Are you looking for Singapore Money Lenders? There are several money lenders in Singapore. Remember it is excellent for you in that it helps you shop around for the lowest price, fastest turnover, and the most decent match. You are also more likely to find someone in your district who can help you. On the other hand, this abundance also complicates issues, because it makes it harder to know what to look for and who to choose.
For your information, money lending, also called bridge or private money loans, has become trendy in Singapore with more and more people finding them to be superb alternatives to the usually disappointing game of trying to win a loan from the bank. Money lenders are more apt to give you that loan: They focus on assets rather than credit; although some do take your credit history into account to palliate the risk.
Private money lending companies are also faster than banks – the processing can be done in a short time like 1-2 days. It is a huge difference compared to the 30+ days of a bank or credit union! They give you far fewer hassles: minimal underwriting, no lengthy board meetings, and no returning again and again to answer questions.
Here are four factors that will help you find a reputable and dependable money-lender in Singapore.
1. Adequate capital
Money loans are best for you if you are unable to land the standard mortgage and need money to flip an attractive property now and in short order. Some borrowers also use money loans for business purposes. You will need to give the lender a piece of real estate as collateral which will be held in trust by a third-party trustee until the loan is paid back Your loan may be for a year or less, but you could also land other loans that go up to seven years or longer. (Beware: The longer the loan, the more horrific the cumulative interest. You will have to pay double as much as the standard mortgage interest rate).
Choose a company that indicates it has more than enough capital. Private money lenders will not only be lending to others but also may be running long-term loans for you – as many as seven years or more. You’ll need a company that can cover these loans. Ask around until you get one that you trust.
2. Rich Investor profile
When you choose private money lending company, review its portfolio of investors. The more investors it has, the better. It is because most private money lending companies bring in investors or investment companies who act as private lenders to specific parties. These investors not only give you more options for loan-structuring. They also show that the lender has enough capital to back multiple short and medium term loans simultaneously.
3. Rapid processing
Most companies offer 1-2 days processing. Some do it in as short as a day. The rapid loans are one major reason why some choose money lenders over banks. Banks take as long as 30+ days and, in that time, you may have lost the opportunity or the deal may be gone. Short-term loans are also tremendously propitious for borrowers who want to stand out in a cluttered market environment where a fast offer (or money-in-hand) can grip the seller’s attention.
4. Experience matters
You’ll want a veteran company that has a reputation for integrity and reasonableness. It means a company that is experienced. Experience in this field is particularly important since private money loans are risky as well as difficult and complex to structure and acquire. (This is incidentally why you’ll find its interest to be so much higher than that of standard loans). You don’t want to waste your money or time. Therefore you’ll feel far more comfortable working with companies that have racked a record of longevity, reliability, integrity, and speed.
How do you know who to choose?
There are various ways that you can ferret out a money-lender that you trust. You can hire a broker – many prefer to tread that route. The broker knows the market and can use his connections. You can also Google [your area] + “money lenders.” Alternately, you can attend a real estate investor’s club meeting where you’re likely to bang into one or more money lenders looking for potential borrowers such as you. You can also leverage your network for recommendations. Other reliable options include talking to a mortgage company, a title company, or a real estate agency and asking for references.