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Getting a business loan can be beneficial for the expansion and growth of your small business. However, having a low or bad credit score could reduce approval chances, especially with traditional lenders like banks. Fortunately, alternative financing options are available, and with the right approach, you can still access the capital you need to fund […]
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PropertyLimBrothers (PLB) hosted their annual Landed Property Convention last May 11, 2024, which took place at Shangri-La Singapore. The 2024 edition, themed “Bigger, Bolder, and Better,” underscored the latest trends in landed property investment, emerging development opportunities, and financing solutions. This year, Greystone Advisory contributed to the event as an exclusive partner, providing invaluable expertise
Highlights from PLB’s Landed Property Convention 2024 Read More »
Accessing cash quickly can be challenging during financial emergencies—whether personal or business-related. While bank loans are an option, the approval process often takes time, making them unsuitable for urgent needs. In such cases, short-term loans could be a viable alternative, as it typically provides quicker funding. However, before applying, knowing what this loan entails is
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Property Cash Out, often referred to as cash-out refinancing, and Equity Loan are financial strategies that leverage the value of your property for additional funds.
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| Situation 1 | BANK’S REPOSSESSION |
|---|---|
| Deal Type | Refinancing with Fresh Cash-Out |
| Property | 3 Bedroom Condo along Meyer Road |
| Property Value | $3.2M |
| New Loan Amount | $2.4M (with fresh cash-out of $500K) |
| LTV | 75% |
| Synopsis | Customer, age 51, a senior marketing director in the food logistics industry, was being retrenched in August last year without any prior notice. With his wife being a full-time homemaker, he found himself soon having difficulties in servicing his mortgage repayments, resulting in the bank taking steps to repossess the property for a mortgagee sale within a short span of 6 months.
Despite only having a $1.4M outstanding mortgage with $600K of CPF usage, the bank was unable to grant him additional cash-out facilities to tide him through this challenging period, as he couldn’t pass the 55% TDSR threshold in the absence of regular reported income. |
| Solution (1) | Luckily, the customer managed to find us in time and we eventually saved his house from being repossessed. Arranged our private property lender to grant a $2.4M mortgage loan, out of which $1.4M to redeem his existing mortgage, $600K to refund to CPF with remaining $400K fresh term loan for his personal use, which includes servicing of the monthly instalments with the new private lender. |
| Solution (2) | The customer managed to find a new employment sometime in March this year. We had since successfully helped the customer to refinance the $2.4M from the private lender sometime in September this year. |
| Situation 3 | INHERITANCE DISPUTES |
|---|---|
| Deal Type | To finance purchase of sibling’s share in the property |
| Property | Sem-Detached house along Jalan Seaview |
| Property Value | $$7.5M |
| New Loan Amount | $2.8M |
| LTV | 37.5% |
| Synopsis | Customer, age 62, had jointly inherited the above fully-paid property together with his sister when their father passed away sometime in June last year.
Both siblings were at constant disagreements regarding the sale of the property. Customer had always wanted to keep the property for future capital appreciation and his sister was in favour of selling the property so that she could use the sales proceeds to fund her new condo purchase. |
| Solution (1) | Unable to reach a consensus, the Customer then wanted to buy over his sister 50% equity stakes in the property (valued at $3.75M).
Customer was unable get the bank to finance his part purchase exercise as he cannot meet the TDSR requirement and loan tenure. We then managed to get our private lender to finance his purchase of his sister’s share with a $2.8M loan (with a 75% LTV against the $3.75M purchase price) |
| Solution (2) | Separate financing had also been arranged for the remaining $950K cash difference (being the balance of the remaining 25% purchase price), which was secured by pledging part of Customer’s 50% stakes in the property as well. |
| Situation 2 | BANKRUPTCY LAWSUIT |
|---|---|
| Deal Type | Refinancing with Fresh Cash-Out |
| Property Type | Detached House in Newton Area |
| Property Value | $14M |
| New Loan Amount | $10M |
| LTV | 71.4% |
| Synopsis | Customer, age 72, was facing one of the biggest challenges as a veteran businessman, when one of his suppliers had filed a bankruptcy application against him (being the guarantor for his group of F&B companies).
