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Are Bridging Loans Useful? Compare Options in South Africa

Bridging loans are a credit product that is very useful for companies that have short term cash needs. You may need a bridging loan when you are expecting a payment from the sale of a property or the payout of insurance or your pension. Our job today is to tell you where you can find Bridging loans in South Africa, how to quote them, where to find them, and how to apply for them.

What are the Main Options to Apply Online for Bridge loans?

Let’s imagine that your company made an important property sale, but the funds will not enter until let’s say 6 months. In the meantime, you found another property that is just what your company was looking for, but you don’t have the funds since the money from the sale didn’t enter your bank account. This is when property bridging loans come in: you take the loan and repay it when the payment of the sale is performed. Thanks to this loan, you don’t miss the chance to buy that property.

One of the companies that offer bridging loans in South Africa is Lamna Financial. This company is registered with the NCR, they offer fast and discreet services, and they have branches in various locations of South Africa.

There are other two main options that offer this kind of loan in our country, one of them is Prevance. With them, you can also apply online. The second provider is Bridging Loans; they do not offer online applications.

What is the Main Requirement for a Bridge Loan?

A bridging loan is a short-term loan that is provided with the aim of acting as a “bridge” connecting two properties. If the transaction of the property you sold was not performed you may be on hold and what happens with the office you want to buy, for instance? If you don’t buy it right away its price may change, or it might be sold to someone else.

With a bridging loan, you don’t run that risk. The company that offers bridging loans doesn’t want any risks either. For that reason, the payment you are waiting to receive will act as collateral for this loan. To prove this, you have to provide these companies a document certifying that you sold your property and transferred, but registration of that transfer is pending by a Deed’s Office. Also, you will have to provide your ID, and certificate of residence in South Africa.

Is there A Bridge Loan Online Calculator?

We’ve all come across the term loan calculator when browsing the web for loans. They are actually powerful tools that help you a lot to decide which loan to take, with which banks, and the like. There are no specific bridge loan calculators, though. But, you can use the online calculator provided by our site for the sake of getting a general idea of how the loan might be like. It’s super easy to use and it’s free.

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Positive and Negative Bridge Loans Reviews

This is an important step for your company, so, it is a good idea to find out what others say about these loans and about the companies that offer them. If you own a company, you probably know other business persons who can give you a hand with this issue. Or maybe they know someone who can help you out.

Some finance advisors warn against these loans in terms of their interest rates, and fees which may be high. But that will depend on the company you choose. This is why it is important to know the options available and compare them to choose the best one.

Prevance has positive reviews from clients. These customers emphasize how fast they work, what excellent customer care they provide, and the fact that they never had problems with any transfer made by this provider.

All in all, asking around is always a plus. Find out what people say about these loans. In fact, if you have any questions or comments, please use our form below.

Where are Branches for Pension Bridge Loans in Cape Town?

The legislative capital of our country has vast options in terms of bridging loans. With regards to a pension bridge loan, one company that offers this service is Green Door Bridging Loan. It’s located in Goodwood, Cape Town.

I Need a Bridge Loan Branch in Johannesburg, where can I Find one?

Well, if you live in Johannesburg, you are in luck. Above we told you that Prevance is the company offering property bridging loans with better client satisfaction. You can find their offices in Killarney, Johannesburg.

Where Can I call to Take a Bridge Loan in Port Elizabeth?

Wow, first of all, let us say we’re a little jealous of your beautiful beaches. In Port Elizabeth you can find CF Finance Port Elizabeth, a company that offers bridging loans.  You can contact them by calling on 041 484 1435.

Is there a Branch of Marlin Credit Services in East London?

Marlin Credit Services is a company that offers bridging loans for people that are awaiting payment for a property, a pension, or insurance payout. They are based in Durban, but they have a branch in East London. You can also find this company in Pretoria, Polokwane, and Bellville.

What are COD Bridging Finance Contact Details in Durban?

COD Bridging Finance belongs to Gane Capital (Pty) Ltd, which has been in the credit market of our country for over 40 years. To contact them you can call them on: 086 100 7670 or e-mail them at info@codbridgingfinance.co.za. 

Bridge Loans are fairly new in our country and up to this moment, they are mainly offered by private credit lending providers. Here you found out when you might need to ask for a bridging loan and what documents you would need to get a quote. Also, a word was devoted as if it is useful or not and the comments made by clients regarding one of the companies offering this service in South Africa.

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Questions and answers

Can I steel apply for a bridging loan if I have some credit problems?

Since bridging loans are secured by an asset, like a property, in this particular case, your credit history should not be a problem. If you are not able to pay for the loan, the borrower has the means to claim that money. However, each company has their own policies. Which company are you considering for your bridging loan?

Can I use vacant land as security for a bridging loan?

There are various types of properties you can use as security for your bridging loan

Is the service provided by these companies confidential?

Most companies offering bridging loans in South Africa work with clients who specifically request confidentiality in all transactions. For this reason, these credit lending companies treat all documents and information provided by customers with the utmost secret. If you choose a provider registered with the NCR you should be on the safe side.

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