Times are tough for a lot of people and businesses and for a lot of people that never before had any cash flow issues… times are going to get even tougher.There are various ways to get cash inflows to help your situation until things rectify themselves. The best and cheapest way is obviously the bank. They have the means to always give you the best deal, as they borrow money from the Reserve bank a lot cheaper than any business like mine which deals with you the public.
Problem with banks is they are very fussy about who they chose to do business with. They expect they’re clients to have faultless credit score cards, and lots of stable income on a monthly basis. Which most people especially in these times DON’T! They also love it if you are an employee of a large blue-chip company. Which most people also AREN’T!
So, if your property is paid up and preferably in a company or Trusts name you do have options. A bank can keep you holding for months before they make a decision, and by that time the extreme need for it is often over! Of course, the one option is to sell the property. This is a good idea if you can find a buyer in this current market. It also might mean you have to sell at a mighty discount, which I’m sure you don’t want. Trouble is it might in the long run be the best way to get the most cash flow into your life.
If you don’t want to sell, there are companies like First Advance that will give you a loan against your property. [FURL]https://firstadvance.co.za/property-lending/[/FURL] The rates are dependent on the risk we are taking by giving you the loan. This means we need to assess what risk there is of you not paying us our interest every month. Once we establish this and we have all the relevant paperwork from you it’s a matter of days before you will get your loan. And this is what makes us an attractive option. It all happens quickly!!