Bridging Finance

The easy, convenient way to get the profits of your sale faster.

iLoan as part of their extensive services to home owners and home buyers offer a Bridging Finance product which is geared to provide you 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.

Bridging Finance is a short-term advance that allows you faster access to YOUR money than what it would be possible under the normal transfer process. You get the financial certainty of knowing your money is available right away, for example it can be 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. Bridging Finance is the perfect solution if you have:

• SOLD YOUR HOME - you need a deposit for the new home to "seal the deal" faster. Bridging Finance fast tracks the payment of a portion of the sales profits and avoids the delays of the transfer process;
  
  
• APPLIED FOR A SECOND BOND - you can receive the cash in advance before the bond has been registered;
  
  
• SWITCHED BONDS - Bridging Finance accelerates the receipt of any surplus cash while you wait for the formalities to be completed;
  
  
• RECENTLY BOUGHT A HOME - Bridging Finance alleviates any worry about transfer fees or rates and tax clearances because a portion of your profit is made available immediately.

How does it work?

iLoan's Bridging Finance partner 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 you get?

You will be advance 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.

Example:
Proceeds of sale of house R500 000
Minus outstanding bond amount R400 000
Equals a profit (equity) amount of R100 000
Maximum amount available for R80 000
Bridging Finance (80%)

For more information contact us.