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> Loan Multiple Submission or Refinance

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TS工藤新一
post Dec 11 2019, 09:22 PM, updated 5y ago

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Hi All Sifu,

I want to ask if I want to buy 2 property at a same time, is it still possible to do multiple submission?

Property value one is 450k another is 300k.

Currently I already own 1 property, so if I loan the 450k project, for the 300k I need pay 30% deposit.

If not possible, then is it advisable if I do refinance on my current staying property to cover the 300k loan.

This post has been edited by 工藤新一: Dec 11 2019, 09:48 PM
Jay_AX
post Dec 24 2019, 03:18 PM

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It sounds easy, but actually tricky and risky, so it is the best to find an experienced agent to consult, and let him do it.
yap CJ P
post Dec 25 2019, 01:37 PM

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Since this 450k and 300k is your second purchase, you need to find experienced agent/lawyer to assist you through.

bcoz there is regulation on some bank that imposed on the restrictions.

otherwise they will parr down on your 3rd purchase, e.g. 300k property and you wil to fork out 30% downpayment (90k)

if everything go smoothly will get your 450k and 300k with 90% Margin of finance.

your 1st property have increase in valuation? it is no point if you do the refinance if the value of property is not increased.
TS工藤新一
post Dec 27 2019, 11:37 PM

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QUOTE(yap CJ @ Dec 25 2019, 01:37 PM)
Since this 450k and 300k is your second purchase, you need to find experienced agent/lawyer to assist you through.

bcoz there is regulation on some bank that imposed on the restrictions.

otherwise they will parr down on your 3rd purchase, e.g. 300k property and you wil to fork out 30% downpayment (90k)

if everything go smoothly will get your 450k and 300k with 90% Margin of finance.

your 1st property have increase in valuation? it is no point if you do the refinance if the value of property is not increased.
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I see. Ok, thanks a lot.
fotokaki
post Jan 15 2020, 12:18 AM

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Looks like loan compression method mega_shok.gif
If u can afford to pay 2 loans go ahead
yap CJ P
post Jan 15 2020, 08:16 PM

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QUOTE(fotokaki @ Jan 15 2020, 01:18 AM)
Looks like loan compression method  mega_shok.gif
If u can afford to pay 2 loans go ahead
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yes this is loan multiple submission aka compression
SUSAllnGap
post Jan 16 2020, 11:46 PM

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QUOTE(yap CJ @ Jan 15 2020, 08:16 PM)
yes this is loan multiple submission aka compression
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My banker said new laws came in recently to cover this loophole
Before loan release, bank will check.


yap CJ P
post Jan 18 2020, 05:38 PM

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QUOTE(AllnGap @ Jan 17 2020, 12:46 AM)
My banker said new laws came in recently to cover this loophole
Before loan release, bank will check.
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depend on which bank
letsjam
post Feb 1 2020, 01:15 AM

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hmm.gif Better consult an experienced agent to handle this. You can try multiple loan submission but I think the success rate is low.
jasonchaw
post Feb 1 2020, 02:09 PM

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better not. some bank will make police report said you make fault statement, later after everything settled. then cancelled your loan
you need to bear all cost if any

This post has been edited by jasonchaw: Feb 1 2020, 02:09 PM

 

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