What Defines a Good Commercial Loan Software?

When it comes to your clients, you need an application that is going to take the grunt work out of the loan process and allow you to get right down to the bottom line. A number of commercial loan software solutions were developed by a combination of software programmers and real estate professionals. A higher level of experience during the software design phase results in a top tier software that will allow you to obtain quality data each and every time that you process a new commercial loan for a client.

Its important to note that not every commercial loan software was created alike. Some programs have been designed to better facilitate borrowers, while others may have an emphasis on lender information processing. For many of you, a good all around software should do the trick. I have highlighted a few features that you should look for the next time you’re in the market for a new commercial loan solution:

In-depth property analysis
Strategic risk calculation
Current CAP rates
In-depth financial analysis
Net cash flow
Calculate a borrowers credit worthiness
Property analysis

Now please bear in mind that the above are not the only features available in these types of software. They will however give you a foundation to start on when trying to find a solid solution that fits your needs.

Regardless of the commercial loan software that you choose, it should go above and beyond your expectations. This new program will become an integral part of your commercial lending business and may very well give you the competitive edge you need on the competition.

Learn more about commercial loan software [http://comsoft.org/commercial-loan-software/] and find a detailed list of the best solutions currently available on the market today.

Are Vehicle Title Loans Worth It?

If you are considering attaining a vehicle title loan, you may begin to ask yourself if this is the right decision to make. People who are seeking these types of loans usually have blemishes on their credit score that keep them from obtaining more traditional loan options. While much of the research online may claim that these practices are predatory, it can be hard to tell if this loan option is really worth the risks.

Just to clarify, vehicle title loans are a short-term loan solution for people needing cash fast. These loans take the borrower’s vehicle title as collateral on a relatively high interest loan. These are a good last resort decision for people who need money very quickly and have a clean title to their vehicle. While they may not be the right option for everyone, there are some things to consider when deciding whether this is the right option for you.

The inherent risk with this type of loan is that if the borrower defaults on the loan, the lending organization is able to repossess the vehicle and sell it to recoup the unpaid balance. Another drawback is that these loans can carry a high interest rate, which is a reason many outlets have deemed them less than desirable.

The positive aspects of this type of loan are that it allows the borrower to acquire cash very quickly, usually in just a couple hours. The loan is also secured by the vehicle’s value and therefore the lender does not need a credit history report. The need for a loan to supply immediate cash flow needs is by far the most popular reason for these loans. With the ability to take advantage of the loan so quickly, borrowers should not rush into working with a less than reputable lender.

If you are seeking this type of loan, there definitely are a few precautions to keep in mind. Firstly, make sure to research any company that you plan on borrowing from and be sure that they are repeatable and have not been known to have predatory practices. A critical step to take, in any sort of borrowing, is to evaluate properly how much cash is necessary. A borrower should never take more than is necessary, to ensure the ability to repay the loan (which in this case means keep their car as well).

When properly taken advantage of, these loans are most definitely worth the risk; if the borrower pays attention to the amount of the loan and how much they can handle repaying. No one wants to lose a car and it is possible to avoid this experience if the borrower pays attention to the terms of the loan with future cash flow in mind.

As stated before, when keeping the pertinent factors in mind, title loans are fine option for handling an emergency. If you research potential lenders, options available, future fiscal position, and cash flow needs; then there should be no problems. A very good tip is to also research the value of your car before you attempt to have a lender evaluate the car’s worth.

Types of Loans That Require No Credit Check

There can be a multitude of reasons that a person could need cash fast. Anything from bills stacking up to unforeseen expenses can be a need for quick cash. Many people who may have less than desirable credit run into a need for loan quickly and find themselves wondering how to accomplish this task. There are a variety of solutions for loans that cater specifically to people who are seeking a loan with bad or no credit. Some options for short-term loans are better than others are and when utilized correctly, can get a person through a jam they may not otherwise get through.

