It has been a long and tough year for most of us in the property industry. Quince is however spreading some love and bringing relief to the industry by waiving our R300 initiation fee on the bridging of agent’s commission from now until 31 December 2009.
Yes that is correct!
From now until the end of 2009 the initiation fee on the bridging of commission for participating agents will be zero. You will therefore only pay our minimal interest rate of 2.95% per month (0.97% per day, R0.97 per R1,000 per day). No matter how you quote it, this is by far the most affordable bridging finance in South Africa.
What do you need to do in order to qualify for this? Well, just help us spread the love by referring the seller in the transaction to Quince.
How does it work?
Download our special application form by clicking here or contact us and ask for the special agent application form.
In the referral box at the top complete the name, contact number and/or email address of the seller in the transaction. (The name and the contact details need to be valid to qualify for the waiver of the initiation fee)
Complete the rest of the application form and fax it to 0866 61 29 22.
As easy as that!
Other frequently asked questions:
Does the agency need to register with Quince and what is the responsibility of the principal?
No, agencies do not need to register with Quince. Our bridging contract makes provision for an agent to bridge his/her commission from Quince without the principal signing as co-borrower. Quince only requires a letter of permission from the principal. The principal therefore does not stand surety for the agent. Download our standard Principal letter of approval by clicking here.
Will Quince provide bridging to blacklisted agents?
Although not an automatic decline, Quince has to consider the credit history of a person before advancing credit. Please contact us before completing the application form if you are aware of judgements against your name and ask to speak to one of our consultants.
Why ask for personal financial information?
The NCA is an onerous law with few clear guidelines at present. Credit providers like Quince have to rely largely on their own interpretation of the Act to ensure compliance. Accordingly we require the information in order to properly evaluate a prospective client. Bridging companies that do not comply with the regulations of the NCA are contravening the Act and are at risk of being fined by the National Credit Regulator.
What if I do not want the attorney to see my personal financial information?
Clients are welcome to leave the field blank initially. Our consultants will phone the client before final approval and obtain the information telephonically.
At what stage in a transaction can Quince provide bridging finance?
Quince will be able to advance bridging finance as soon as all suspensive conditions in the sale agreement have been fulfilled and all documentation has been signed by both purchaser and seller.
What is the maximum amount of commission that Quince will bridge per transaction?
R100,000. Quince will advance up to 80% of the commission due to an agent.
How much will it cost?
It will cost you only R295 to bridge commission of R10,000 for 30 days. Click here to obtain a quote for a different amount and number of days.
What supporting documentation is required?
Quince only requires the Offer to Purchase and the principal’s permission letter for transactions under R50,000. Quince will contact the attorney to obtain any other supporting documentation if required.
Who signs the undertaking?
The conveyancer attending to the transfer. You are welcome to ask the conveyancer to sign the undertaking attached to the application form. Alternatively, just send us the completed application and we will contact the attorney to obtain a signed undertaking.
Does the seller need to apply for bridging finance in order for the agent to qualify for the waiver of the initiation fee?
No. The agent only needs to complete the referral block in the top right hand corner of the application form to qualify.
How do I complete the application form
1. In the “borrower” field complete the details of the agent that is entitled to the commission as per the Offer to Purchase.
2. In the case of an agency applying for bridging finance, the borrower will be the agency and the co-borrower will be the principal.
3. Please complete all the details as Quince will not be able to advance commission if the application form is incomplete.
Quince, the leaders in Bridging Finance.