In an ideal world, owning a property gives you a certain amount of financial freedom – basically because property is an asset and will generally turn a profit when sold. However, there are instances where a homeowner can no longer afford the bond payments and needs to sell.
Unfortunately, selling a home takes time and even though a buyer has signed on the dotted line, it is usually months before a property is transferred and the much-needed funds are transferred into the seller’s account. This can be problematic, especially for those who need to use any profit made to settle short-term debt.
“Many sellers are unaware that they can access up to 75 percent of the nett proceeds of the sale of their property through bridging finance,” says Christo Jonker, sales and marketing manager at Prevance.
”Although the amount of the advance granted will obviously vary from transaction to transaction and net of the amount still owed on the existing bond as well as other expenses, the fact that cold hard cash could be made available within 24 hours of the application will undoubtedly help those who need to settle outstanding accounts urgently.
“We understand the importance of owning property as well as the importance of using the proceeds from a sale to reinvest in a new property or accessing proceeds quickly when you need to,” says Jonker. Bridging finance is the ideal model for those who have sold their homes and who are in need of urgent financial assistance.”
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