News

Baedex buys Propell

February 8th, 2011

It is with great excitement that we announce that Baedex has recently purchased Propell, a prominent player in the sectional title funding market. By combining our strengths we are uniquely positioned to provide a comprehensive levy finance solution nationwide.

The combined group will be employing over 50 people and will together be involved with approximately 350 sectional title schemes across the country. The group will operate from the current Baedex offices in Tygervalley and will be headed by Willem le Roux, the current Chief Executive Officer of Baedex.

The impact of the transaction on owners will be minimal, but going forward, it is important to note that Baedex will be adopting the Propell brand.

Our goal is to remain the market leader in levy financing and to offer first-rate client service coupled with a strong focus on collections. Existing, as well as prospective clients, can look forward to reaping the benefits of this combined enterprise, which will also be in a position to offer a wider range of products.

Baedex Bridging joins the BetterGroup

September 24th, 2010

Dear Client,

The bridging finance division of Baedex Financial Corporation will join forces with the Better Group from 1 October 2010. From this date Baedex will no longer provide bridging finance. Baedex wishes to thank you for your loyal support and friendship over the years. The Better Group will be in contact with you shortly to present their new product offering and for this we ask your favourable consideration. Until the launch of the new product offering we will be taking every necessary measure to ensure uninterrupted service to you and your clients. You can therefore continue using the Baedex application form until further notice. You will also be able to contact us on our existing email addresses and contact numbers.

What happens to bridging finance applications paid out before 1 October 2010?
Baedex will continue collecting any transactions paid out before 1 October. Please ensure that repayments on applications done prior to this date are repaid into the current Baedex bank account. Bank details: Standard Bank, Account Number 412 744 58, Code 555 34. Settlement figures can be requested from Yolande at yolandehill@baedex.co.za.

What happens with applications sent to Baedex before 1 October 2010, but not yet approved or paid out before this date?
Jean and Teneale will continue working on these transactions and you will be notified if and when they have been approved and paid out. A repayment schedule with the new banking details will also be sent to you.

Why did Baedex decide to exit the bridging finance industry?
Baedex will in future focus on sectional title finance solutions. For more information on this product please visit www.baedex.co.za.

We sincerely hope that the transition period will be as painless as possible and welcome any comments during this time. Please contact me should you require any more information.

Kind Regards
De Waal Basson CA(SA)

Posted by Dewaal Basson

Quince changes name to Baedex

December 1st, 2009

Leading niche financier, Quince Property Finance changed its name to Baedex Financial Corporation on 1 December 2009, meeting the last condition of the June 2008 unwinding of the Quince Capital joint venture.

JSE-listed groups, Reunert and PSG, announced the unwinding of the Quince Capital business in February 2008. According to Baedex Director, De Waal Basson, this was due to the subprime crises that had the potential to greatly increase the cost of funding to the business.

As part of the unwinding, Reunert had bought the 53% of shares it did not already own in Quince Capital from PSG and other investors, said Basson. In a simultaneous transaction, PSG and its associates purchased the bridging finance business from Reunert. As one of the terms of the buyout, Baedex was given until December 2009 to operate under the name Quince.

“Apart from our new name, nothing else has changed. Baedex continues to provide specialised financial products for the property industry. For staff, clients and other stakeholders, it’s business as usual,” says Basson.

Launched five years ago, the company has established itself as one of the top bridging finance companies in South Africa. This is due to a relentless focus on simplicity, speed, service excellence and low rates. Our rates remain the cheapest in South Africa at 2.95% per month, says Basson. “This rate is offered on all bridging finance including transfer duty, municipal rates and taxes, advances against the sale of a property, advances against the registration of a further bond or bond switch and estate agent commission. Furthermore, we retain our reduced initiation fee on the bridging of agent’s commission until 31 December 2009.”

As a founding member of the Bridging Finance Association of South Africa (BFASA), Baedex subscribes to BFASA’s code of good business practice. The company is also registered with the National Credit Regulator.

The main shareholder, PSG, and management remains committed to Baedex and its business model and have great hope for the future of this niche financing company.

For further information:
De Waal Basson, Director: Baedex Financial Corporation
Tel: 0861 33 34 35;

Issued by:
Belinda Viret, Cadiz Street Communications
Tel: 021 975 4052; Cell: 083 316 6923

Posted by Dewaal Basson