Are you building and already have approval from your Mortgage Company? Then Transcorp can provide the short-term financing required to construct your house at premium rates and then await repayment from your long-term financier or mortgage company.
Bridging Loan criteria
- Letter of commitment and assignment from a recognized Mortgagee that the society will be repaid;
- minimum of 10% value of the loan in unencumbered hares in the society;
- Title Deed, Approved Building plan, Quantity Surveyors Report and All Risk Insurance Coverage from a reputable insurer (during construction);
- Building contract (if applicable);
- Drawdowns will be made only after an inspection of each phase, as outlined in the Quantity Surveyors Report.