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Property-Backed Business Term Loan
Deal Type
2nd Charge (Caveat) Loan
Property
Terrace House in Watten Estate
Property Value
$5M
Existing Mortgage
$2.5M (including $750K CPF usage)
New Loan Amount
$800K
LTV
68%
Synopsis
Borrower, age 52, was looking for an urgent short term loan of $800K to pay his suppliers but was unwilling to refinance his existing loan out from UOB, due to the short tenure of his loan request.
Solution
Managed to get a non-bank lender to approve the $800K short term 6-month bridging loan within 48 hours. The funds were successfully disbursed to his company within next 72 hours without going through the hassle of refinancing his property.
Bridging Loan (Assignment of Sales Proceeds)
Deal Type
Bridging Loan (Assignment of Sales Proceeds)
Property
Semi-Detached House in Thomson
Property Value
$4M
Existing Mortgage
$2.6M (including $500K CPF usage)
New Loan Amount
$400K
LTV
NA
Synopsis
Borrower, aged, 49, had just sold his property for $4M and was urgently seeking for a $400K bridging loan (to settle all his existing personal credit obligations in order to complete the sale) before the usual 3-month completion period.
Solution
Managed to get a non-bank lender to approve the $400K short term bridging loan (secured via Deed of Assignment of Sales Proceeds), in which the said loan was disbursed within 48 hours after the buyer had exercised the OTP.