After successfully obtained the court judgement for a claim-sum of $1.9M, the customer was eventually given 2-month timeline to settle the payment, failing which he would be in imminent danger of being declared a bankrupt, thus crumbling his business empire which he had built for decades. Despite only having an outstanding mortgage of $7.5M (with a 53.5% LTV against its $14M valuation), no bank is willing to explore the fresh financing in view of his age and more importantly, the pending bankruptcy lawsuit. |
| Solution | Secured a $10M financing (@ 71.4% LTV from a non-bank lender, out of which $8.5M was to redeem his existing bank loan with another $1.9M to be earmarked to be paid to the supplier on the agreed deadline. Remaining $600K was disbursed to the Borrower for his personal use.
With the payment made to the supplier and eventual complete withdrawal of the bankruptcy application, we have thus successfully helped our customer to avert the disaster of being made a bankrupt at this age and he can now refocus on rebuilding and restructuring his other business portfolio |
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|
Challenge 6
|
MULTI-PROPERTIES OWNER
|
|---|---|
|
Deal Type
|
Refinancing (with fresh cash-out) |
|
Property
|
Good Class Bungalow (“GCB”) in Holland vicinity |
|
Property Value
|
$70M |
|
Existing Mortgage
|
$28M |
|
New Loan Amount
|
$50M (with fresh $22M cash-out) |
|
LTV
|
71.4% |
|
Synopsis
|
At the age of 60, our borrower stood as a seasoned property investor with a remarkable portfolio of prestigious GCBs and luxurious Sentosa Bungalows. His journey was a testament to years of astute investment decisions. However, even a seasoned investor can face hurdles. Despite his impressive corporate and professional profile, the ever-evolving TDSR regulations |
|
Solution
|
With determination and creativity, we set out to secure a $50 million mortgage loan from a non-bank lender. What made this solution stand out was the 18-month interest servicing repayment plan. Now equipped with fresh capital, our borrower could breathe new life into his retail business, expanding it like never before with a $22 million cash-out facility. But our assistance didn’t stop there. We successfully guided the borrower in refinancing the mortgage loan back to a local private bank just nine months after the initial disbursement. This win is a narrative of resilience and adaptability. |
|
Challenge 3
|
POOR CREDIT GRADING
|
|---|---|
|
Deal Type
|
Refinancing with Fresh Cash-Out |
|
Property
|
Bungalow in Katong |
|
Property Value
|
$9M |
|
Existing Loan
|
$5M |
|
New Loan Amount
|
$7.5M (with fresh $2.5M Cash-Out) |
|
LTV
|
83.3% |
|
Synopsis
|
At 62 years old, our customer faced a roadblock. His aspirations for additional mortgage financing hit a snag as his bank hesitated due to both his age and an unfavorable “HH” credit bureau rating. This rating was a result of overdue credit card facilities amounting to a hefty $1.2 million. |
|
Solution
|
With a determined spirit, we sought out an alternative path. Through our network of non-bank lenders, we secured a remarkable $7.5 million term loan facility. It was not just a financial transaction; it was a lifeline. The first step was to use $2.5 million of this fresh term loan to clear off the burdensome $1.2 million in overdue credit card facilities. It was a moment of relief, a chance to leave the past behind. But that was not all. The remaining funds were now at our customer’s disposal for personal investments, a fresh start to chase new dreams. This story encapsulates our commitment to finding solutions when doors seem closed. . |
|
Challenge 8
|
URGENT SHORT-TERM LOAN REQUEST
|
|---|---|
|
Deal Type
|
2nd Charge (Caveat) Loan |
|
Property
|
Terrace House in Watten Estate |
|
Property Value
|
$5M |
|
Existing Mortgage
|
$2.6M (including $750K CPF usage till date) |
|
New Loan Amount
|
$500K |
|
LTV
|
63% |
|
Synopsis
|
