The Payoff Letter From Lender is a crucial document in Singapore's lending landscape, typically issued when a borrower intends to fully repay a loan before pursuing refinancing, property sale, or loan termination. This document serves as the lender's official statement of the exact amount required to satisfy the loan, including principal, interest, and any fees. Under Singapore's banking regulations, the letter must provide precise figures, payment instructions, and security release terms. The Payoff Letter From Lender is particularly important in real estate transactions and refinancing situations, where accuracy and compliance with MAS guidelines are essential.
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Key Requirements PROMPT example:
Payoff Letter From Lender
"I need a Payoff Letter From Lender for a secured corporate loan in Singapore, where the borrower is refinancing with another bank and requires security release documentation, with the payoff scheduled for March 15, 2025."
1. Loan Reference Details: Original loan agreement details, borrower information, and loan account numbers
2. Payoff Amount Statement: Clear statement of the total outstanding balance including principal and accrued interest
3. Per Diem Interest Calculation: Daily interest calculation and specification of how additional interest will accrue
4. Good Through Date: Expiration date of the quoted payoff amount and validity period
5. Payment Instructions: Detailed wire transfer or payment information including bank details and reference requirements
1. Security Release Terms: Terms and conditions for releasing any collateral or security interests, applicable when loan is secured
2. Prepayment Penalties: Details of any applicable prepayment fees or early settlement charges, if relevant to the loan agreement
3. Outstanding Fees: Itemization of any other fees or charges that need to be paid, if applicable to the loan
1. Schedule A - Loan Statement: Detailed breakdown of the payoff calculation including principal, interest, and any other charges
2. Schedule B - Security Release Documents: Forms and documentation for releasing any security interests or collateral
3. Schedule C - Wire Transfer Instructions: Detailed banking information and protocols for payment processing
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