Introduction
Funding Hub has a network of over 40 different lenders who offer more than 10 different types of specific finance products. The online platform has assisted over 5100 SMEs in the country.
You can get up to R5 million for property bridging finance.
According to Funding Hub, you can get up to 75% advance on the value of the sold property after deducting the bond and all transfer costs. You can use the proceeds for working capital or as a deposit on the next property, and so on.
The money can be made available within 24 hours. The loan would be settled when the sold asset is transferred to the buyer.
Main Features
Type Of Funding – Property Bridging Finance
Qualifying Criteria – You must have a trading history of at least six months (have earned an income for six months), and have a monthly turnover of minimum R30,000.
Repayment Terms – Pay back the loan between one to six months. Repayments start when the transfer of the sold asset is complete.
Application process – You can apply online – the application process takes about five minutes to complete. You will be asked to answer some of the following questions ‘what is the funding for? How long do you need the finance for? How much funding do you need?’ You will be required to provide the following documentation: the Director’s ID Documents, the business’s proof of registration, the Tax Clearance Certificate, and 6 months’ bank statements.
Pricing
The interest rate per month can range between 3% – 4%.
According to Funding Hub, the funder will pay you a percentage of the value of the temporary inaccessible capital. This can extend up to 85%. You will get charged interest on the amount which you have accessed.
