Online data search application and web-based information portal SearchWorks now features a Bridging Finance module. When a property is transferred, various scenarios exist whereby the associated seller, purchaser and estate agent requires money up front prior to the transfer registering in the deeds office. Once the transfer is lodged in the deeds office, it can take up to 30-40 days prior to the registration being final and moneys being paid to the relevant parties.
Only once the transfer is registered will the involved parties receive their money. Bridging finance serves as a buffer loan to accommodate and pay sellers and/or estate agents who may require some funds upfront.
A bridging finance company takes the onus upon itself to provide relevant parties with the interim cash based on a percentage of the money paid out on registration.
LAW Data, part of the LAW Group of Companies, has reinforced its reputation in the market for effective, flexible and robust solutions focused on data security, storage and application.
The Company has now integrated a module to streamline critical phases within the bridging finance application process.
It enables groups including legal professionals, buyers, sellers and estate agents to instantly and seamlessly initiate, process and manage bridging finance applications, accounts and other relevant details.
There are three bridging finance application types available for selection within SearchWorks including Sales Proceeds (applicable to seller), Mortgage Advance (applicable to purchaser) and Agents Commission (applicable to Estate Agencies/ Agents).
This innovation adds significant value because it makes what are ordinarily time and resource intensive processes that much easier. Documents can be digitally managed.
Activating the bridging finance module for a client is a straightforward and speedy process.
About Law Holdings
The LAW Holdings group of companies provide secure, web-based, workflow solutions to a wide range of industries. The companies integrated, cutting-edge and cost-effective solutions securely manage volume and complexity, simply and reliably, to optimise productivity. LAW Holdings includes over 2000 law firms, several large retail groups, metropolitan municipalities, estate agent chains, various credit providers, a number of government departments as well as major financial institutions, ABSA and Standard Bank, as their clients in South Africa. LAW currently employs 300 people within the group. They encourage innovative ideas and believe in empowering people to be the best they can be.