Bridging the gap between sale and transfer

Thursday 29th of November 2018

You’ve sold your house and signed on the dotted line for your new property, however now you  have a few small problems standing between you and your dream home. Perhaps it’s one of these scenarios:

  1. You’ve only saved enough for a 10% deposit, and the bank wants 20%.
  2. You also need to pay transfer duties and conveyancing fees before the bond can be registered.
  3. It typically takes a few months for the sale to be registered in the deeds office … and you’ll only receive the money due to you when the transfer occurs.

But you need the funds now.

Now what?

There are so many positive reasons for trying to put down as high a deposit as possible when purchasing home. The problem is not everyone has that nest egg.  And there are a lot of other costs that pop up during the process. It would be helpful to have access to the profit you have just made from you sale, but waiting months for the transfer to go through is just not an option.

Property bridging finance is an option that can be quickly and easily arranged. In a nutshell, it’s a short-term finance solution where an advanced portion of your sale literally bridges the gap between your current cash shortfall and your future pay-out on registration of transfer. No waiting.

Bridging the gap

Bridging finance takes the stress out of buying and selling by eliminating the waiting period on property transactions. The money is advanced almost immediately (80% of our deals are paid within 24 hours), and it is repaid when transfer goes through. There’s very little documentation, and much less hassle.

When you don’t have immediate access to your money, bridging finance gives you the financial freedom to pay conveyancing and transfer fees, as well as settle municipal rates, taxes and levies, or even renovation costs. And the process is simple.

When you go through Rodel, for example, you sign an application form that’s been completed by your transferring attorney. Their credit department then assesses the transaction, and depending on the value, might need to see some other transaction documents. If all of your documents are in order, the advance can usually be paid within 24 hours – 80% of our deals are done within this time frame.

It’s your money, why wait?

There’s no transaction too big or too small, and you could potentially access up to 85% of the money that’s due to you. Bridging finance is affordable and convenient, and quotes are personalised to your needs.

Contact Rodel for a personalised property bridging finance quote and secure your next property without the anxiety of the associated costs.

Posted by Niki Jackson