What Is An Advance?
I'd like to address a question that I had from one of our clients. They said, "I'm starting with the process of selling my house, and I needed an advance to keep me going".
So what is an advance?
An advance is an amount of money that you get ahead of time from when you were supposed to get it. So when you sell your home in South Africa, you're only going to get the money in three months time. If you don't want to wait three months, you get an advance, which means you get the money now, so that you don't need to wait.
That's also called bridging finance, which is what we specialize in. Bridging finance allows you to have money during the process of selling your home. You may need to pay some of the costs that are involved with selling the home, lawyer fees, transfer duties, rates and taxes.
There are different things that you will need to pay for while you're selling your home. And you might not have that money available. But you will have it when you get the money from selling the home. So you don't want to wait until that money comes in three months. You want a part of it now. That's what we do. That's an advance or bridging finance and it's what we specialize in.