Frequently Asked Questions
Property transactions involve different parties, documents and timelines, and it is normal to have questions about where bridging finance fits into the process. Below are answers to some of the most common questions about BridgeFin Solutions, Seller Bridging, Estate Agent Commission Bridging and how attorneys work with us.
What is bridging finance?
Bridging finance is short-term funding linked to an underlying transaction where money is required before funds that are expected from that transaction become available. In BridgeFin’s case, the finance is connected specifically to qualifying property transactions and is assessed according to the circumstances of each matter.
What does BridgeFin Solutions finance?
BridgeFin currently focuses on two areas: Seller Bridging for qualifying costs arising during a property transfer, and Estate Agent Commission Bridging for qualifying commission linked to a pending transfer. Each application is assessed individually and remains subject to BridgeFin’s requirements and approval.
Who is BridgeFin designed for?
BridgeFin works primarily through conveyancing attorneys and participating legal practices. The underlying finance may benefit qualifying property sellers or estate agents, but the application process remains connected to the attorney managing the property transaction.
Can I apply directly to BridgeFin as a member of the public?
BridgeFin’s operating model is attorney-facilitated. If you are a seller or estate agent who believes bridging finance may be relevant to your property transaction, the appropriate starting point is the conveyancing attorney handling the transfer.
Does submitting an application guarantee approval?
No. Submission of an application does not constitute approval or create an obligation on BridgeFin to provide finance. BridgeFin considers the transaction information, supporting documentation and other relevant requirements before making a decision.
How are interest, fees and repayment terms determined?
The financial terms applicable to an approved transaction are confirmed in the relevant quotation and transaction agreement. BridgeFin does not rely on a general website rate because the terms must reflect the particular product and transaction being considered.
What is Seller Bridging?
Seller Bridging is short-term, transaction-linked finance intended to assist with qualifying costs that may need to be dealt with while a property is still in the transfer process and before the seller receives the proceeds of the sale.
What kinds of seller expenses may be considered?
Depending on the circumstances of the transaction, BridgeFin may consider approved municipal clearance requirements, electrical compliance certificates, gas compliance certificates, electric-fence certificates and other qualifying costs directly associated with progressing the property transfer.
Can Seller Bridging be used for any personal expense?
No. BridgeFin Seller Bridging is intended for approved requirements connected to the property transaction. It is not positioned as general personal finance or an unrestricted cash loan.
Does the property need to be sold already?
Seller Bridging is linked to an existing property transaction. BridgeFin will consider the status of the sale and transfer together with the information supplied by the conveyancing attorney when assessing the application.
When is Seller Bridging repaid?
Repayment is linked to the underlying transaction and is governed by the approved BridgeFin agreement. The relevant settlement arrangements are confirmed before funding is released.
What is Estate Agent Commission Bridging?
Estate Agent Commission Bridging is short-term funding against qualifying commission linked to a property transaction where the commission has not yet become available because the transfer is still progressing toward registration.
Why would an estate agent use commission bridging?
There can be a significant timing difference between concluding the work associated with a successful sale and receiving commission after transfer. Commission Bridging may provide qualifying agents with access to funding during that period, subject to BridgeFin’s assessment.
Can all commission be bridged?
Not automatically. The amount and eligibility of any commission-bridging request depend on the underlying property transaction, the commission arrangement, the supporting information supplied and BridgeFin’s approval criteria.
Does the estate agent apply directly?
The application is facilitated through the conveyancing attorney handling the property transfer. This allows BridgeFin to assess the request together with the actual transaction information relevant to the pending commission.
When is Commission Bridging settled?
Settlement takes place in accordance with the applicable transaction agreement and the progression of the underlying property transfer. The specific repayment arrangement is confirmed as part of the approved transaction.
How does a law firm start working with BridgeFin?
A legal practice can register its interest with BridgeFin through the firm-registration process. BridgeFin can then complete the necessary onboarding before authorised users are given access to the relevant services and, where available, the BridgeFin Portal.
Let’s Talk About the Transaction
Tell us a little about your practice or the property transaction you would like to discuss. Your enquiry will be directed to the BridgeFin team for follow-up.