Selling a property comes with hidden costs that can pile up quickly. These expenses include deposits needed for a new property purchase, moving costs, transfer duties, taxes, and other fees. As a conveyancer, you often need your clients to pay these expenses before the transfer process can be brought to fruition. When they are unable to do so due to a lack of funds, it can cause significant delays that can impact your efficiency and even jeopardise the whole property sale process.
To expedite the conveyancing process and ease your clients’ financial concerns, you can recommend bridging finance as a solution to help them “bridge” the gap when they’re transitioning between property sales.
The Conveyancer’s Dilemma
As a conveyancer, you need to efficiently serve your clients while also managing your business interests. You’re not able to do this when you’re constantly dealing with bottlenecks caused by your clients’ financial constraints.
When your clients sell their property or get money from a new bond, they usually can’t access that money right away. They have to wait until the transaction is registered at the Deeds Office, which, as you’re well aware, can take quite a long time, often stretching from 30 to 90 days or, in some instances, even longer.
The issue here is that many of your clients can’t afford to wait for that long. They may require these funds urgently to cover various expenses like a down payment on their next property, relocation costs, new property taxes, or other critical bills. The waiting period for access to funds can lead to stress and financial pressure for your clients. And it also puts you in a difficult position.
Dealing with your clients’ financial concerns can put the brakes on your conveyancing duties and impede your ability to make quick decisions, which ultimately hinders your capacity to take on more clients and, as a result, adversely affects your business.
That’s why it’s so important to explore funding options. But not just any financing method will suffice when it comes to facilitating smooth property transactions. You need fast and flexible finance, something only bridging finance can offer.
What Exactly Is Property Bridging Finance?
Property bridging finance offers a simple and efficient alternative to the traditional bank loan and can be arranged and accessed immediately. We’ll break it down further for you: Your client receives an upfront sum from the money they’ll get from selling their property. This advanced portion of the sale essentially “bridges the gap” between their current financial needs and the larger payment they’ll receive when the property transfer is officially registered. What many people still don’t realise is that these funds may not be as readily available through a conventional loan.
What’s so great about bridging finance is that it’s a short-term and flexible solution, so it allows your clients to wait comfortably until the transfer of their property is finalised. The long-term benefits often far outweigh the short-term costs because having access to these funds can speed up the conveyancing process, which would be extremely challenging without it.
The rates on bridging finance are competitive, which is good news for your clients. They won’t get tied up in long-term financial commitments or face extra fees for repaying early. So, essentially, this option gives them some breathing room while they wait for the proceeds from their property sale.
Taurus Capital: Your Partner in Efficiency
You want the best of both worlds – fast, quality service that benefits both you and your clients. And that’s exactly what you get with Taurus Capital.
After years of working closely with conveyancing attorneys and their clients, we’ve come to understand that spending too much time on unnecessary administrative tasks can harm your business and negatively impact your relationship with clients. We also recognise that a successful transaction is what really matters. That’s why we offer everything you need in a bridging finance partner: direct involvement, quick processes, outstanding service, an extensive network, and results that boost your bottom line.
When you offer our bridging finance as part of your services, you’re giving clients quick access to money they might urgently need to cover upfront costs. Whether they need to pay for a new property’s down payment, hire a moving company, or settle property taxes, it’s a lot less stressful with the right financing solution.
It benefits you too because you can actually focus on your work and make critical decisions without your clients’ financial worries constantly hanging over your head. Taurus Capital is proud to have earned the trust of almost 200 attorney firms to date.
The Key Takeaway
The process of selling a property often comes with many unforeseen financial burdens, from deposits to taxes and fees, which can cause significant delays and challenges for both you and your clients.
When you partner with Taurus Capital for bridging finance, you can easily help your clients bridge the financial gap between their property transactions, and, at the same time, boost your own efficiency, allowing you to take on more business.
If you’d like to discover the full scope of advantages that working with Taurus Capital can bring to both you and your clients, get in touch with us.
