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Best small business loan tips to guide you through to success

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Author: Ravi Philemon

One of the best small business loan tips anyone can offer you is to shop around for the best loan which fits your needs and your company profile.

By: Hitesh Khan/

best small business loan tipsMost retail banks offer loans to the small business sector. They all have different products and services on offer. Make sure you shop around to find the right loan that suits your needs and consider whether it makes sense to consolidate your business with one bank to get the benefits of a package or have different providers for different products. You may also consider visiting a finance broker, as they can help a small business evaluate the options of many lenders.

Another best small business loan tips is to give yourself time to do some homework

The first aspect of the process is to find out what banks have to offer you. The bank you already bank with may not be the best for your business and may not offer you a loan. Do research, talk to other people in business, look at websites and gain plenty of background information about what all the banks offer. You do not have to confine yourself to one particular bank. Technology makes it possible for you to work with a bank based anywhere in Singapore.

One best small business loan tips most people won’t give you is to not wait until you are desperate to ask for money. This is not a good foundation for a successful loan application. The bank wants to feel secure in its decision. It does not want to hear that your business needs the loan to survive; it wants to hear that your business needs the loan to grow.

If you don’t have the time to search for loan products, approach a loan specialist, The loan specialist will be able to give you the best small business loan tips.

Ask around; try to find out which bank has loan specialists who understand the industry sector you are in. Most banks have loan specialists who will have a better understanding of the sector you are in, which means they have a better appreciation of the conditions your business is exposed to.

If you are a small business or a start-up, consider making your first approaches to banks with a small business focus or small business support already in place. Study bank websites to see which banks offer what kinds of business support.

Some banks offer free software applications that can run alongside your internet banking. Such software may assist you to monitor your accounts, pending automatic payments, the exchange rate and more. Ask the bank during the application process if they have a particular banking service which may assist your business.

If you score an interview for your small business loan application, presenting yourself well is the best small business loan tips anyone can give you. Presenting your business in the best light at a meeting, means presenting yourself in the best light.

Remember: this is a business meeting. There is no reason to feel intimidated or nervous about asking a bank for money. They will want to do business with you, if your proposition is sound and your business knowledge and skills are apparent. If it will add to presenting your business in a sound light, ask your financial advisor or loan specialist to go to the meeting with you. Make sure the bank officer understands clearly what the involvement this person has with your business.

If you have been successful with your loan application, this is not the end of the relationship with your bank. The process of providing information to your bank continues over the term of the loan. If the loan provided by the bank is more than $1 million, banks generally carry out annual reviews.

This usually happens either when your annual accounts are available or on the anniversary of the borrowing. At the annual review time you should be ready to provide all the information you prepared the first time. It is also likely that you will be called in for an interview.

For the relationship with the bank to develop well there is one requirement that must be observed, and that is that there must be a candid approach that involves keeping the bank properly informed. Any tendency to tell the good side and leave the bad side unmentioned should be avoided. Any downturn in events should be discussed with your bank manager as soon as it is known.

Banks do not approve all applications from small businesses, in fact up to one in four fail (depending on the prevailing economic environment). The reasons can be many and varied, so this is why it is important to seek feedback from the bank as to why. This feedback can provide some valuable insight into the weaknesses of the business and/or application.

How to Secure Small Business Loan Quickly

If you are searching for a small business loan, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

To find out more about Peer to peer lending versus that of SME loans so as to make an informed decision: SME Loans or Peer-to-peer (P2P) Lending – What is the difference?

Contact us for advice on a new SME loans.

Contact us for home loan or refinancing advice.

The post Best small business loan tips to guide you through to success appeared first on iCompareLoan Resources.

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Singapore Shopping Centre launched for en bloc sale at $255 million

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Author: Ravi Philemon

Singapore Realtors Inc (SRI), announced on July 17 that the owners of Singapore Shopping Centre has launched a en bloc sale attempt. SRI is the sole marketing agent for the en bloc sale attempt of Singapore Shopping Centre.

Singapore Shopping Centre

Image credit: Singapore Realtors Inc

The reserve price for the en bloc sale attempt of Singapore Shopping Centre is $255 million.

