If you own a property and have been granted a new, further or switch bond and need to access a portion of your funds quickly, Rodel could advance a portion before registration. Once the bank has approved your new, further or switch bond they will instruct an attorney to register this bond over the property in the deeds office.
This typically takes about 30 days before you can access your funds from the bond. If you need your money urgently we can assist.
How do I apply and how long does it take?
Normally the Rodel application form is completed by your attorney and then signed by you. Thereafter Rodel’s credit department will assess the transaction and depending on the value may need to view certain transaction documents. Once the deal is approved payment can be made. If all documents are available payment is usually made within 24 hours of receipt of the documents and in fact 75% of our deals are done in this time frame.
How much does it cost?
The cost is 0.150% per day, which amounts to R1.50 per R1,000 per day.
Rodel does not charge any administrative or penalty fees, but the minimum total cost will equal the higher of R250 or 18 days’ fees.
For natural persons, should the term of the funding extend beyond 120 days, the daily fee will reduce to 0.049% per day or R0.49 per R1,000 per day from day 121 onwards.
By way of example:
You have been granted a further bond of R500,000
Your bond registration and legal costs are say: R15,000
Thus the net amount due to you on registration is: R485,000
Rodel can advance 85% of the R485,000 now, which is R412,250
If the advance lasted for 3 weeks that would cost you R12,986
To find out how Rodel can help, watch our video.