SINGAPORE

BMS LAW LLC

#14-03/ 1 North Bridge Rd, High Street Centre, Singapore 179094.

Tel: +65 6255 1963

Fax: +65 6255 1983

EMAIL

firm@bmslaw.com.sg

SINGAPORE BRANCH WEBSITE

www.bmslaw.com.sg

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FINANCING & LOAN DOCUMENTS

BUSINESS & PERSONAL LOANS

 

Serious undertakings such as obtaining a loan for a business venture can be very complex and difficult to understand for the average consumer.

Before entering into any contract for a loan, it is essential that all parties are fully aware of what their obligations are to each other.

It is quite often the  case that people do not seek legal advice before entering into a loan. Fortunately, most loans obtained from big financial institutions require borrowers to obtain independent legal advice before a loan agreement can be processed.

Depending on the various factors such as: the number of parties to the transaction; the nature of the loan; interest and repayment terms; and collateral, a simple loan transaction can turn into an extremely complex transaction.

HOW WE CAN HELP:

  • We are able to assist clients by drafting loan agreements that carefully take into account peculiarities of each party to the agreement.

 

  • We are able to review and advise on existing loan agreements by explaining to clients:

    • The obligations and duties of all parties to the loan agreement

    • The consequences of unilaterally terminating a loan agreement

    • The rights of the lender and borrower in times where the borrower has defaulted on payments or has not made repayments on the loan

    • The various terms of the loan agreement document such as payment of interest

    • The costs and expenses associated with finalising a loan

 

  • In the unfortunate event when parties are unable to continue under the terms of the loan agreement, we are able to assist by helping parties resolve their dispute through alternative dispute resolution or through traditional court processes.

 

What to think about when entering into loan agreements:

  • Who are the lender(s) and borrower(s)?

  • How much is being loaned?

  • How long do I have to repay the entire amount?

  • How frequent do I need to make repayments?

  • What interest am I being charged?

  • Are there any associated fees?

  • Is the loan secured or unsecured?

  • What happens when I cannot meet repayments?

  • Do I have a right to terminate the loan agreement?

  • Is there room to negotiate once I enter into the loan agreement contract?

 

Send us an email at info@bmslaw.com.au or call us at (08)63890270

MORTGAGES

 

For many individuals and businesses, a typical way of raising funds is a loan from a financial institution secured by a mortgage over their existing property. For individuals, this may be a home loan, and for businesses, this may be a second mortgage over a business owner’s family home.

There are two distinct ways mortgages attach to land. The traditional way is by assignment of the title of the property by the person seeking the funds (“the mortgagor”)  to the person providing the funds (“the mortgagee”). Another  way mortgages attach to land is by placing a charge over the land under the Torrens system.

A mortgage is a serious undertaking which should not be entered into half-heartedly. It is best to consult a lawyer to obtain advice before entering into a mortgage relationship.

 

HOW WE CAN HELP:

  • We are able to assist clients by drafting mortgage documents that carefully take into account all relevant circumstances.

 

  • We can help clients who wish to enter into a mortgage by negotiating with financial institutions on their behalf to achieve the most favourable terms.

 

  • We are able to review and advise on existing mortgages by explaining to clients:

    • The obligations of both parties in relation to the mortgage

    • The rights of the mortgagee versus the mortgagor when the mortgagor misses mortgage repayments

    • The terms in the mortgage document such as interest rates, repayment, and additional fees

 

  • We are able to advise either party in the circumstance where a mortgagor wishes to exercise his or her rights such as to obtain possession of the mortgagor's property, sell the mortgagor's land, or apply for foreclosure

 

  • We are able to assist mortgagees with enforcement of their mortgages

 

  • We are able to conduct searches for existing mortgages and to facilitate registering of new mortgages

Send us an email at info@bmslaw.com.au or call us at (08)63890270