One of the many short-term loan solutions that people are familiar with is Payday or Cash Advance Loans. These are loans where the borrower supplies a check for the amount plus the applicable lending fees and the lender then cashes the check upon the end of the loan term. The scrutiny of these loans over the years is that they are somewhat predatory and have been the subject of a varying amount of government regulations.

The criticism surrounding cash advance loans usually comes from their high APR or annual percentage rate, which can be upwards of 800% in some places depending on the particular state’s regulations. Although, many in the industry contest that APR is not a good measurement for loans with terms this short. Lenders tend to use similar metrics as bank overdrafts or bounced checks, in example:

Cash Advance

10% of the check + verification fee not to exceed $5 = 419% APR on a $100 14-day loan (Florida Office of Financial Regulation)
Bounced Check
$100 bounced check with $48 service and merchant fees = 1,251% APR

The higher APR and cost of these loans is to offset the cost to then lenders incurred by higher filing fees and a default rate that is around 10-20%. While cash advance loans can be helpful in a pinch, they are not a long-term solution to any financial issues.

Another form of short-term loans that many people are familiar with are Pawn Shops or Pawnbrokers. These are businesses or individuals that offer short-term loans in exchange for some form of collateral. The specific type of collateral is subject to the discretion of the pawnbroker but can include almost anything that the broker deems valuable. The broker assesses the value of the collateral and then the loan is given. If the borrower defaults, the broker becomes owner of the property and can sell it to recoup the defaulted loan. Pawn Shops have become popular in American culture over the past couple of years through television shows like Pawn Stars and Hardcore Pawn. In reality, they have been a part of culture for a long time and appeared in works such as an early Sherlock Holmes story entitled The Adventure of the Red-Headed League.

A third option for a no credit check loan is the Car Title Loan, which uses the borrower’s car title as collateral. These types of loans allow the borrower to acquire more substantial amounts than a pawnbroker or cash advance, but are still a short-term solution. The requirements are that the borrower has a clean car title, meaning that there is no current financing or liens against said car. These types of loans have incurred criticisms just as the other forms discussed here. However, when dealing with a company that has a high approval rate, this can be a quality solution to a short-term cash flow issue. The risk involved with these loans are that if the loan is defaulted upon, the lender takes possession of the borrower’s vehicle.

It is not hard to find a reputable car title lender and then check third-party sources on the credibility and reliability of these loans. They are to be undertaken with caution though, as losing a vehicle can be more detrimental than much of the financial issues a person may already have.

Most people experience the burden of the necessity of needing cash fast. While there are many options that require a line of credit, there are solutions if that is not possible. When deciding to acquire a short-term loan, make sure to assess the need and research the lending method as thoroughly as possible.

Are Working Capital Loans What Your Company Really Needs? What Type Of Finance Company Can Help?

The shock has probably worn off by now. We’re referring of course to the business owner and financial managers realization that sales don’t equal cash flow and that your management of working capital might just be your key to short and long term survival.

So what type of finance company or institution can help you in the access to liquidity? The reality is that every industry needs a different level of working capital. That relationship of your assets to your turnover to your cash on hand is what is going to make the final call on what type of loans you might need for your cash flow management solution.

And we will add that you might find that ‘ loans’ or bringing on additional debt to your balance sheet is not only the wrong solution, but you have alternative non loan solutions!

The reason you are looking at your working capital situation hinges probably on two areas, your firm is growing too quickly, or you have asset management challenges or problems with inventory and receivables. So hopefully you can now see that what working capital management is all about comes down to matching the financing you need to the assets and equity you have on your balance sheet. As your business and profits grow the owner equity component grows also

So are loans the solutions to your cash flow challenge (or crisis?!). Sometimes, but definitely not all the time. The long term solution to a cash flow management solution might in fact be a working capital term loan, in effect injecting long term capital into your business. If you can qualify for this loan, which is more often than not unsecured, it certainly is an option. Larger loans of this nature are called subordinated debt, but cash flow term loans are available for almost all firms – generally the minimum being 50k, but as we noted, going to several million dollars depending on the size of your firm.

