PROPERTY BUY BACK LOAN

A property buy back loan is a form of secured credit facility that enables individuals who are home or land owners to access immediate financing by temporarily assigning the legal ownership of their valuable asset to the lender. Despite this legal transfer, the borrower continues to maintain physical possession of the asset throughout the loan term. Once full repayment is made, legal ownership of the asset is restored to the borrower. To qualify for a property backed loan at Cool Financial Services Limited, applicants must be the verified legal owners of the home or land being used as collateral. We do not accept properties that are registered under the name of a third party, regardless of whether the borrower presents a letter of authorization, power of attorney, or any other form of permission.

APPLICATION PROCEDURE FOR PROPERTY BUY BACK LOAN

1. The customer must submit the required documents including the loan application letter.

2. Upon receiving the relevant documents, the legal team conducts a thorough verification of the documents.

3. Once all required documents are duly completed, scanned copies are forwarded to the relevant departments for final review and approval. This ensures due diligence before disbursement of any funds.

4. Following approval, the total loan disbursed including both principal and interest must not exceed 60% of the asset’s forced sale value.

5. Once the loan is approved, the funds are disbursed to the borrower within 48 hours.

6. Upon disbursement, a repayment account is set up for the borrower, along with a structured repayment schedule.

DURATION

Our property buy back loans are granted for a maximum period of 20 months, with a possible extension of up to 4 additional months. If a borrower requires a concession, it must be formally requested and approved in writing.

REQUIRED DOCUMENTATION CHECKLIST

The customer is required to provide a set of essential documents which include:

1. Loan application letter

2. Customer bio data form

3. Guarantor form

4. CRC profile form

5. Bank statement for the last one year

6. House evaluation for an estate valuer

7. External land search report

8. Duly perfected deed of assignment

9. Survey plan

10. Certificate of occupancy

11. Identification documents

12. Survey plan of the proposed pledged property

13. Duly executed loan agreement/contract of sale agreement

14. Receipt of purchase of the property

For corporate bodies, the following documents are required:

1. Loan Application Letter

2. Customer Bio Data Form

3. Guarantor Form

4. Company bank statement for the last 6 months

5. Company CAC certificate

6. Company status report (not less than 2 weeks)

7. Board resolution to take loan and use the company property as collateral

8. House Evaluation from registered valuer

9. Deed of Assignment

10. Survey Plan

11. External Land Search Report

12. Certificate of Occupancy (Where Applicable)

13. Executed Loan Agreement

14. Executed Deed of Assignment