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