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.