of R1000.00 (One Thousand Rand) excluding VAT.
SHORT-TERM MORTGAGE LOAN PRODUCT:
The product consists of a medium term loan which is secured by a Covering Mortgage Bond registered over the clients immovable property. Please see details below:
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Surplus Equity in immovable property which equals at least three times the loan amount. (To be confirmed by our valuator).
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The amount will always be subject to a minimum amount of R50 000.00.
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The term of the transaction will be for a maximum of 12 months.
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The interest payable will be paid monthly in arrears on the last day of each month.
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The initiation fee (plus VAT) will be payable on signature of the Mortgage Loan Agreement.
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The Conveyancing and Valuation Costs incurred in the registration of security will be paid by the client.
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The Finance Charges in respect of the product on offer differ depending on the transaction type.
Please contact us for more information regarding this product.