Under the 2019 Draft Master Plan the site at which Singapore Shopping Centre sits, is  zoned for commercial use and has a plot ratio of 4.2+ u, which allows the purchaser greater flexibility to redevelop the site to include offices, a retail building, commercial schools, hotels, banks, or restaurants. Both locals and foreigners may bid for the en bloc sale, and additional buyer’s stamp duty will not be applicable to the sale.

Singapore Shopping Centre is a 99-year Leasehold commercial property located at 190, Clemenceau Avenue in District 9. Singapore Shopping Centre is close to Dhoby Ghaut MRT and Somerset MRT. Dhoby Ghaut MRT interchange station in particular, connects to the North-East, North-South, and Circle Lines. The interchange will also connect to the upcoming Thomson-East Coast Line by 2021. It is near to several bus stops located at Clemenceau Avenue. Singapore Shopping Centre is accessible via Clemenceau Avenue, Penang Road and Penang Lane.

Singapore Shopping Centre is near to several eateries located at nearby buildings such as Park Mall, Plaza Singapura and Dhoby Xchange. It is also within reasonable distance to Cold Storage, Jason’s Market Place and Sheng Siong Supermarkets. It is also close to Park Mall, Plaza Singapura, Concorde Hotel & Shopping Mall, The Cathay, Orchard Plaza, Orchard Point, Cuppage Plaza and Orchard Central for an array of amenities such as grocery and retail shopping, banks and more.

Singapore Shopping Centre is located next to the upcoming 9 Penang Road, which is a redevelopment of the former Park Mall by joint-venture partners SingHaiyi Group, Haiyi Holdings, and Suntec (PM).

The tender for Singapore Shopping Centre closes on Sep 9.

En Bloc Sales Process Singapore – A Definitive Step-by-step Guide

With the winding down of the success of residential en bloc sales, commercial properties are now trying to join in the bandwagon. Many commercial en bloc sale attempts fail because the asking prices are often too high. Two critical factors affecting the success of commercial sites going en bloc are pricing and location. Older commercial buildings especially, may see a need to catch the current wave as an exit strategy as their rental yields come under pressure due to competition from newer commercial buildings.

The biggest gainers following the new property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.

One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.

Mortgage Broker Singapore – Should I use one?

Commercial properties such as Singapore Shopping Centre may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.

To buy a commercial or industrial property under company name where the company is well established with an existing operating business with strong financials, TDSR may be waived on the individual. However director is usually required to become personal guarantors of the loan the company undertakes. Hence this may affect the director’s other purchases, such as for buying a residential property, due to the loading from the TDSR for guaranteeing a loan.

Some banks even advertise 100 to 120% loan. This is due to a combination of working capital as well as commercial/industrial property loan, but this only applies to company with strong cash flow position. Commercial property is different from residential property and the considerations are more complex and varied, though the payoff may be worthwhile for discerning investors.

How to Secure a Commercial Loan Quickly

Are you planning to purchase a similar prime commercial redevelopment site but unsure of funding? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a commercial loan in a quick and seamless manner.

Alternatively you can read more about the Best Commercial Loans in Singapore before deciding on your purchase.  Our brokers have close links with the best lenders in town and can help you compare Singapore commercial loans and settle for a package that best suits your commercial purchase needs. Our services are also very personalised and tailored to the unique needs of the buyers.

Whether you are looking for a new commercial loan or to refinance and existing one, our brokers can help you get everything right from calculating mortgage repayments, comparing interest rates, all through to securing the final loan. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your next purchase.

If you need advice on a new commercial loan  or Personal Finance advice.

If you want to speak to our trusted Panel of Property agents.

If you need refinancing advice.

The post Singapore Shopping Centre launched for en bloc sale at $255 million appeared first on iCompareLoan Resources.

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Leshan Gardens and row of 4 adjoining conservation shophouses launched for sale

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Author: Ravi Philemon

Knight Frank Singapore, the exclusive marketing agent representing the interests of the owners of Leshan Gardens, announced the launch of the sale of Leshan Gardens on July 15. Leshan Gardens is a 104-year leasehold, mid-rise residential redevelopment site off Geylang Road, by tender.

Leshan Gardens has a site area of 1,524.8 sq m (approx. 16,412 sq ft). Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 2.8 and can yield approximately 45,955 sq ft of Gross Floor Area (GFA) upon redevelopment.

