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BRIDGING FINANCE ON PROPERTY
What is Property Bridging Finance?
Property Bridging Finance is simply receiving funds in advance of an existing property sale’s actual pay out date. Funds in advance means you have cash in hand while the property is still in the process of being registered and transferred.
When you have sold your property and the sale agreement between you and the buyer of the property is signed, you will only receive your proceeds once the property is registered in the buyer’s name. This process usually takes between 60 to 90 days. If you cannot afford to wait for your money for this period of time, we at Setsebi Finance can advance you a portion of your property income immediately.
We offer two types of Property Bridging Finance, one to the seller of the property and one to the agent/broker. Below is more information on each offering:
1. Seller’s Property Proceeds Bridging
If you have sold your property but the transfer has not yet been completed, you may qualify for an advance on your property proceeds from Setsebi Finance.
When can you apply for Property Bridging Finance?
When you sell your property and all the paper work is done but you have not yet received your money from the transferring attorney. It usually takes between 60 to 90 days for the property to register in the buyer’s name and only then will you get your proceeds. If you need some of the money now, Setsebi Finance can provide you with an advance on a portion of your property pay out.
Why would anyone need Bridging Finance on Property?
You may need to pay arrears or future rates & taxes for the transaction to proceed, or
you may be buying elsewhere and need to put a deposit down on that property. You can even use it to settle urgent debts.
There is a cost to receiving an advance. A Setsebi consultant will provide you with a quotation before you have to proceed with the advance.
How do I apply?
Complete the application form on the Home page and the Setsebi team will contact you to prepare the relevant documentation for Bridging Finance on Property.
2. Estate Agent Commission Bridging
If you are an estate agent or property broker and have sold a property, Setsebi Finance can advance you the sale commission or agent commission bridging that is due to you.
Please note, we will need the principle of the agency’s approval to advance any commission.
There is a cost to up-front commission. A Setsebi consultant will provide you with a quotation before you have to proceed with bridging transaction. The Setsebi team will contact you with all the relevant information when you apply online for agent commission bridging.
How do I apply?
Complete the application form on the Home page and the Setsebi team will contact you to prepare the relevant documentation.