Our borrower was a 52 year old experienced entrepreneur who found himself at the crossroads. He faced a pressing issue that required immediate attention. In a critical moment for his business, he needed an urgent short-term loan of $500,000/- to pay his seafood suppliers. Time was of the essence and he couldn’t afford delays. However, there was a catch. He had an existing loan with UOB, and he was only seeking a brief 6-month loan tenure. Refinancing the entire property for such a short period seemed excessive and unnecessary. |
|
Solution
|
Determined to provide swift and hassle-free assistance, we worked diligently to secure a solution. Through our extensive network, we found a non-bank lender willing to approve the $500,000/- short term 6-month loan request within a remarkable 48 hours. The speed at which the funds were disbursed was equally impressive. Within just 72 hours, the money was in his company’s accounts, ready to settle his suppliers’ bills. The best part? There was no need to go through the cumbersome process of refinancing the property. Through this case, we can learn the power of agility and tailored solutions. |
|
Challenge 9
|
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) |
|
Bridging Loan Amount
|
$400K |
|
LTV
|
NA |
|
Synopsis
|
Introducing our Borrower, a 49-year old homeowner who encountered a scenario demanding prompt decision-making and swift action. Having just sold his property for a substantial $4million, he faced a dilemma. The sale was imminent but the standard 3-month completion period wouldn’t work for him. He needed a $400,000/- bridging loan urgently to settle his existing personal credit obligations and ensure a smooth property sale. |
|
Solution
|
With determination and a clear mission, we set out to secure a solution. Time was of the essence and we understood the urgency. Throughout our network, we found a non-bank private lender willing to approve the $400,000/- short term bridging loan. This loan was secured through a Deed of Assignment of Sales Proceeds, offering the necessary support to bridge the Borrower’s immediate financial needs. What made this solution truly remarkable was the speed of at which it unfolded. Within a mere 48 hours after the buyer exercised the OTP (Option-To-Purchase), the funds were disbursed. It was a race against time and we had won. The Borrower’s financial obligations were settled and thus enabling the property sale to be completed seamlessly. |
|
Challenge 7
|
FOREIGNER
|
|---|---|
|
Deal Type
|
Refinancing (with fresh cash-out) |
|
Property
|
3-Bedroom Condo in Leonie Hill vicinity |
|
Property Value
|
$6M |
|
Existing Mortgage
|
$2.5M |
|
New Loan Amount
|
$4M (with fresh $1.5M cash-out) |
|
LTV
|
66.7% |
|
Synopsis
|
Meet our borrower, a 65-year-old Indonesian entrepreneur with a thriving business in Medan. |
|
Solution
|
With unwavering determination, we set out to find a way. Our mission was clear: secure the But it wasn’t just about business. The remaining funds were disbursed to her for immediate |
|
Challenge 5
|
AGE (>70)
|
|---|---|
|
Deal Type
|
Fresh Cash-Out (Equity Term Loan) |
|
Property
|
Terrace House in Joo Chiat |
|
Property Value
|
$4M |
|
Existing Mortgage
|
$600K |
|
New Loan Amount
|
$1.5M (with fresh $900K cash-out) |
|
LTV
|
37.5% |
|
Synopsis
|
At the age of 73, the borrower faced an urgent and emotionally charged situation. He needed $900,000, not just for himself but primarily for his wife’s medical treatment. Yet, despite his pressing needs and numerous visits to traditional banks, he was met with closed doors and rejection due to his age. |
|
Solution
|
With empathy and determination, we set out on a mission to secure a lifeline. Our efforts led us to a non-bank lender who understood the urgency of the situation. We secured a remarkable $1.5 million mortgage loan, with a carefully crafted 2-year interest servicing repayment plan. The speed of this operation was astounding. In just three working days, the loan application was approved, and within the next two weeks, the refinancing exercise was successfully completed. But it was the timely disbursement of the $900,000 that made all the difference. It provided the borrower with the financial support he desperately needed for his wife’s medical treatment expenses. This victory isn’t just about managing to secure a loan; it’s about the power of swift action and compassion. |
