is becoming a more popular source of short term finance for those looking to raise money for a property purchase under a tight deadline. We at Bayside Finance Solutions can provide the solution you are looking for.
If you’re looking to buy your dream home but your existing property still hasn’t found a buyer, you may need property bridging finance. Bridge finance helps you fund the purchase of your new property before your existing home has been sold, which means you don’t miss out on buying the home you want, just because you have to wait until you’ve sold your existing home.
Bridging finance is a type of interim loan that allows property owners to access money quickly, rather than going to the bank to cover both existing property and the new property you’re looking to purchase. Repayments on your bridging loan are usually calculated on an interest only basis during the time it takes to purchase your new home and selling your existing home – called the bridging period.
At Bayside Finance Solutions servicing Durban we will consider loaning to residents even if their credit score is not positive, since property is being used as collateral and leveraging its value in order to bridge a short period of time and borrow short term finance.
Waiting for your estate agent’s commission to be paid out on the sale of a property can take time and become stressful, especially when you need cash flow. Bayside Finance Solutions can helps estate agents bridge that gap. When a property has been sold, commission due to estate agents or property brokers are only released once the sale of a property goes through.This delay can put an unwelcome strain on the estate agent. Funds can be secured in advance of property registration and property transfer.
Bayside Finance Solutions in Durban will advance up to 70% of the nett commission due, ex vat. This can happen within 24 hours of the letter of undertaking being issued by the transferring attorney. All that needs to be shown is that the sale transaction or purchase transaction is fully secure and will definitelay go through. That means that 100% of the purchase price needs to have been secured.
The Principal of the Agency concerned also needs to give consent to the estate agent applying for bridging finance. We can bridge on both sales and lease for residential and commercial transactions.
We service Durban and surrounding areas
Bellair, Durban South, 4006
Durban North, 4016
Glen Ashley, Durban North, 4022
Greyville, Berea, 4023
Hillary, Durban South, 4024
La Lucia, 4153
Umhlanga Ridge, Umhlanga, 4056
Maydon Wharf, Durban, 4057
Durban South, 4060
Mobeni, Durban South, 4060
Mobeni East, Durban South, 4060
Montclair, Durban South, 4004
Musgrave, Berea, 4001
North Beach, Durban, 4063
Northdene, Queensburgh, 4064
Overport, Berea, 4067
Phoenix Industrial, Phoenix, 4156
Point, Durban, 4069
Red Hill, Durban North, 4051
Reservoir Hills, Durban, 4090
South Beach, Durban, 4001
Springfield, Durban, 4091
Stamford Hill, Durban, 4001
Umbilo, Berea, 4001
Umbilo Industrial, Durban, 4001
Umgeni Park, Durban North, 4051
Umgeni Business Park, Durban, 4001
Virginia, Durban North, 4051
Westridge, Berea, 4091
Yellow Wood Park, Durban South, 4011,
Salt Rock, Dolphin Coast, 4391
Zimbali Coastal Estate, Dolphin Coast,
Mount Edgecombe, 4302
Brettenwood Coastal Estate
Tinley Manor, Headlands, Dolphin Coast,
Ballito, Dolphin Coast, 4399
Pinetown, New Germany, 3600
Westmead, Pinetown, 3608
Cowies Hill, Pinetown, 3610
Assagay, Outer West Durban, 3610
Bothas Hill, Outer West Durban, 3610
Kloof, 3640Deceased estates
Bayside Finance Solutions provide bridging finance to the beneficiary of a deceased estate provided the following documentation can be shown:
- Letter of executorship
- Copy of L & D account
- Letter of undertaking from the attorneys or executor who is winding up the estate.
- Confirmation of submission of the L & D account to the master
We can advance up to 50% of the cash portion of the settlement due to the beneficiary or a maximum of R100 000