But why would you borrow externally and bring debt onto your balance sheet when the solution is inside your business, not outside? Clients are often surprised when they find out that two other solutions, and not loans, are possible.

We’re talking about asset based lines of credit, which are generally non bank in nature, meaning they are offered by private finance firms. Rates on such facilities can be competitive to bank rates, but more often than not come at a premium. However your ability to, in many cases, double your working capital liquidity can significantly increase profits and sales. Just think about it, if you can double sales, keep your overhead costs relatively fixed, the additional profits you generate can easily cover your new increased financing costs.

The other solution we will mention is the sales of receivables. This type of financing brings zero new debt on to your balance sheet, improves your cash position, and provides immediate cash flow for growth. Perceived as expensive and non traditional it is gaining traction with Canadian business every day. In effect it is the trade off you have between growth and survival and additional financing cost, of a non loans nature.

In summary, working capital loans can come from external finance company sources. Alternatively you can become your own finance company by managing and monetizing your assets in a variety of ways. Speak to a trusted, credible and experienced Canadian business advisor to determine which solutions work best for your firm.

Types of Loans That Require No Credit Check

There can be a multitude of reasons that a person could need cash fast. Anything from bills stacking up to unforeseen expenses can be a need for quick cash. Many people who may have less than desirable credit run into a need for loan quickly and find themselves wondering how to accomplish this task. There are a variety of solutions for loans that cater specifically to people who are seeking a loan with bad or no credit. Some options for short-term loans are better than others are and when utilized correctly, can get a person through a jam they may not otherwise get through.

One of the many short-term loan solutions that people are familiar with is Payday or Cash Advance Loans. These are loans where the borrower supplies a check for the amount plus the applicable lending fees and the lender then cashes the check upon the end of the loan term. The scrutiny of these loans over the years is that they are somewhat predatory and have been the subject of a varying amount of government regulations.

The criticism surrounding cash advance loans usually comes from their high APR or annual percentage rate, which can be upwards of 800% in some places depending on the particular state’s regulations. Although, many in the industry contest that APR is not a good measurement for loans with terms this short. Lenders tend to use similar metrics as bank overdrafts or bounced checks, in example:

Cash Advance

10% of the check + verification fee not to exceed $5 = 419% APR on a $100 14-day loan (Florida Office of Financial Regulation)
Bounced Check
$100 bounced check with $48 service and merchant fees = 1,251% APR

The higher APR and cost of these loans is to offset the cost to then lenders incurred by higher filing fees and a default rate that is around 10-20%. While cash advance loans can be helpful in a pinch, they are not a long-term solution to any financial issues.

Another form of short-term loans that many people are familiar with are Pawn Shops or Pawnbrokers. These are businesses or individuals that offer short-term loans in exchange for some form of collateral. The specific type of collateral is subject to the discretion of the pawnbroker but can include almost anything that the broker deems valuable. The broker assesses the value of the collateral and then the loan is given. If the borrower defaults, the broker becomes owner of the property and can sell it to recoup the defaulted loan. Pawn Shops have become popular in American culture over the past couple of years through television shows like Pawn Stars and Hardcore Pawn. In reality, they have been a part of culture for a long time and appeared in works such as an early Sherlock Holmes story entitled The Adventure of the Red-Headed League.

A third option for a no credit check loan is the Car Title Loan, which uses the borrower’s car title as collateral. These types of loans allow the borrower to acquire more substantial amounts than a pawnbroker or cash advance, but are still a short-term solution. The requirements are that the borrower has a clean car title, meaning that there is no current financing or liens against said car. These types of loans have incurred criticisms just as the other forms discussed here. However, when dealing with a company that has a high approval rate, this can be a quality solution to a short-term cash flow issue. The risk involved with these loans are that if the loan is defaulted upon, the lender takes possession of the borrower’s vehicle.

It is not hard to find a reputable car title lender and then check third-party sources on the credibility and reliability of these loans. They are to be undertaken with caution though, as losing a vehicle can be more detrimental than much of the financial issues a person may already have.

