Is An "Advance" A Bridge Loan?
I was speaking to someone the other day, and I was explaining bridging finance to them. And they said, "Oh, you mean an advance?" And I said, "Yeah, an advance, that's right".
So what is an advance? Well, an advance is when you get money ahead of time. For example, let's say you go to your boss and you're getting your paycheck at the end of the month, you say to him, "can I get R1000 now because I need to pay for some things. You can take it off of my money that I'm going to get at the end of the month".
And your boss agrees and you get an advance. We do the same thing. We offer an advance when a home is sold. A seller is only going to get his money in two to three months time. An agent is only going to get their commission in two to three months time. When they don't want to wait, they get bridging finance, which means that we give them an advance on their money, which means we give them their money now so that they don't have to wait.
I hope that that makes sense. Bridging finance... an advance... there's confusion. The answer is they're basically the same thing. It's what we specialize in. I'm hoping that we can help you or someone that you know, get their money now.