Old Tenor Online Borrowing Application

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Are you in the middle of selling your home or property and looking to buy a new one and short on cash, you might want to consider applying for a bridging loan? With a bridging loan, you can find the funds you need to buy a new or existing property.

Old Tenor Online Borrowing Application

In Singapore, bridging loans are usually taken out by landlords who are selling their old apartments or renovating or downsizing their existing apartments. They signed this loan offer as a down payment or to cover expenses related to property transactions. Therefore, a bridging loan can “bridge” the gap between securing a new apartment or renovating and selling the old property.

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Bridging loans are also a type of short-term loan offered by banks and lenders. This type of loan is also secured. As mentioned above, you can apply for a loan if you sell your old property. An individual can purchase private property and HDB flats through bridging loans. However, it should be remembered that this is only a temporary financing solution, it cannot replace a home loan, as the loan term is shortened.

If you search, you will find that there are many loans in Singapore. Well, we are here to help. has created a smart way to help you get the best loan and make smart decisions.

If you are looking for condominiums or HDB flats in Singapore, they are only available for a short period of time. If you don’t have enough funds, you may lose your chance to own your perfect home. This is where a bridging loan comes into play.

With a bridging loan, you can borrow up to 25% of the purchase price of your new home. The term can be a maximum of 6 months. This loan helps you pay deposits and down payments to secure your new home.

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Before you apply for a short-term loan, you must assess your ability to repay the loan, especially if it is a short-term loan. Below are the most important points to consider when getting a loan in Singapore.

To apply for a full loan, you must be a Singapore citizen, a Permanent Resident or a foreigner who is currently in the process of selling a property. Having a good credit score is also important for fast approval.

To start your application, you must prepare an Option to Purchase (OTP) document which states that you have exclusive rights to purchase the property. You must also submit your CPF receipt statement and outstanding bank loans.

As for the late payment fee, it depends on your bank or licensed lender. It can be from 3% to 5%. Remember, if you get this type of loan, even though banks offer a 15-day grace period, you have to pay on time, which can affect your credit score.

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Most loans in Singapore can cover 15-20 percent of the cost of your new home. The loan term is usually six months.

The interest on the loan is much higher than on a standard home loan. The interest rate from banks is around 5-6% per annum, while lenders can reach up to 4%.

Before applying for a loan, you need to weigh its advantages and disadvantages. ​​​​​​​However, if you need to bridge the gap between selling your old home and buying a new property, loan consolidation is essential.

If you have bad credit, it can be difficult to apply to banks and you can easily be rejected. Applicants with bad credit can still get a loan from a licensed lender. As we enter the final quarter of the year, it’s always a good time to refresh ourselves on the basics of business financing. Here is the bottom line.

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The main reason for running a business is to make money through profit. Sometimes the best way to make more profit is to scale. Often this requires the injection of additional funds – which is difficult for many small, medium and even large companies to achieve without external help. External assistance in the form of business loans. This article explains how to apply for a business loan, outlines key eligibility criteria, and lists some of the documents you’ll need.

One of the most important stages of applying for a business loan in Singapore is the appraisal process. It helps financial institutions to determine whether a company can repay the loan. At the most basic level, eligibility criteria are used to identify borrowers who meet the basic requirements, such as being registered in Singapore. Credit score criteria are a high level that helps financial institutions determine the likelihood that a borrower will default on a loan.

The criteria for both tiers vary from lender to lender and in some cases across different loan products. We have taken the liberty of listing five things that banks consider when assessing a loan application.

Good documentation can go a long way to increase the success of your business loan application. Below we have listed the 5 main documents you need to get a business loan in Singapore.

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An Accounting and Corporate Regulatory Authority (ACRA) document will help lenders determine the nature of your company, including directors, shareholders, paid-in capital and other information needed to facilitate a loan application. You can download your business information from ACRA.

The second document you need is the Notice of Assessment (NOA) of the directors of the company for the last two years. This document plays an important role in helping lenders determine how much the borrower is eligible to borrow after the loan term.

The third document you need is your Credit Bureau Singapore (CBS) report. This document informs lenders of any loans the company directors may have, their payment history and the unsecured loan amount.

The next document that lenders will require is your company’s financial statements for the last two years, including a profit and loss statement and a balance sheet. For companies younger than 2 years, the first annual report is sufficient.

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The fifth document you need to submit to apply for a business loan in Singapore is a bank statement 6 months after the date of application. It helps borrowers monitor day-to-day bank account activity, from income to expenses to month-end balances.

An aging list of receivables is usually optional, but it can help expand the range of loans available to a company. Simply put, this document contains information about your customers and also the amount you expect for the services or products you offer. This helps to qualify for loans such as invoice financing.

Depending on the lender you choose, you can apply online or at their location. For online application you need MyInfo login and NRIC.

Someone – usually a relationship manager at a financial institution – will contact you to find out more about your business.

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A second call may be made if further clarification is required on the submitted information.

Once your loan application is approved, your assigned contact manager will recommend different loan products tailored to your needs.

If necessary, your relationship manager can request a site visit to get a more accurate picture of your business operations.

Once the necessary requirements have been met, you will be presented with a loan agreement to sign. Carefully check details such as loan amount, interest rate, effective interest rate, penalties and fees.

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Instead of spending a lot of time submitting and resubmitting the same documents to different financial institutions, it is easier to achieve the same result with a single online application.

With more than 45 lenders on our platform, businesses have more options to choose from, get competitive rates and get approved for business loans. But don’t take our word for it; register for a new account, submit your loan application and let the results speak for themselves.

The leading digital lending marketplace connects SMEs with its network of 45 lenders, including banks, financial institutions and private and peer-to-peer lenders and relationship managers in Singapore. It includes business term loans, property loans, income based financing, lines of credit, working capital loans, bridging loans, invoice financing, and more.

Lina takes care of all marketing and branding. With an aesthetic approach, he believes in using design to connect with our SME community and aims to be a celebrity. Unemployed, passionate

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