What is bridge financing?
Bridge financing is a means to make future proceeds from a sale available in advance through a discounting agreement.
How does a bridging transaction work?
Bridging finance is made available when a secured transaction is given as surety against the money required.
What needs to be in place to apply for bridging?
There are three primary documents required for an application: Sale agreement, Financial Institution Guarantees and a copy of the Local Municipal Account.
Once these three things are in place, they are submitted through with the relevant attorney’s undertakings to process for payment.
Terms and conditions apply.
How much can I bridge?
Typically we bridge as much as 80% of the proceeds of the sale depending on how far the transaction is in process.
How long does it take to receive funds?
Once all suspensive conditions have been met, we can pay-out in as little as 1 hour.
How much does an advance cost?
Feel free to contact us for a quote; we pride ourselves on our competitive rates.
How is the advance repaid?
Once the registration of the property has taken place in the deeds office, the conveyancer that is handling the transaction will reimburse Better Bridge.
What happens if Better Bridge is not paid?
Ultimately the customer is held liable for any money received and not repaid.
Please let us know should this happen so we can come to alternate arrangements.
Does a bad ITC rating impact my application?
No, we pay proceeds out on merits of the transaction and not the individual’s financial background.