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Bridging finance is available to residential and commercial property owners in the following scenarios:

1. Where there is equity in a property and the owner has concluded a valid sale agreement;
2. When the owner has obtained approval for a new or additional bond to be registered over the property.

Transferring ownership of a property or registering a new or additional bond can take anywhere between 30-90 days. Generally the owner only obtains access to the surplus funds from the sale or new bond at the end of this period but there are often instances when the owner may need to access funds before this takes place. During this period, Rodel is able to provide the owner with bridging finance before registration of the sale or the new bond. To facilitate this, the owner enters into a discounting agreement whereby Rodel acquires the equity/surplus for a fixed fee and, in return, immediately pays the owner up to 80% of the value of the equity/surplus. Rodel then obtains an undertaking from the conveyancing firm that the equity/surplus will be repaid on registration of the transfer or the bond.

Rodel does not specify how the funds are to be used, but typically they are used for any of the following:

• as a deposit on a new property
• to pay transfer duty on a new property
• to cover the cost of outstanding rates/taxes/levies on the property being sold
• for repayment of personal debt
• to provide working capital funding for businesses