Bridging Loan

Pay the 20% downpayment of your new condo / EC while waiting for funds from selling your current HDB. Lending Bee® can help you with a bridging loan.

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What is a Bridging Loan?

It’s always good news that you and your family are moving into a larger apartment / home. 


This might mean a bigger living area, more rooms, lush toilets, a kitchen island, a giant fridge or simply living on higher ground.


However, even if you have successfully found a buyer for your current home, you might not receive payment until months later.


During this period, you will need to make your down payment of 20% purchase price for your new home. Without the sale proceeds from your current home, it may be tough to secure the funds.


Where then can you procure the funds needed for your down payment?


A bridging loan is a form of housing loan that provides you with the necessary funds required to meet your immediate cash flow needs, while you wait for the sales proceeds from your current home. In essence, it is used to “bridge the monetary gap” between your current and new home.


Fretting over down payment fees? Upgrading your house just got a whole lot easier with Lending Bee’s bridging loan.

Benefits of a Bridging Loan with Lending Bee®

Our bridging loan stands out as we provide our borrowers with a wide range of unique benefits.

Better and improved
credit scores

Flexible
loan tenures

Ease of application
and approval

Increased
convenience

FAQ on Lending Bee's Bridging Loans

Frequently Asked Questions

How does a bridging loan work?

If you are thinking of upgrading from a HDB to a condominium / private property, a bridging loan might just be what you need.

Just as the name suggests, a bridging loan, also known as a bridge loan, is a short-term loan to help bridge the financial gap between the sale of your current property and the purchase of your new home.

These loans are designed to help you tide over the period until proceeds from the sale of your current property comes in.

With a bridging loan, you will be able to secure the capital required for the 20% down payment of your new property.

Is there an example to better illustrate the use of a bridging loan?

For instance, Mr and Mrs Lee are planning to sell their current HDB flat in Punggol to purchase a new condominium in Kallang.

They managed to find a buyer. However, they can only receive the sales proceeds 5 months later.

Financing The Property Purchase Of $1,000,000
Downpayment (5% in cash)$1,000,000 x 5% = $50,000
Downpayment (20% in cash and / or CPF)$1,000,000 x 20% = $200,000
Loan Amount$1,000,000 x 75% = $750,000

Mr and Mrs Khoo have sufficient funds for the 5% cash down payment but do not have enough for the remaining 20% down payment.

They still require the proceeds from the sale of their current HDB.

In this case, they can consider applying for a bridging loan to make up for the shortfall.

How does your bridging loan differ from those from banks?

The three main differentiating factors between our bridging loan compared to banks are:

  • Speed
  • Ease of application
  • Service rendered

We believe in providing you with a bridging loan in the shortest time possible.

This is why we have streamlined our borrowing process into 3 simple steps.

Moreover, we do not go through rigorous credit checks and also do not require much paperwork.

Ultimately, our experienced loan officers will be there to guide you on the best bridging loan package for your needs and provide professional advice so that you’ll be able to make payment for your dream home in no time.

What are the things to consider before applying for a bridging loan?

1. Type of loan required

Before you enter into any loan contract, it is important to discern between secured and unsecured loans.

  • Unsecured loans have a lower borrowing threshold. However, they do not require collateral.
  • Secured loans have a higher borrowing threshold. However, they require collateral.

2. Interest rates

Ensure that you are getting the best interest rates as they will significantly affect your monthly repayments.

Additionally, there may be hidden fees that you might be unaware of:

  • Origination fees
  • Service fees
  • Underwriting fees

Lending Bee® does not practice any of such fees. Additional fees, if any, will be made known to you before you sign your loan contract. 

3. Loan tenure

Your loan tenure will also have an impact on the cost of your total loan.

Ensure that you work with a loan tenure that is comfortable with you so that you can make comfortable repayments.

4. Your current financial situation

This is going to be the most vital factor.

Know where you currently stand in your finances so that you will be able to make better financial decisions, especially on the loan amount that you are looking to apply for.

What are the property types and their average prices in Singapore?

Here is an estimate of the prices of properties in Singapore. A good rule of thumb to keep is that the better the location, the more expensive the house.

1. 3-room HDB ($275,000 – $375,000)

3-Room HDBs are usually at the size of 60-65 sqm.

The house usually comes with 1 master bedroom, 1 common bedroom, 1 living room, 1 or 2 toilets, 1 kitchen and 1 store room. The price of the property depends greatly on location.

2. 4-room HDB ($400,000 – $550,000)

4-Room HDBs usually measure around 90-100 sqm.

The house comes with 1 master bedroom, 2 common bedrooms, 1 living room, 1 kitchen, 1 store room and 2 toilets.