Most people experience the burden of the necessity of needing cash fast. While there are many options that require a line of credit, there are solutions if that is not possible. When deciding to acquire a short-term loan, make sure to assess the need and research the lending method as thoroughly as possible.

Ways to Get Accepted For Loan Mod and Save Your Home

Is your current cashflow getting weaker and weaker because of the current economical problems? Are the monthly obligations of the mortgage excessively large for your actual fiscal condition, and you’re afraid you may not manage to pay on time, or worse – ever? This is the worst concern of most households in the United States currently.

For the people who can’t find the money for their house loan – you will find in this article several mortgage loan solutions that will suit your needs. Read my lips – I am not going to offer you guidelines like “sell off your place so that you can save your clean credit rating”. Definitely not!! I am speaking about more reasonable tips, mainly mortgage loan modification.

If we take an objective look, this is the situation: on one hand, there is the lender. Needless to say, their key intent is to receive the principal of the loan which he gave you back, and with interest added. On the other hand, there’s me or you. We plan to keep our house, and also to complete the installments as we are legally required to. Problem is that we just are unable to, right? This really is what loan modification solutions are about – changing exiting mortgage conditions, in order to make it affordable to the property holder on one hand, and ensure it can be repaid, which is the banker’s concern, on the other hand. Mortgage loan modification means getting better conditions and terms as opposed to existing conditions that caused the mortgage loan unaffordable for the lender originally.

This can be done usually by either reducing the mortgage rates or by elongating the payment time period (and by that minimizing the amount of each and every payment).

Why should the mortgage company agree to this? Exactly why should they allow me to improve the terms of my mortgage? Mortgage loan providers prefer getting a reduced amount of money, than simply no money at all. They have a preference for you to stay in your own asset and pay for it, as an alternative of proceeding with property foreclosure process.

Nevertheless, there are a few things you should know about mortgage loan modification solutions, and also the procedure that is required in order to get the loan modified.

Loan modification is a bureaucratic system. So there are going to be papers that need be filled, all of which should be completed correctly before you send them in. It may not seem hard, but you’ll be amazed if I told you how many times we saw householder’s forms for mortgage loan modification declined because they filled out something incorrect, or inexact, or perhaps did not remember to fill in one of the form’s fields. Therefore, you must double check these forms when you submit them. I can not over emphasize exactly how essential this is. If you can get help from one of the many loan modification companies, that may help a lot – but more to do with this later.

It is very important that you say the truth if you need to get the loan modification. By that, I mean that you must get ready to discuss your own economical state, to talk about not having the ability to make ends meet, or being not able to make monthly payments on time, and in addition, about the reason you lost your job. This is hard for many people. Some find it shaming. My only response to that my friends, will be: Get over it! You have to go through this phase for your own good!

Are you thinking – getting the loan modification will be wonderful, who do I call? how can I start? What is my next step?

The most important tip I have for you is: take advantage of loan modification organizations. They are simply experts in searching out the most beneficial loan modification solutions obtainable. They should get every one of the necessary phone calls carried out on your behalf; these people assist you with filling in the forms and piecing together all the needed material. A number of these loan modification companies provide zero cost counseling conferences, so you have nothing to lose. Additionally, it is easy to apply for a free meeting immediately!

The majority of loan mod firms and agencies have a internet contact section, which you’ll be able to fill out by yourself within just a few minutes. You will find examples of these firms in the authors resource box.

Just one word of caution is at need: the same as in almost every other line of business, there are several agencies and loan modification companies who are only after your hard earned money. Therefore ensure you aren’t required to pay any weird costs. Obviously, these corporations should allow you to save your house, definitely not push you into personal bankruptcy.

And now, lets hope all of us overcome current hard times on top!

