Bridging loans

Normally housing loans is only offer for purchase a new house or renovation costs but there are bridging loan. Researching about different types of loans, there are new types of loan come into your library of term to master. The new term is this bridging loan.

How Can A Bridging Loan Assist You?

The bridging loan is beneficial loan for the people that fall in a specific set of condition. They may need a fund to do downpayment to purchase new home but, on the other hand awaiting the settlement for sale of their previous property to come through. Actually they have the fund incoming to make the payment just the timing of the process is make the short falling on finance. Bridging loan is the best solution to sort this circumstance.

Reduce The Pressure

It is seemed like a little bit confusing, by granting you to make your existing home as the downpayment for the new real estate. Bridging loan is reducing a huge amount of your overwhelming force to get your dream house as fast as possible. This bridging loan can serve you moving to next step smoothly. This loan also serves you to do your matter sorted out correctly without any wasted time consuming.

Jump The Queue

One of the major advantages of a bridging loan is assist you to get a real estate while waiting for the existing property settlement. The possibility is the property you desired may be sold by the time your settlement done. By making use of bridging loan, you can remove the time gap and get the desired property while it’s still active on the market.

In fact, you only need to pay the interest with a bridging loan until you can get the settlement. This loan is allows you to have flexible finance to assist you move the thing along.

Residential Bridging Loans

Bridging loans also can propose in another way. That is known as residential bridging loan; you can take out short-term finance and use your existing property as the collateral until the property sold. Usually the residential bridging loan is make use of enhance your current property, if it needs to do some minor renovation to get is sale.

Most of the time to fascinate a buyer, your property needs do much work it is going to cost too much money to make those improvement.

In fact, bridging loan provide you a chance to gain your future revenue. By make use of bridging loan that helping you to enhance the value of your current real estate. Most of the property owner makes use of this solution.

By using this bridging loan, you can maintain your finances in check and use the future profits you intend to get from selling your real estate to cover the expenses.

 

– Advantage of bridging loan

  1. Repayment cycle time of up to 6 months
  2. During the repayment tenure,the service interest will be included.
  3. Repayment the principal after you receives settlement from your existing property.
  4. Lowest interest rates
    ( There are terms and conditions apply. )

 – Eligibility and Qualification

  1. Singaporeans/Permanent resident of Singapore (PR)
  2.  21 years old and above by Ministry of Law
  3. Minimum annual income is S$30,000 and above
  4. Minimum bridging loan amount to lent out is S$30,000
  5. Maximum bridging loan amount to lent out is  S$300,000
  6. Evidence of sale for the current property
  7. Bridging loan must apply together with home loan for new purchase
  8. Borrowers must pay at least 5% cash downpayment using their own money

 – Charges (all moneylender may vary)

  1. There are no processing fees.
  2. Overdue will have charges in addition to regular interest
  3. No pre-payment/cancellation fees

 – Required Document

Documents to be submit have to attach with the application form
(originals must bring along for face to face verification)

If existing property to be sale is a HDB

  1. Option to purchase for current property
  2. Latest CPF withdrawal statement for current property
  3. bank account statement/HDB showing latest loan balance
  4. 1st appointment letter get from HDB
  5. In-principle approval letter get from HDB
  6. Letter of authorization to HDB
  7. Letter of undertaking by law firm acting in the sale
  8. Any warning letter on current property

If existing property to be sale is a private property

  1. Duly exercised option to purchase for current property
  2. Latest CPF withdrawal statement for current property
  3. Account statement from current bank/HDB showing latest loan balance
  4. Exercise letter from the buyer’s lawyer
  5. Letter of undertaking by law firm acting in the sale
  6. Any warming letter on current property

Approval of this loan application is based on the bank’s discretion.


Select A Most Trustworthy licensed money lender to apply this loan – 1st Credit SG

Actually development of money lending market is advantage to the most of the borrower. Bank loans not the only solving process selection for borrower since there are licensed money lender growing. In case, you need urgent finance there are many resources available. Money lender is become most prefer solution for changing many people’s lives become wonderful. Commonly money lender loan approval process is shorter than bank and offering flexibility of repayment.

1st Credit SG formerly known as Ariksha Licensed Moneylender. 1st Credit SG is one of the most reliable and trustworthy in Singapore since year 1989. Our professional consultancy can produce best package with solution for every customer. Therefore we have many customer satisfactions with repeat customer and referral customer. Besides that, 1st Credit SG is offering lowest interest rate of all loan product which you deserve for cost saving. Our contract is transparent compare to others dishonest money lenders that include hidden charges and administrative fee that will become heavy load of repayment.

For more information and enquiries about our bridging loan or others loan product
do not hesitate to call us at +65 6266 5422 or email 1stCreditSGPteLtd@gmail.com

Visit our office at 149 Rochor Road #01-07 Fu Lu Shou Complex Singapore 188425.

If you are planning carry on to sale of your current property, we are offering bridging loans to allow you to make the necessary downpayment. Therefore you will not miss the chance to buy your dream home.

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