Follow

How to process a Bridge Financing loan in The Conveyancer

 

Bridge Financing

The Conveyancer supports Bridge Financing in Purchase and Sale transaction

records. Use this time-saving feature accessed from the Mortgages topic to help

your clients bridge the gap when they have two different buying and selling

transaction dates and require a short-term loan.

Note that the "bridge financing" loan must be the last priority in Purchase and Sale

transactions and there can only be one mortgage designated as "bridge financing".

When bridge financing is selected, a Receipt line or a Paid to item is automatically

added to the Trust Ledger, appearing as Received from Bridge Financing - <bank

name> or Paid to Bridge Financing <bank name>.

To designate a loan as Bridge Financing:

  • In a Purchase record > Tab G > <mortgage #> Mtgee > select Bridge Financing in

the Is Mtg-New/Assume/VTB/Bridge Loan field.

  • In a Sale record > Tab F > Existing <mortgage #> Mtg > select Bridge Financing in

the Mortgage is to field.

Existing Master Documents have been updated to support Bridge Financing and new

ones have been added. Go to Updates > Import selected master documents from Do

Process Software and search for new and revised documents in the Purchase

Masters and Sale Masters categories.

  • If you modify the Master Documents for your firm, it is strongly recommended

that you make a backup of your Master Documents folder (i.e. \tcwin\Masters)

before updating your documents.

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments