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Service Provider |
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| Contact Person | Warren Mellow | ||||
| Trading Name | COD Bridging Finance | ||||
| Located in | KZN - North Durban Coastal & Pietermaritzburg | ||||
| Tel. / Cell / Fax. | 086 100 7670 / / 086 607 0488 | ||||
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| Website | www.codbridgingfinance.co.za | ||||
| Service Description |
COD BRIDGING FINANCE is an established property bridging finance company that has been in existence for over 10 years. Operating nationally throughout South Africa from its head office in Durban, COD BRIDGING FINANCE has regional representation in Gauteng, KwaZulu-Natal, the Eastern Cape and the Western Cape. Our primary focus is on offering specialised finance, which involves the provision of various forms of short term bridging finance, for both businesses and individuals, which is not typically provided by the major banks and financial institutions. The products we provide are typically outside of traditional financial offerings; however we operate to the highest level of integrity, ethics and corporate governance. Our core strength lies in the offering and provision of various forms of short term bridging finance. The primary focus here is on the offering of the below mentioned products. These products are designed to provide upfront cash flow to corporate entities and individuals in transactions where there is a sale of a property or registration of a new bond pending. The demand arises due to the time period taken in the conveyancing process to ultimately register the transfer of a property or bond, in the Deeds office. In the case of the sale of a property, this time period is typically between 60 – 90 days and the seller only receives payment of the proceeds from the sale upon registration. Seller Advances COD BRIDGING FINANCE provides SELLERS of residential and commercial properties with up front access to 80% of the surplus sale proceeds that they would otherwise only be available to them on transfer of their properties. This finance may be used to fund costs related to the sale (for example pay the outstanding rates and levies), fund the acquisition of another property or for any purpose whatsoever. Commission Advances COD BRIDGING FINANCE gives registered residential and commercial Estate Agents and Agencies up front access to 80% of their nett commission proceeds ordinarily only available to them on registration of transfer. Bond Advances COD BRIDGING FINANCE provides owners of residential or commercial properties with approved new or further bonds, up front access to 80% of the nett bond / loan proceeds that would ordinarily only be available to them on registration of the bond. Property Buyers COD BRIDGING FINANCE will provide finance to property Buyers for the payment of transfer duty and costs, either where a bond has been secured or the proceeds from a prior sale are being used to cover theses costs. These costs have to be paid upfront to the conveyancer but the funds will only become available upon registration of transfer. Secured Business Loans Also known as Mezzanine Finance or Bridge Loans. Secured loans of R250 000 or more to Juristic Persons (Companies, Close Corporations, Trusts with a minimum of 3 Trustees) for terms not exceeding 6 – 9 months. This product allows businesses to raise additional working capital when they have exhausted their traditional bank facilities. The finance is not transaction or invoice based but rather the borrower offers alternative tangible forms of security – typically a 1st bond over property - and a definite repayment mechanism. Payment of the loan is typically made on signature of the securities and not on registration thereof. |
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