How to Obtain the Best Money Loan in Singapore?
In today’s tough economy, banks are tightening the noose which means private hard money lenders in Singapore are in business. As compared to a traditional loan, hard money loans are loans offered on high rate of interest. Rather than taking into account the borrower’s credit-worthiness, hard money lender in Singapore base their loans on the collateral value. Hard money loan in Singapore comes in handy for those who are not eligible for traditional financing.
This type of loan is also ideal for home owners in foreclosure who wish to use hard money refinances to foreclose their home loans. This gives them enough space and time to fix their credits and obtain traditional loans on favorable terms or sell their properties.
Those who are looking to refinance their existing loans with hard money lenders in Singapore must follow these few steps.
Firstly, it is imperative to identify the right hard money lender in Singapore for your needs. This can be done by short listing a few reputed private money lenders in the area. Working with a local lender is a good idea as they will have a better idea about the local housing market. Asking for referral from traditional lenders or using the internet is some of the ways by which it is possible to find local lenders.
The next step is to research on each one of the short-listed lenders in terms of aspects such as fees, loan application process and loan terms. Finding one of the best hard money lenders in Singapore will ensure that you get the best terms. This is very important as the points offered and interest rates for private loans are much higher in this type of loan.
There are many unscrupulous lenders in the market even though the hard money loan is a legitimate type of loan. It is therefore in the interest of the borrower to check with Better Business Bureau and the local consumer affairs department regarding the lender’s reliability and reputation.
To make a financing decision, hard money lender in Singapore will take into account the loan-to-value ratio of the property being refinanced. It therefore goes without saying that more equity you have in your home, better your chances of obtaining a loan. Documents you must keep ready before approaching a hard money lender include outstanding loan documentation, appraisals and other proof for value of your home and documents such as credit reports and tax returns to prove you can repay the amount of money you claim to be able to monthly.
When all the above criteria are met, it is time to apply for hard money loan directly on the lender’s website. You can have access to the requested funds in just two to three days as most lenders keep the loan process quick and easy.
Refinancing is all about paying off your home’s primary loan from the proceeds you obtain after your hard money loan is approved. Becomes your primary mortgage. It is a good idea recording the transaction with the recorder of deeds as early as possible.[/fusion_text]