Rikvin Capital saves client SGD 2 million deposit after client experiences funding troubles with a local bank
An individual was just a week away from completing the purchase of an entire office floor in a prominent office building. However, their bank, due to internal policies, pulled out of funding at the last minute. This put the individual in a precarious position, as they were at risk of losing their deposit of SGD 2 million.
In a time of need, the individual approached Rikvin Capital for help. Rikvin Capital quickly conducted the necessary know-your-customer (KYC) and due diligence checks, and were able to assist the individual in completing the purchase of the office unit. Thanks to Rikvin Capital, the individual was able to hold on to their SGD 2 million deposit.
Not long after completing the purchase, the individual was able to refinance with a bank. Rikvin Capital’s short-term loan was the lifeline the individual needed, preventing them from losing a significant amount of money and allowing them to move forward with their plans for the office space.
Problem
- An Individual was a week away from completing the purchase of an entire office floor at a prominent office building
- Due to internal policies, the individual’s bank pulled out from funding at the last minute.
- Without payment, the individual would lose the deposit of S$2M for the office.
Solution
- The individual approached Rikvin Capital for assistance and after thorough KYC and due diligence was complete, we were able to help our client complete the purchase of the office unit
- The Individual did not have to give up his S$2M
- Shortly after completing the purchase, the individual managed to refinance with a bank
- Location: Raffles Place, Singapore
- Market Value: S$ 33,000,000
- Loan Amount: S$ 23,000,000
- Loan-to-Value: 70%
- Duration of Loan: 3 Months
- Payment Schedule: Rolled Up
- Asset Type: Commercial Property
- Completion Time: 1 Week