NATURE OF AGREEMENT

1.The total amount repayable by the Client will be the Loan Amount together with the interest and any fees and charges of this agreement.
2.The Client is entitled to the proceeds from the Property Transaction.
3.On conclusion of this agreement, the Loan Amount shall be paid directly into the account(s) the client nominates in writing.
4.The Client has the right to prepay any amount owed to Bridging Finance Solutions or terminate the agreement by repaying the Loan Amount in full at any time prior to the Loan Amount becoming due, by giving writing notice. Upon receipt of the notice Bridging Finance Solutions shall furnish an invoice in respect of the total amount repayable to the client. The repayment date specified above is the registration date estimated by the attorney. Should repayment occur on another date, that date will become the actual repayment date and the interest and repayment amount will be adjusted accordingly. Any amounts due may be prepaid and the client may terminate this agreement earlier by paying the amount advanced, fees and interest calculated to the settlement date.

5.This agreement will be terminated at the moment the Loan Amount and all other outstanding amounts have been paid in full by the client.

6.The client irrevocably and unconditionally instructs (“the transfer attorneys”) to pay the repayment amount to Bridging Finance Solutions on the day of registration date. Should the property transaction be terminated or the attorneys’ undertaking be withdrawn or the repayment amount not to paid Bridging Finance Solutions within 60 days from the advance date the amount advanced, fees and interest will immediately become due and payable to Bridging Finance Solutions by the client. Late payments shall be subject to additional interest of 4% nacm (Nominal Annual Compounded Monthly).

7.The client hereby acknowledges that Bridging Finance Solutions may perform a credit check on the applicant and transfer any relevant information to the credit bureau.

8.The client hereby acknowledges that he/she is solvent and that there are no claims against him/her or the commission earned on this transaction and that this transaction has not been used as collateral in anything or been used as an application at any other bridging finance organization or financial service organization.

9.The client hereby accepts all the terms and conditions and furthermore accepts that the interest rate exceeds the provision as per the Usury Act, 1968.

10.The Client hereby acknowledges the following implications of default under this agreement:

10.1 Bridging Finance Solutions will give notice to the Client who has 10 business days to respond to such notice. Upon failing to respond, the amount due under this agreement will be handed over for collection to an attorney or debt collection agency.

10.2 Bridging Finance Solutions shall be entitled to all costs, fees and charges incurred in enforcing its rights under this agreement including costs on an attorney-and-own-client scale. If the Act is applicable to this agreement, then these costs will be limited to default administration charges and collection costs.

10.3 The client herewith irrevocably authorizes and instructs the Attorney to pay the Loan Amount and fees, immediately after receipt of such proceeds from the Property Transaction. For the avoidance of doubt it is recorded that the Client is, and remains, liable to Bridging Finance Solutions for the amount. It shall not be a defense in favour of the Client that the Attorney had received the proceeds but has failed to repay Bridging Finance Solutions.

10.4 The Client agrees that Bridging Finance Solutions may perform any credit check prior to and after the acceptance of this agreement.

Important: This application will not be processed and no payment will be made unless all the conditions and details as required and as set out below in the undertaking by the transfer attorneys.