Business Loan Difficulties – Solutions for Bars and Restaurants

Many traditional lenders have unofficially removed bar and restaurant properties from their short list of business loan candidates. Other lenders will restrict their restaurant lending to a handful of restaurant businesses with a long track record. There are two dominant reasons for these actions by traditional lenders:

(1) Bars and restaurants will usually have the highest failure rate among new businesses. Traditional banks have discovered that an infallible strategy for avoiding such business loan failures is to avoid making these kinds of loans in the first place.

(2) Commercial mortgages for bars and restaurants will involve special financing requirements for liquor licenses and items generally categorized as FF&E (furniture, fixtures and equipment). As a result, there will be a perceived intermingling of various assets looked upon as collateral by the traditional banks, and this extra level of complexity discourages many traditional lenders from actively making commercial real estate loans to bar and restaurant owners.

Business Loan Solutions

(1) One of the primary underlying reasons for a high failure rate among bars and restaurants is directly due to the commercial borrower being forced into short-term financing when long-term financing is essential to the health of the business investment. Businesses (and especially restaurant and bar properties) should not be financed with short-term funds. It is essential to obtain long-term commercial financing of at least 15-20 years (and longer is even better).

(2) Seller seconds and other variations of subordinate financing should be considered. This will permit the most aggressive commercial financing for bar and restaurant commercial mortgages, often up to 90 percent of the property value. This is important if you are the buyer because it will provide another financial tool to help with financing. It is important to the seller because it might enable someone to buy the property who could not otherwise do so. However, subordinate financing (including seller seconds) is not permitted by many traditional banks.

(3) Finally, restaurants and bars will frequently benefit from using credit card receivables to convert future cash flow into immediate working capital via a business cash advance up to $300,000. This funding solution will primarily be of assistance in providing working capital rather than initial business financing.

Other Solutions

Small business owners often encounter difficulties when reviewing their options for buying a business. Bars and restaurants have some unique problems, but commercial financing options are similar for many types of business properties.

Seeking business partners is a prudent alternative to review in many circumstances, but it has considerable merit when a bar and restaurant acquisition is under consideration. Business partnerships, of course, can also involve potential disadvantages. If a business loan cannot be obtained any other way, then this strategy might become a primary financial option.

Stephen Bush is a small business consultant and career training expert [http://www.aexbush.com/careers.html] who works with small businesses throughout the United States and Canada. He has provided specialized help involving business writing and commercial financing for over 30 years. Steve has recently expanded the career training services which he offers to individuals interested in pursuing careers as either small business finance consultants or referral specialists.

When Do Payday Loans Make Sense?

Payday loans are just another financial tool. You use tools when they help you accomplish a goal more quickly, more easily and/or less costly than doing the job with other tools or without tools. The fact that there is a Payday loans industry and it is growing every day means that there must be some way in which the Payday loan tool expedites the achievement of financial goals. For a payday loan there is only one goal and that is to solve a short term cash flow shortage.

The Problem:

The problem that causes demand for payday loans is that payment of bills is often on a different schedule than paydays. The problem may be that your bills may be more than expected or there may be a bill that was unexpected such as a car repair. The problem may be that the last payday was smaller than expected due to sick days or bad weather preventing you from going to work. The result is that for a short period (less than 2 weeks or a month) you will spend more than you make in income.

The Standard Solution:

If you have some contingency savings, you can borrow from them to tide you over. You make room in your next payday to replace your contingency savings.

If you have no contingency savings but you have a credit card with some limit room, you can borrow the money in a cash advance from your credit card or line of credit and allocate money from your next payday to pay that back.

If it is a matter of paying some bills late that may be an option. There may be some late fees or charges but you make sure that you allocate money from your next payday to pay the bills and the extra charges. If you have certain bills set to be paid by preauthorized debit you have removed this option from your financial tool chest. If it is for the rent you risk upsetting your landlord by paying the rent late.

All of these solutions are manageable if you have some wiggle room in your budget. The important thing to remember is to cut back in some areas of spending in your next payday period so that you pay back the money that you have borrowed from yourself. The short term cash flow problem can happen often to busy people so you need to keep yourself in financial shape to deal with spending or income fluctuations.

