Property/Land Sales Proceed Advancement Loan is an advancement of your sales proceed or loan disbursement, which as it will only be completed/disbursed much later - but as you need cashflow immediately for example your business - can be considered when you have
1) an exercised OTP from a buyer or say during an en-bloc sale, or
2) a letter of offer for the refinancing/new loan of the property/land, from another financial institute. For the latter, please note some banks may specifically state in their agreement that is not allowed.
Please note for property-related loans under a company name, you should choose the Business category instead of Consumer, followed by the loan type. If the property belongs to an individual shareholder - he/she usually takes up the loan in his/her personal capacity and loans it to the company/shareholders.
There are rare instances where an individual set up a company just to be able to borrow from lenders that can only lend to businesses. Note: These lenders typically only lend to borrowers that are High Net Worth individuals with assets totalling at least 2mm. We recommend that you get quotes from the Consumer lenders first to see if there is a quote you like and reach out to us to see if it is worthwhile to get quotes from these business lenders.
Share on: