: 0860 987 987
: info@prevance.co.za
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The obtaining of a first or additional bond on an immovable property is usually motivated by an urgent requirement for cashflow by the bond holder. However there is usually red tape and time delays between when the bond is approved and when the cashflow is made available to the bond holder.
Prevance has designed the Bond Equity Advance, a dynamic product to cater to these delays, by allowing the bond holder to obtain an advance payment against the equity realised in the bond that is being obtained. Once the finance house has approved the bond and the documents have been signed by the bond holder, the advance can be paid. What is the Equity Realised? The equity realised from a new bond is the difference between the new bond that has been granted less any liabilities or expenses that would need to be settled before the new bond can be registered. |
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Typically these expenses and liabilities would be as follows, however there may be some that are not applicable and additional expenses and liabilities that do not appear below:
- Existing mortgage (only if the existing mortgage needs to settled);
- Insurance Premiums;
- Cancelation Costs;
- Bond
Why would a Bond Equity Advance be Required?
The reasons for obtaining a bond or an additional bond are specific to the personal circumstances of the bond holder. We understand that in most cases the requirement is usually urgent and our product seeks to eliminate this urgency and provide the bond holder with cashflow to take care of themselves and family though our efficient and simple mechanisms.
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