3. 5-room HDB ($500,000 – $670,000)

5-Room HDBs are usually at the size of 110-120 sqm.

They are larger than the other HDBs and comes with 1 master bedroom, 2 common bedrooms, 2 toilets, 1 kitchen, 1 store room and 1 larger living room that is usually attached to a dining area.

The living room area is much larger and more spacious.

4. Executive Apartment ($550,000 – $690,000)

This is a larger public housing and usually measures at least 130 sqm, making it perfect for larger families or three generation families.

The house comes with 1 master bedroom, 2 common bedrooms, 1 very large living room, 1 dining area, 1 additional area that could be used as a study or guest room, 3 toilets,1 kitchen and 1 store room.

Some executive apartments will include stairs as well.

5. Executive Condominium ($800,000 – $950,000)

Executive Condominiums (EC) are public-private hybrids.

The houses start of as public housing and will be converted to private homes after five years.

They run a 99-year lease and most of them offer similar facilities as private condos.

6. Condominium ($1,000,000 – $2,000,0000)

These are luxuriously designed private housing that offers many facilities for its residents.

The buildings usually look classy and posh. 24/7 security, gyms, swimming pools, BBQ pits and function rooms are available.

Who is eligible for a bridging loan?

To qualify for a loan with Lending Bee®, you’ll simply have to:

  • Be a Singapore Citizen, Permanent Resident or a Foreigner with a valid work permit
  • Be at least 21 years old
  • Be employed / self-employed

What documents are required to obtain a bridging loan?

For Singaporeans / PRs:

  • Proof of identity (NRIC, passport)
  • Proof of income (CPF / bank statements)
For Foreigners:
  • Work Permit / S Pass / E Pass
  • Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
  • Payslips / bank statements

What is the application process for a bridging loan like?

At Lending Bee®, all applications for our bridging loans are kept fast and simple.

  • Step 1: Submit your application via our online application form.
  • Step 2: We will drop you a call regarding your loan application status within the hour.
  • Step 3: Head down to your selected Lending Bee® branch, sign the contract and receive your loan.

How fast can I receive my loan?

We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches.

I have existing loans with other licensed moneylenders / Lending Bee®. Am I still eligible for a loan?

Yes, you are still welcome to apply for a loan with us!

Lending Bee® aims to help as many borrowers as possible and provide them with one of the best loan packages in the market.

We are here to serve your needs.

I have a poor credit score. Can I still apply for a personal loan?

Yes, you can still apply for a bridging loan with us. We aim to help our borrowers regardless of their credit scores.

This is why we do not have specific restrictions with regard to credit scores.

Will I be charged if I make early repayments?

No, we do not charge any fees for early loan repayments.

Outstanding interests, if any, will also be nullified once you have finished repaying your loan earlier than the date stipulated in your loan contract.

Will my loan documents and information be mailed to my home?

No, we do not mail any of your loan information to your home.

All loan details will be kept digital, and private with us, unless a physical copy is requested.

Additional Resources on Bridging Loans

Our Latest Customer Reviews

Borrow with confidence. Lending Bee® licensed moneylender has more than 1,900 positive customer reviews on Google Business.

Afir 79
Afir 79
November 23, 2022.
I was served by Samantha at Jurong Branch. She was very polite and explain every single detail clearly.Thank you very much for your help.
Frankie Huang Jianwei
Frankie Huang Jianwei
November 22, 2022.
HI lending Bee....can I enquire about a loan for 15K what is the processing fee and the interest rate on ur side? Previously sucessful Borrower/Return with GScredit.......
Nad Irah
Nad Irah
November 18, 2022.
Very understanding and does their best to accomodate and help you as much as they can. The ambience when you come in is not scary or judgey : very welcoming and calm. Thank you to Boon from JE outlet for helping me with my application!
Azmi Ali
Azmi Ali
November 14, 2022.
very professional & swiftly processed.thank you lending bee!
Ari Izza
Ari Izza
November 12, 2022.
friendly staff, assisted with the help i needed.. was assisted by Boon.
Nur Qistinaa
Nur Qistinaa
November 12, 2022.
understanding and explained every details needed.
Martin Tin87
Martin Tin87
November 10, 2022.
Thank you very much
KeanChang Chau
KeanChang Chau
November 7, 2022.
Very detailed explanation by boon, I'm clear to what are the rates and things to look out for taking up a loan. Definitely making me understand about my situation regarding the payout.
Mohammad Zulhaiqal
Mohammad Zulhaiqal
November 6, 2022.
Straight forward with the details, easy to understand and very friendly.

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