How It Works
Processes & Time Frames
One of our friendly consultants will contact you to obtain certain information. All information is kept strictly confidential
and will not be shared with any other parties outside of the property bridging application.
Please select CONTACT ME if you want a consultant to call you back.
Steps:
- Provide relevant information to the Consultant.
- Request for documents and information sent to the Attorney Office dealing with your property transaction.
- Once documents and information are received, an assessment is done within 4 hours.
- If all in order to proceed, approval is done, and a quote and agreement is issued for your signature.
- Payment is made within 1 hour after receiving the signed quote and agreement. Funds are available within 1 hour after payment is made.
- Note: All payment runs close at 15:00.
Costs
Interest: 0.15% per day or R1.5 per R1000. Interest is calculated daily on the advance payment – the bridging finance amount you are approved for.
Once Off Fee: 4.5% of the bridging finance amount, with a minimum of R2000 and a maximum of R9000. This once-off fee does not attract any interest and remains the same no matter the number of days or period.
The ‘Once Off Fee’ does not imply that payment is charged/due immediately. The Once Off Fee, plus Interest, plus the bridging finance amount, is only repaid by the relevant attorney office upon registration of your property transaction against which you bridged.
One of our friendly consultants will provide you with a quote specific to the bridging amount you require.
TOTAL REPAYMENT: Bridging Amount + Once Off Fee + Interest for the full period/number of days
Examples of Repayment Amounts
Examples of repayment amounts over different periods:
R100 000 Loan
| PERIOD DAYS | BRIDGING AMOUNT | ONCE OFF FEE | TOTAL Interest | TOTAL Repayment Due |
|---|---|---|---|---|
| 1 | R100,000.00 | R4,500.00 | R150.00 | R104,650.00 |
| 30 | R100,000.00 | R4,500.00 | R4,500.00 | R109,000.00 |
| 60 | R100,000.00 | R4,500.00 | R9,000.00 | R113,500.00 |
| 90 | R100,000.00 | R4,500.00 | R13,500.00 | R118,000.00 |
R50 000 Loan
| PERIOD DAYS | BRIDGING AMOUNT | ONCE OFF FEE | TOTAL Interest | TOTAL Repayment Due |
|---|---|---|---|---|
| 1 | R50,000.00 | R2,250.00 | R75.00 | R52,325.00 |
| 30 | R50,000.00 | R2,250.00 | R2,250.00 | R54,500.00 |
| 60 | R50,000.00 | R2,250.00 | R4,500.00 | R56,750.00 |
| 90 | R50,000.00 | R2,250.00 | R6,750.00 | R59,000.00 |