Bridging finance provides a stop-gap solution for businesses and individuals for a short to medium-term financial shortfall.
SearchWorks, one of the country’s leading data aggregation platform, introduces BridgeMe, a web-based finance application which provides information and bridging finance services to individuals and to businesses across all industry sectors.
Sameer Kumandan, MD of SearchWorks, said: “By its very nature, bridging finance is often needed quickly and BridgeMe streamlines critical phases within the application process, making funds available more quickly and efficiently than through traditional channels.”
BridgeMe is meeting the needs of both individuals and organisations, with loans secured against existing assets, signed contracts and business income that is already invoiced.
BridgeMe in the property sector
Not only is purchasing a house expensive, but selling too comes with a number of associated costs which may be incurred before the proceeds of a sale are released. These costs may include settling outstanding municipal accounts and booking removals and can put a strain on sellers’ finances.
BridgeMe finance is available to vendors and buyers as well as to estate agents who can use bridging finance to access a percentage of the anticipated commission from their property sales.
“BridgeMe offers short term loans to buyers, sellers and estate agents. BridgeMe smooths the transition period between signing a sale agreement and the proceeds being paid to the vendor, a mortgage being finalised for a buyer and commission being released to the agent,” said Kumandan.
BridgeMe for business
Through the BridgeMe platform, businesses can access finance up to R5 million (subject to credit approval) with repayment terms ranging from six months to ten years. BridgeMe’s average five-day turnaround time from application to paying out of the loan is one of the fastest in the sector.
Another innovation that helps businesses is BridgeMe’s Invoice Factoring which turns invoices payable into cash up front. Slow and defaulting payers can bring a small business down, and being able to receive a portion of outstanding debts can make the difference between a business folding or staying afloat.
Invoice Factoring is also a way for business owners to unlock working capital against issued invoices to use for expansion or a new business venture.
How does BridgeMe work?
“BridgeMe offers applicants a choice of financial service providers from which to choose according to the nature or purpose of the bridging finance they are looking for,” said Kumandan.
Any individual or business looking for bridging finance simply creates an application and selects the financier for the quote that best suits their needs. The process is fully automated, and each application is reviewed and approved within 24 hours of submission. The system is fully transparent and generates email status updates enabling applicants to track their application through the system from submission to completion.
“BridgeMe is simple, quick and provides a full-end solution to anyone looking to manage their short-term finances,” said Kumandan.
