BRIDGING FINANCE Access to your money quickly

Sold your home for a profit, and somebody forgot to tell you that it can take 3 months for you to get hold of the profits ?

Bridging finance holds the key to gaining access to the profits quickly.

It's appalling that they take so long to do a little paperwork and transfer your old house over to the new owner, but as we all know, there's always a backlog and they're always playing catch-up. And the banks don't pay out the money until the registration has gone through.

Selling my first home it came to me as a shock that I'm going to have to wait for 3 months to get the profits from my sale, and I needed to get to that money quickly, as the Deeds office wants the Transfer fees, for my new home, before they process the transfer. What a catch 22 situation. Frustrated? Well, there is a solution to the problem, and that is to get bridging finance.

Bridging finance essentially is a short term loan that is set up between you and a financial institution that specializes in these loans, which allow you to gain access to your money.

The process works as follows:

• Apply for Briding finance South Africa online - http://www.bridgingfinance.co.za/apply.php
• An application form will be mailed to you, so make sure your email is filled in correctly.
• You will need to fill in the form with the assistance of your lawyer, or you can contact Invela and they will take you through and complete the application form on your behalf
• Fax the completed form through to Invela on 086 613 6244.

Someone from Invela Finance will then approve your request for bridging finance, and contact you. Your money should be in your account within 12 hours after the completed form has been received.

The costs involved are:

• 1% upfront initiation fee (limited to R1,000) and
• R 1.12 per R 1000 advanced for each day.

Other things bridging finance in South Africa can be used for

• Advances on 2nd and 3rd Mortgage Bonds
• The legal fees surrounding the selling of your house
• Agents commisions
• Arrear rates and taxes

Please Note: Invela Finance will only supply 80% of the surplus money available and will only supply Bridging Finance in South Africa.

To work out your surplus you take what you sold your house for, take off your current outstanding bond value and any legal fees and other costs like the commission the agent takes this would leave you with your surplus.

Invela Finance will then be willing to loan you 80% of the surplus, so you can do a bridging loan up to a maximum of R64000. You don't have to make the maximum bridging loan, you can also take a smaller amount.

To get the ball rolling, just click to apply for bridging finance in South Africa, fill in the form, and you're on your way to gaining quick access to your money.

Regards,
The Invela Finance Team,
Bridging the Financial Gap.