Sometimes the loan will discharge before expiry. If this is the case the borrower must pay interest for the period they have had the money, or a minimum amount of interest, whichever is greater. In addition, usually they must give three months notice of their intention to discharge or pay interest in lieu.
Three months from expiry Bransgroves Lawyers will email you to remind you that the loan will soon expire. You should contact the borrower and find out what their intentions are. You can earn additional brokerage arranging refinance or roll over.
Bransgroves Lawyers communicates closely with the borrower’s solicitor until settlement is booked in on PEXA. Interest is calculated on a daily basis and the payout figure is sent to the lender to confirm. The payout figure is banked directly from PEXA into the lender’s account.