Leshan Gardens

Image credit: Knight Frank Singapore

Based on the potential GFA and assuming an average unit size of 85 sq m, there is potential for 50 new residential units upon redevelopment of Leshan Gardens.

Leshan Gardens is approximately 600 metres away from both Aljunied and Dakota MRT stations, and is a brisk 20-minute drive to the Central Business District and Changi International Airport.

“Given Leshan Gardens is wholly owned by an entity, there is no need for the Strata Titles Board’s approval. Furthermore, as the site is located near the rejuvenated Paya Lebar commercial hub, residents can enjoy a wide array of leisure, entertainment and dining amenities at the upcoming PLQ Mall, Singpost Centre, Paya Lebar Square and Kinex Mall,” says Mr Ian Loh, Head of Investment and Capital Markets, Knight Frank Singapore.

The tender for Leshan Gardens will close on 15 August 2019, Thursday at 3.00 pm.

4 Adjoining Conservation Shophouses

Simultaneously, Knight Frank Singapore also announced the offering of a row of 4 freehold adjoining conservation shophouses in Geylang for sale via Expression of Interest (EOI). These 2-storey shophouses were in the news earlier this year when a raging fire engulfed a row of 7 shophouses in the early hours of Sunday, 17 March 2019, resulting in a three-hour operation involving 60 firefighters.

The subject shophouses are located along the main stretch of Geylang Road, near the junction of Geylang Road and Lorong 33 Geylang. Paya Lebar and Dakota MRT stations are situated nearby. Prior to the fire, the shophouses were occupied by a tyre business, furniture retailer and electrical shop. The 4 shophouses have a total land area of 5,113 sq ft and are zoned “Commercial” with an allowable GPR of 3.0 under the Urban Redevelopment Authority’s (URA) 2014 Master Plan. A new building thereon can possibly be developed achieve a total GFA of approximately 15,339 sq ft.

Ms Mary Sai, Executive Director, Investment and Capital Markets, Knight Frank Singapore, shares, “Prospective buyers can redevelop the land based on conservation guidelines set out by URA. As this is a secondary settlement area, there is potential for a rear extension, subject to approval from the authorities.

“With the shophouses zoned for commercial use, there will be no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty payable. Both foreigners and companies are eligible to buy the properties, which are suitable for use as F&B outlets, retail shops or offices, also subject to approval from the authorities.”
As the owners are not GST-registered, no GST will be payable for the properties.

Geylang is an area with rich architectural heritage and is within the Paya Lebar planning area, 1 of 5 targeted growth areas in Singapore. The owners are expecting healthy levels of interest from both investors and corporate entities in acquiring these freehold commercial assets.

The guide price for the 4 shophouses is S$14 million, and is exclusively marketed by Knight Frank Singapore.

The EOI will close on 15 August 2019, Thursday at 3.00 pm.

The biggest gainers following the 2018 property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.

One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.

Properties such as the 4 freehold adjoining conservation shophouses in Geylang may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.

How to Secure a Commercial Loan Quickly

Are you planning to capitalise on the uptrend of Singapore’s commercial sector but unsure of funding for investment? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a commercial loan in a quick and seamless manner.

Alternatively you can read more about the Best Commercial Loans in Singapore before deciding on your next purchase.  Our brokers have close links with the best lenders in town and can help you compare Singapore’s best commercial loans and settle for a loan package that best suits your commercial purchase needs.

Whether you are looking for a new commercial loan or for a refinancing package for your commercial properties, our brokers can help you get everything right from calculating mortgage repayment, comparing interest rates, all through to securing the best commercial loans which fits your profile. And the good thing is that all our services are free of charge. So it is all worth it to secure the best commercial loans through us.

You may contact us today for advice on a new commercial loan  or refinancing advice, or for Personal Finance advice.

You may also speak to our Panel of Property agents.

The post Leshan Gardens and row of 4 adjoining conservation shophouses launched for sale appeared first on iCompareLoan Resources.

Retailers should thank Amazon: Adobe estimates the size of a Prime Day bump

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On Monday, the first day of Amazon’s 48-hour shopping extravaganza this year, retailers that make more than $1 billion in annual revenues saw a 64% increase in their digital sales compared with an average Monday, according to Adobe Analytics.