The Problem plus Complications:

When I was on much tighter budgets I swear that my old cars knew when I had money in the bank or a bit of a budget surplus. They would break down just because they could and I would have to use my extra money to pay to have the vehicle fixed. When this sort of thing happens all it takes is one or two more financial fluctuations to leave you short of cash. We all know that “things happen in 3s”.

A very current complication is that the banks are rolling back lines of credit and credit card limits. This is a complication that takes away one of the standard ways of solving short term cash flow problems. You may have no savings and now your old standbys are taken away.

At the same time, institutions are adding additional service charges and increasing old service charges. NSF charges are high and you get hit by your bank and the depositor’s bank and the depositor for charges. Banks and credit card companies are charging substantial fees for going over credit limits. Some are even trying to charge that fee if your interest charge takes you over your limit. The repayment and budgeting for repayment gets harder when the fees charged can add up to hundreds of dollars.

The Payday Loan Solution:

If you are going to run up substantial charges by paying bills late, add up the charges and compare them to the cost of a payday loan. If the Payday Loan option is cheaper then it is just good business to use this because it will save you money. You will have less to pay back when you next payday arrives.

One other factor that may affect your decision in favor of Payday loans is that it is fast. If you qualify you usually have your yes or no answer in seconds and the money is in your account by the next business morning at the latest. That allows you to take care of your bills and get on with your life. At some point this may have value and may justify a percentage of the fee.

Conclusion:

You must be disciplined and pay your self back in the next pay period. If you have reduced your options to the point that a Payday loan is your best option you must learn this discipline immediately. The Payday loans contract is quite simple. You borrow the money now and you pay it back plus fees on your next payday. The end.

You then need to apply this discipline to your budgeting. You need to get control of your budgets to get your tools back in shape. You need to rebuild some contingency and other savings on your balance sheet. On the liabilities side of your balance sheet you need to reduce debt and credit card debt so that you can have some limit room on your credit facilities to help you through short term cash flow challenges.

How to Save Thousands Every Month by Finding the Right Commercial Loan

Finding the right commercial loan for your business is kind of like finding the right pair of black pants to wear. How do you know what your options are? How do you differentiate between your options? How do you know which will fit you best?

Well, there is no foolproof solution to finding the perfect business loan. In fact, the process can be quite daunting and difficult to weed through. You’ll have to devote time, effort and resources to finding the loan solution that works best for your individual needs and your specific business. You’ll have to educate yourself on the borrowing process and understand how to package your loan request, shining the best light possible on your business to make it attractive to prospective lenders.

Much like choosing that perfect pair of black pants, commercial loans may all look the same at first. But if you dig deep enough, you will soon discover just how many options and differences there really are. And unlike selecting your pants, the consequences of selecting the wrong business loan can be significant.

Finding the right loan for your business can save you hundreds, even thousands each month. How? By achieving longer terms and lower interest rates. Take a look at these three simple tips for saving money when choosing your business loan:

1. Research. Research. Research. Take the time to research your options. Perform online searches, talk to others in your industry and seek out lenders who specialize in your specific business who may be able to offer insight into the process. The more knowledgeable you are the better chance you will have to make a well-informed, well-managed decision.

2. Put your best foot forward. Once you have selected the type of loan you want to apply for, you will need to make sure your loan package is complete. Highlight your business strengths and prove that your business can afford and manage the loan you seek. Take the time to position your commercial loan request for success. Every detail will count toward making a favorable impression, and ultimately, securing the best possible loan offers.

3. Approach multiple lenders. While you don’t want to apply to every lender under the sun, it is important to maximize your chances for approval by targeting the lenders most likely to provide the best financing. This may not be your friendly neighborhood banker. Proper preparation will help you maximize your commercial loan options and minimize your risk.

And here’s a special tip for those seeking funeral home loans. Your business falls into what bankers call “special use” properties. This limits which banks will be interested in financing your transaction and presents unique challenges.
The good news is that there are lenders and loan programs specifically interested in financing funeral homes. Some are willing to provide acquisition loans, others prefer refinancing, some are focused on government backed loan programs and others make conventional loans.

Depending on your knowledge of loan programs and funeral home lenders, you can either manage the loan process on your own or work with a funeral home financing specialist. These experts carefully monitor what lenders are actively making loans to funeral homes as well as the types of loan programs available.

When you find the right funeral home financing specialist, you will be expertly guided through the financing process and increase your chances of securing the best loan for your unique situation.

Whether you work with a specialist or secure financing on your own, remember that knowledge is power. Learn what your options are, complete a well organized loan submission package, target appropriate lenders and the odds will be in your favor.

Get your FREE 17 page Special Report “How to get a Great Commercial Loan: Commercial Mortgage Secrets Your Banker will be THRILLED You Know” at http://www.fastcommercialmortgages.com/commercial-loan.html

Ken Kaplan provides dependable financing options for business owners and investors looking to acquire or refinance commercial property. He specializes in loans between $150,000 and $5 million and typically delivers higher loan amounts and more flexible terms than most banks are willing to offer.

Nedbank Home Loans: Solutions To Suit Everyone

We all know that purchasing your first home is an exciting yet daunting prospect. After the months of scouring the newspapers and following well-meaning but somewhat pushy property agents around from property to property you eventually find the right home for you and your family and then the process of financing your new investment is the next obstacle. But it needn’t be arduous and traumatic. Nedbank home loans are the ideal solution for home buyers no matter what your financial situation and Nedbank offers different types of bonds designed to fit your circumstances and your pocket. Two of these solutions are “Ordinary” loans and the Nedbank “Alphabond” loan solution.

Like most Nedbank products the Ordinary home loan has a built-in flexibility and can always be engineered to suit your unique needs. This solution is aimed specifically at home buyers who have the cash at hand to pay the registration fees and transfer costs in respect of their new property and simply need the direct financing for the actual bond amount. Like most Nedbank home loans the Ordinary home loan has terms of up to 30 years and a financing ceiling of up to 100%, to make sure that you can completely cover the cost of your new bond through financing. Your loan will have to be for at least R70 000.00 but there is no maximum, so that R5 000 000.00 little apartment with sweeping views of Clifton beach is within your reach after all! You can even choose your interest rate to make it fixed or variable and the facility include the opportunity to register a second bond.

But the added bonus here is a Nedbank home loan special product called Readvance, which is included in your bond. Readvance is a highly flexible cash flow optimization tool that allows you to gain access to the difference between your original loan amount and that portion of the loan amount that you have already repaid, giving you a handy rainy-day fund for life’s little emergencies. Adding to the flexibility of this Nedbank home loan, you can make extra payments into your bond or pay a bit more than the minimum amount each month, or when you can afford it – all helping you reduce the term of your Nedbank home loan and increase your own financial security. But it doesn’t end it also include another Nedbank facilty called NedRevolve, an value-adding feature that means you can also access these extra deposits you make or you can use it as a way to accrue interest-free savings. You might think this home loan is beyond your reach but all you need to do to qualify is to earn at least R2 500.00 a month (alone or with your partner), meet the credit requirements and have a valid SA ID.

The second Nedbank opportunity worth a look is the Alphabond which is made for those customers who do not have the up front cash to pay the registration and transfer costs related to their home loan. It offers many of the same or similar benefits as the Ordinary home loan but here you have a choice between a 108%, and a 104% loan. Each has their own advantages, the 108% option means you get guaranteed cash back and with the 104% choice you will only have to make your first payment in month four. In addition to Readvance and NedRevolve (if your bond is less than 100%) you will also have access to another Nedbank facility, namely, Further Bond, which allows you to register an additional amount of money on top of your registered mortgage. The criteria to qualify are the same as for an Ordinary home loan except that you must be a first-time buyer and be able to show that you have stable employment in the same career for longer than two years.

Whichever Nedbank home loan option you choose, you’ll also have the added peace of mind of knowing that you are dealing with the bank you have come to trust for all your other banking needs.