United Overseas Bank (UOB) and property portal SoReal Prop has co-developed a new mobile app that allows small and medium-sized enterprises (SMEs) to invest in and get loans for commercial properties faster.
For those unacquainted, SoReal is an online property platform founded by ERA Realty, Huttons Asia, and PropNex Realty last year.
Called RealCommercial, the app features listings from SoReal and allows SMEs to search for and get valuations for properties such as offices and warehouses.
According to UOB, its digital valuation service provides SMEs with a bank-backed valuation for their loan application in less than a minute, shortening a process that typically takes up to 7 days.
UOB and SoReal said their commercial property solution, featuring a bank-backed valuation, is a first in Singapore.
With the app, business owners can also find out the loan amount they qualify for, based on their average monthly cash flow or affordability.
“From our experience in helping SMEs purchase their ideal commercial property, we know they want certainty and speed in the process,” said Mervyn Koh, UOB’s Singapore country head of business banking.
“This means not having mismatched expectations in the property’s valuation or the loan quantum, both of which could lead to the SME not being able to secure its desired property.”