Buy the Home that You Want with Bridging Loans Singapore
Bridge or bridging loans partake the nature of short-term loans. Property or homeowners who sold their old house avail bridging loans Singapore to allow them to buy a new house while waiting for the old one to be sold. Often, when homeowners decide to sell their house, looking for a seller becomes difficult. But the old owners cannot wait to transfer to the new home. They are pressured by time constraint, like there may be other people who are interested into buying the same house that they want. And so, bridging loans can provide homeowners the funding to buy a new home. When the old house is sold, the proceeds will be used to pay the loans..
Bridging loans Singapore are not limited to this purpose. There are various types of bridging loans that clients may choose from. The proceeds of the loan can also be used to repay an existing mortgage while the remaining portion to purchase a new home. Those who want to get certain mortgage rates on the new home while they are still available also resort to bridging loans.
If you have already sold your current place but have no received the proceeds, it is time to apply bridging loans. OT Credit, a licensed moneylender in Singapore, can help you ease your cash flow by providing you with the amount that you need to move to your new place.
Nature of bridging loans
As a short-term funding option, bridging loans Singapore are used to bridge the gap between a debt about to be due and the main credit line becoming available. They can be very valuable when it comes to facilitating a property purchase that would not be possible otherwise. Thus, these loans are made to help people complete their property purchase before selling their existing property, usually their homes, by providing short-term access to money, albeit at a high interest rate.
This type of loan is also useful to those who are planning for a quick sale after the house has been renovated or in helping another to buy at auction.
Who Should Apply for bridging loans
Amateur property developers and those who are buying at auction usually apply for bridging loans. Wealthy and affluent borrowers looking for straightforward lending on residential properties should also consider getting bridging loans. And of course, property owners who want to buy the house that they have been looking for while waiting for their existing property to be sold are the most common to apply for bridging loans Singapore.
Where to Use bridging loans
There are variety of reasons to use bridging loans, such as investment in properties. More recently, in Singapore, these are used by those who do not want to go to the banks and wait for months before their loans get approved. To others, bridging loans are simple alternative to mainstream lending.
Where to Get Bridging Loans
Bridging lenders are everywhere so make sure that you deal with licensed moneylenders when taking out bridging loans Singapore.
If you are not sure whether to proceed or not, or if you have questions whether bridging loans will work for you, call OT Credit and we will explain to you how they will benefit you. Or, you can simply fill out our online application form and then wait for us to give you a call. When we contact you, you can ask questions related to bridging loans, and we’ll also inform you about the income documents and identification cards needed for evaluation purposes.
You might be thinking that bridging loans will work for you but it is best that you talk to licensed moneylenders like OT Credit to better enlighten you on how bridging loans can help you.
Benefits of Bridging Loans at OT Credit
Once you get approval, you can get the money that you need within three days’ time. You can get as much as 80% of the loan amount that you need, depending on your income. We also offer flexible repayment options and we can even tailor an instalment plan that is perfect on your needs and friendly on your pocket. Also, you do not need to worry about the interest rates because ours is among the most attractive in the country.
What are you waiting for? Bridging loans are carefully designed to help you with your temporary financial needs. If you have urgent needs, don’t hesitate to give us a call and we will be more than happy to serve you.