Need immediate funding? Whether you’re eyeing a property under market value or vying for a property at auction, we can help you ‘bridge’ the gap and cover your expenses in the interim.
So you’ve decided it’s time to upgrade your current home to a bigger one.
You’ve chosen the perfect property, sold the current HDB flat you’re living in and made an application for a home loan. All that’s left is to put in a downpayment to your new home and wait for the sales proceeds to go through before you’re able to do so.
However, you need to do it quickly or that property you’ve had your heart set on might be snapped up by others. To make that dream a reality, you need to get a bridging loan. Singapore, like many other countries, provides such loans to cover the payments you need in the interim.
What is a Bridging Loan?
A bridging loan in Singapore is a short-term financing loan that is especially useful for immediate property purchases. It is used to secure the property during its pre-selling or as a form of reservation inclusive of the first year of payment. Unfortunately, banks only grant those with excellent credit scores access to the best bridging loan rates.
Bridging loans give you flexible repayment for your property financing. You will have paid both interest and the initial amount by the end of the term. You won’t need to pay a regular amount for your bridging loans, but you’ll need to pay everything in full by the end of the term.
Helpful in the following situations:
- Purchasing a property quickly
- Buying under market value properties
- Awaiting withdrawal of CPF savings upon reaching 55 years old
Loanable Amount: SGD $5,000 to $200,000
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BRIDGING LOAN SOLUTIONS
Quick Property PurchasesFlash sales, an old HDB unit sold by your neighbors or developers or even the sale of the current home you’re renting require your immediate reaction. In turn, you need a loan that reacts just as fast. With only 1 day needed for your financing’s approval, you can receive your bridging loan amount in no time.
Property AuctionsIt’s possible you’ve overshot your bets during a property auction. However, having done your research, you know that the existing property is worth the price spent. The best way to make sure you secure the entire amount is to take out a bridging loan. If the property requires more financing, a bridging loan helps you reserve it until you can refinance your mortgage loans for it properly.
Buying A Property In Need Of Remodeling
A lower-priced existing HDB property is still useful if you intend to remodel and turn it into a high-value property in the near future. However, it’ll still cost you, and a bridging loan is the best way to get the cash you need to fund the renovations.
Preventing RepossessionsBanks have the right to claim equity on your collateral, especially if you’ve missed several loan repayments. A1 Credit can help you avert the crisis with a low-interest bridging loan or help you figure out whether you can use debt consolidation or other repayment means to your advantage without losing your property.
Making InvestmentsIf you’re offered a good price on a property, and you’re short on cash, having a bridging loan from A1 Credit — which gets approved in just 1 day, is one of the best ways you can secure financing until the following year.
At least 18 years old
No minimum salary required
Exercised the option to purchase (OTP)
- Identity card / NRIC
- Proof of residence (utility bill, a letter addressed to you and/or tenancy agreement)
- Proof of employment (certificate of employment or recent 3 months payslip)
- SingPass (password to log into CPF, HDB, IRAS website)
- Copy of the “Option To Purchase” (OTP)
HOW TO APPLY
- Apply online or call 6336-0833 to set an appointment at your convenience.
- Discuss the plan suitable for your budget with our friendly representative.
- Read and sign the contract including fees and terms of payment.
- Get the cash instantly!
A1 Credit has always made our customers our priority, and we are very grateful that our efforts are recognized. These are just some of the comments we’ve received over the years on Google Review.
- Foreigner Loan – Up to SGD$30,000
- Payday Loan – Up to one month worth of income
- Personal Loan – SGD $500 to $50,000
- Business Loan – SGD $10,000 to $200,000
- Bridging Loan – SGD $5,000 to $200,000
How can I tell whether an advertisement is from a licensed money lender or an unlicensed money lender?
- Business or consumer directories (in print or online media)
- Websites belonging to the money lender
- Advertisements placed within or on the exterior of the money lender’s business premises.
Get preliminary approval in 30 minutes by applying here