Bridging Finance for Sellers

Having access to finance before transfer of a property has been finalised can make the transaction a lot less stressful.

Most distressed sellers automatically assume that any money woes will be resolved once their property has been sold. Likewise, even financially sound sellers don’t realise that selling a property and reinvesting in a new home can be an expensive exercise at least in the short term while the profits of the previous sale have yet to be released.

These are not the only challenges sellers could face. Money issues have a knack of popping up when we can least afford them. However, selling a home isn’t a financial ‘get-out-of-jail-free’ card and the money needed to settle these types of debts is often locked into the profits of the sale. It takes time for transfers to go through and although the profits may be dangling like a carrot in front of the seller, he cannot access these funds until the transfer has been finalised.

The other problem that often rears its head is finding the right sort of cash when you’ve found the right sort of property. Deposits need to be paid in order to secure a property and nothing is more frustrating than finding the perfect home, but not having the finance available to ensure that the deal goes through.

Bridging finance is an ideal tool for resolving these issues and yet only three out of 10 sellers are aware that this type of service exists. The product, which allows sellers to obtain as much 75% of the net proceeds (after settlement of existing bonds and expenses) upfront is an ideal mechanism for consolidating debt or putting down a deposit on the next property they buy.

“Prevance has the perfect solution where you can get access to the requested funds within 24 hours of the purchase price being secured,” says Christo Jonker, the group’s marketing manager. “We pride ourselves on our service and have made the advance process as quick and as hassle-free as possible. The fact that our bridging department is among the fastest growing within the company bears testament to our level of commitment in taking the stresses out of bridging the financial gap when selling a home.”

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