Dear Sir / Madam,

Re Bridging Finance – Seller Proceeds

Thank you for applying for bridging finance through New Heights Finance or one of its associate companies or lead providers.

Please find our mandate to proceed below for completion and signature. Once completed please submit to us via email to info@nhfinance.co.za or fax 0866 033 843.

Once we have received the completed and signed document, we will open a unique file for you and send you further documents for completion.

In addition to the above, please send the following supporting documents:

• Copy of your ID and any other person associated with the deal
• Copy of the Sale Agreement

Once we have all the supporting documents indicated, the transferring attorney will be contacted to issue a Letter of Undertaking which essentially is an acknowledgment, that all parties to the sale / purchase agreement have signed all relevant documentation and that the purchaser has lodged the relevant securities ( by bond, cash or other). In other words, that there are no outstanding issues wrt the sale transaction.

This type of bridging is normally quite fast, however, delays do occur when the transferring attorney is not able to issue the Letter of Undertaking due to outstanding issues.

Payment of bridging funds normally takes approximately 24 hours after the Letter of Undertaking has been received by the attorney. Interest charges are calculated on a daily Pro Rata basis.

An issue which can affect whether an application will be approved or declined, is if the client has any bureau listings. This is not an automatic decline. It is at the sole discretion of the credit provider whether to approved or decline an application.

Please note that the preferred method of communication with regard to this type of transaction is by email or fax. We need to ensure all elements of the application are attended to and the written format ensures that the process flows without interruption.

We look forward to assisting you further.

Yours Faithfully
New Heights Finance

Bridging Finance - Seller’s Proceeds : Step 1 Application

Referring Lead Provider :
Referring Company ____________________________ Consultant Name____________________________
Consultant Tel        ____________________________  Consultant Email ____________________________

CLIENT INFORMATION:       

Client Name   ________________________________    Surname __________________________________

Client ID Number _________________________________________________________________________

Address _________________________________________________________________Post Code_______

Tel :  Code _______Number _______________ Fax Code ______ Number ___________________________

Cell _____________________________ Email _________________________________________________

Co-Applicant Name ___________________________    Surname __________________________________

Co-Applicant ID Number ___________________________________________________________________

Address _________________________________________________________________Post Code_______

Tel :  Code _______Number _______________ Fax Code ______ Number ___________________________

Cell _____________________________ Email _________________________________________________

Transferring Attorney Company Name ______________________________________________________

Contact Name ________________________________Contact Tel _________________________________

Email __________________________________________________________________________________

TRANSACTION ANALYSIS         

BREAKDOWN OF BRIDGING LOAN

                                                                                                            Initial ______________________

DECLARATION

I/We hereby accept the conditions as set out above and authorize New Heights Finance to irrevocably proceed with the arrangement of a bridging loan for me / us.

I/We acknowledge that New Heights Finance has earned professional fees as stipulated above for arranging my/our bridging finance and that the professional fees are only due and payable on final approval of the bridging finance. Should no approval be granted no fees are due or payable.

I/We agree that the professional fees to be paid to New Heights Finance, will be included in the bridging loan amount and will be repaid on date of registration of the property indicated above.

I/We hereby expressly authorize and instruct the bridging finance company to pay to New Heights Finance their  professional fee for the agreed professional services executed, from the bridging loan advanced.

Signed at _________________________ this ______ day of _______________________20_____.

_________________________                                        ___________________________
Client                                                                            Witness

_________________________                                        ___________________________
Co-Applicant                                                                  Witness

Fax to 0866 033 843  or    Scan and Email to: info@nhfinance.co.za