Why would I use Prevance?
Prevance enables you to receive a cash injection of funds when it is needed most, eliminating waiting periods for monies that are determined and will be payable to you at a future date.
When can the advance be paid?
Advances are paid once all the contractual obligations and the suspensive conditions of underlying transaction are fulfilled.
How much can be advanced?
The amount that will be advanced is a percentage of the equity realised in the transaction and is determined on a deal by deal basis depending on the overall credit assessment for the customer. As a general rule the advance would usually not exceed 75% of the equity realised.
How much will the advance cost?
The costs are determined based on a number of various factors that are taken into account when completing the overall credit assessment. These factors include but are not limited to the amount of the advance, the timing and credit profile of the customer.
Do I need a good credit rating?
Although a credit check will be conducted before any advance, this does not mean that you will be excluded from obtaining an advance. Where a customer has an unfavourable credit rating our credit department will make a decision based on an overall credit assessment.
What happens if Prevance is not settled?
The customer ultimately remains responsible for any advance obtained and any non repayment to Prevance through the established repayment mechanisms will result in the customer having to settle Prevance directly. If this situation does occur contact us immediately to discuss your options.
How do I receive the payment?
The funds are electronically transferred into the nominated bank account of the customer.
How long before the advance is paid?
We endeavor to make the advance payments as soon as possible after the application is received. We aim for a 12 hour turnaround time.
What can the advance be used for?
The advance is merely an early payment of funds due to the customer, and therefore there is usually no limitation on the use of the advance payment.
Can the advance be repaid early?
Yes advances can be settled early. Please contact Prevance immediately before making any settlement payments.
When and how will the advance be repaid?
On settlement a mechanism will be established whereby the conveyancer will repay Prevance directly, thus placing no further burden on the customer.
Is the service confidential?
As a pillar of our ethos, confidentiality is highly regarded in the Prevance organisation. You can be confident in knowing that your information and dealings with Prevance will be kept in the strictest confidence.