|
Challenge 4
|
NO PROPERTY
|
|---|---|
|
Deal Type
|
3rd Party Legal Mortgage |
|
Property
|
4-Bedroom Condo in Ardmore Park |
|
Property Value
|
$11M |
|
New Loan Amount
|
$5M |
|
LTV
|
55% |
|
Synopsis
|
At the youthful age of 36, our borrower harbored ambitious dreams of establishing his very own IT-related business. The passion and vision were undeniable, but there was a significant hurdle. He didn’t have any property under his name to offer as collateral. However, his parents, unwavering in their support, were willing to pledge their fully-paid property to back their son’s entrepreneurial journey. |
|
Solution
|
With a clear mission to make his IT business a reality, we set out on our path. Our objective was to secure a $5 million business term loan facility, and we devised an unconventional yet solid plan. We aimed to secure this loan against his parents’ property. Through our extensive network of non-bank lenders, we achieved the seemingly impossible. The $5 million was not just a financial injection; it was a lifeline for the borrower’s dream. Remarkably, within a mere three weeks from the loan application, the funds were disbursed to the borrower’s company. This story isn’t just about securing a loan; it’s about turning aspirations into achievements. |
|
Challenge 2
|
NO INCOME
|
|---|---|
|
Deal Type
|
New Purchase |
|
Property
|
Detached House in Frankel Estate |
|
Property Value
|
$12.5M |
|
New Loan Amount
|
$8.75M |
|
LTV
|
70% |
|
Synopsis
|
In the world of property investments, our customer was a seasoned veteran. However, a unique challenge presented itself when he decided to acquire a property, not in his own name but in the name of his 23-year-old grandson, then a budding undergraduate at NUS. The grand vision was clear, but there was a significant hurdle to overcome: the grandson’s limited income meant traditional banks were reluctant to finance the purchase. |
|
Solution 1
|
We embarked on a journey to secure an $8.75 million mortgage loan from a non-bank lender, covering a substantial 70% of the property’s purchase price. The brilliance of this solution lay in its flexibility – there was no need for the grandson to provide extensive income proof. |
|
Solution 2
|
Fast forward two years, and our dedication yielded results. We worked tirelessly to help the grandson in refinancing the original mortgage loan. This time, it was one of the local banks that welcomed the opportunity to collaborate. Through these combined efforts, we transformed a challenging situation into a remarkable success story. This case underscores our commitment to finding innovative solutions, ensuring that dreams can come true, regardless of the obstacles in the way. |
|
Challenge 1
|
PENDING LAWSUITS
|
|---|---|
|
Deal Type
|
Refinancing with Fresh Cash-Out |
|
Property
|
4 Bedroom Condo in Robertson Quay |
|
Property Value
|
$5.2M |
|
Existing Loan
|
$1.9M |
|
New Loan Amount
|
$4M (with fresh $2.1M Cash-Out) |
|
LTV
|
67.3% |
|
Synopsis
|
At 57 years old, our customer faced a daunting predicament. Former business associates had served him a formidable Writ-of-Summons (“WOS”) for a hefty $1.5 million over contractual disputes. With a mere $2 million outstanding mortgage, seeking additional cash from the bank proved futile due to the looming WOS. |
|
Solution
|
Our journey began here. Determined to help, we embarked on a mission to provide the financial lifeline he desperately needed. Leveraging our network of non-bank lenders, we secured a remarkable $4 million mortgage. Swiftly, $1.9 million was directed to clear his existing mortgage, while $1.5 million settled the looming WOS claims. But our assistance didn’t end there. With burdens lifted, our customer had a surplus of funds for personal use. It wasn’t just financial relief; it was a new beginning. His life was back on track, brimming with confidence and peace of mind. |